Latest news with #NetZero2050
The National
a day ago
- Business
- The National
Landmark UAE climate law aims to curb emissions and boost net-zero ambitions
A new UAE climate law that requires companies to keep emission levels in check or face fines has been hailed as a "pivotal shift" for the country. Federal Decree-Law No 11 of 2024 on Reduction of the Effects of Climate Change, which came into effect on Friday, mandates emissions reporting and climate adaptation measures across all sectors, from heavy industry to health care and energy, as well as small private enterprises in free zones. For the first time, climate action is not simply encouraged in the UAE, it is legally required. Under the legislation, companies must submit regular emissions reports to the Ministry of Climate Change and Environment, develop decarbonisation strategies aligned with the UAE's Net Zero 2050 strategy and establish greenhouse gas monitoring systems that adhere to international standards. Those failing to comply could face fines of up to Dh2 million ($544,588). "This law marks a pivotal shift in the regulatory landscape," said Antonios Vouloudis, senior director of sustainability and stewardship at NYU Abu Dhabi. "Climate action is no longer a voluntary effort. It is a legal requirement and a critical element of long-term business resilience and competitiveness." Industry experts believe the initial enforcement of the legislation may focus on large emitters. The most affected sectors include energy, manufacturing, construction, transport and logistics – all with carbon-intensive supply chains and infrastructure. But the legislation "applies to everyone, even free zones", said Amer Arafat of sustainability consultancy Element Six. "It is the most significant change to corporate accountability since financial audits were made mandatory," he added. Critical green strategy The logic of the law is clear. With 85 per cent of the UAE's population and infrastructure located in coastal zones vulnerable to rising sea levels, and models projecting a 2°C rise in average global temperatures by 2040, the UAE is focused on sustainability. "This law reflects the UAE's leadership in climate governance," Mr Vouloudis said. "It sends a clear signal that climate responsibility must be built into national development and private enterprise alike." Offsetting as an option The law establishes a National Carbon Credit Registry to enable carbon trading and shadow carbon pricing, promoting market-driven emissions reductions. "While offsetting can help entities achieve compliance, its effectiveness depends on the integrity of offset projects and proper regulation to avoid greenwashing," Dr Aseel Takshe, acting dean at the Canadian University Dubai, told The National. "However, offsetting is generally considered a supplementary measure – direct emissions reductions and clean technology adoption remain the primary focus for achieving net zero." Dr Takshe believes the introduction of the law opens new avenues for collaboration between academia, government and industry, particularly in efforts to protecting public health and infrastructure. "The law offers opportunities to contribute research, innovation and expertise in areas such as climate risk assessment, health impact modelling and sustainable urban planning," she added. Climate shifts emphasise urgency Recent scientific research underscores the need to act. Dr Diana Francis, a climate scientist at Khalifa University, recently co-wrote a study attributing last year's historic flooding in the UAE to climate change fuelled by human activity. "Extreme events like this will become more common," Dr Francis said. As well as last year's heavy downpour, April 2025 was the hottest on record in the UAE. "We're witnessing the fingerprints of climate change in our daily weather patterns, not just over decades, but over months," she added. Challenges for business Businesses, meanwhile, face a steep learning curve. Many are still unfamiliar with frameworks for measuring emissions and few have in-house sustainability teams. "Think of it like your financial reporting," Mr Arafat said. "You'll need audits, disclosures and probably external consultants until capacity builds internally." Mr Vouloudis said it would be important for business to receive support. "The ministry's commitment to sector-specific workshops and guidance materials is promising, but it must scale quickly," he said. "Capacity-building, especially for small businesses, is vital." For consumers, the legislation could lead to greater transparency about the carbon footprints of goods and services. Companies must now publicly disclose emissions and their progress towards reduction targets. "It will minimise greenwashing," Mr Vouloudis said. "Only verified, compliant claims will stand. That empowers citizens to make informed, climate-conscious choices." Progressive law praised Greenpeace Mena lauded the move as "bold and progressive" and looked for further steps, including clear emissions caps and the prioritisation of clean energy over carbon capture. Mr Vouloudis echoed that sentiment. "This is the scaffolding. The next step is to operationalise it through clarity, enforcement and incentives, especially for those willing to go beyond compliance."
Barnama
3 days ago
- Business
- Barnama
MIDA, UNGCMYB Forge Partnership To Boost ESG Adoption, Sustainable Investment
BUSINESS KUALA LUMPUR, May 31 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia. In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy. They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability. They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August. 'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said. Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia. 'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added. The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics.
The Sun
3 days ago
- Business
- The Sun
MIDA, UNGCMYB forge partnership to boost ESG adoption, sustainable investment
KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) and the UN Global Compact Network Malaysia and Brunei (UNGCMYB) have forged a strategic partnership to ignite a new era of sustainable and responsible investment in Malaysia. In a joint statement, both parties said that the partnership, sealed through a memorandum of understanding (MoU) signed earlier, is committed to accelerating the adoption of environmental, social and governance (ESG) principles among businesses, laying the foundation for Malaysia's transition towards a more sustainable and inclusive economy. They said the MoU brings together MIDA's mandate as the country's principal investment promotion agency and UNGCMYB's expertise in corporate sustainability. They said UNGCMYB plays a vital role in supporting businesses in Malaysia and Brunei in aligning with global sustainability goals by providing essential resources, tools, and expert guidance. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the collaboration aims to step up efforts to promote awareness, build capacity and encourage greater private sector participation in ESG initiatives, in line with the Ministry of Investment, Trade and Industry (MITI)'s Green Investment Strategy (GIS) launched last August. 'As Malaysia moves forward with our Net Zero 2050 agenda, we are seeing strong national commitment, policy clarity, and growing investor interest in green sectors,' he said. Meanwhile, UNGCMYB executive director Faroze Nadar said the MoU is a strategic step towards accelerating sustainable business practices across Malaysia. 'By combining our strengths in knowledge-sharing and ESG capacity-building, we can bridge the gap between awareness and tangible action, ensuring businesses are equipped to meet both the sustainable development goals and evolving market demands,' he added. The joint statement added that the MoU will involve collaborative initiatives that facilitate multi-stakeholder participation in sustainability programmes, including the joint organisation of conferences, roundtables, and selected development programmes focusing on ESG and broader sustainability topics. As part of the collaboration, MIDA also announced its strategic partnership in the Forward Faster Symposium 2025 -- UNGCMYB's flagship programme dedicated to accelerating sustainability, which is scheduled to take place on June 5, 2025, at MIDA's headquarters.
Khaleej Times
5 days ago
- Business
- Khaleej Times
Al Fanar Gas Group and Siemens Energy sign strategic MoU
Al Fanar Gas Group, one of the UAE's leading gas and energy solutions providers, and the energy arm of EHC Investment, has signed a strategic Memorandum of Understanding (MoU) with Siemens Energy, a global energy technology leader, to jointly advance decarbonization and clean energy innovation across the UAE. The agreement, signed on the sidelines of the World Utilities Congress 2025 in Abu Dhabi, supports the UAE Net Zero 2050 Strategy. The two companies will co-develop clean energy solutions that integrate advanced digital technologies into energy and industrial infrastructure, with a focus on areas such as hydrogen and Power-to-X, flare gas management, and port and vessel electrification. These efforts will be backed by rigorous feasibility studies to identify scalable solutions that can be seamlessly integrated into existing energy networks. The collaboration will also leverage Siemens Energy's global expertise in digitalization to introduce intelligent systems that optimize energy consumption, monitor emissions, and streamline operations - accelerating the energy transition in a practical and measurable way. Khaled Ben Said, CEO of Al Fanar Gas Group, commented, 'This partnership is not just about technology - it's about responsibility. As a UAE company, we see it as our duty to help shape an energy future that reflects the values and ambitions of our leadership. Working with Siemens Energy allows us to pair local insight with global innovation to address the region's most pressing energy challenges. This MoU is a commitment to actionable progress - not in the distant future but starting now.' Khalid Bin Hadi, Managing Director for the UAE, Siemens Energy, said: 'The MoU reflects our commitment to working with regional partners to explore practical pathways towards decarbonization. We look forward to collaborating with Al Fanar Gas Group to identify solutions that are both scalable and aligned with the UAE's long-term sustainability objectives.'
Mid East Info
7 days ago
- Business
- Mid East Info
Olive Gaea and Blue Gecko Consulting Announce Strategic Partnership to Accelerate Climate Action and Sustainability Communication
Climate-Tech leader Olive Gaea and award-winning sustainability communications agency Blue Gecko Consulting have announced a strategic partnership to help businesses across the GCC and beyond achieve sustainability goals and communicate their progress with purpose and clarity. The partnership combines Olive Gaea's powerful technology and climate strategy expertise with Blue Gecko's deep communications know-how—offering companies an end-to-end solution to manage ESG performance, measure, reduce, and abate emissions, while engaging stakeholders through compelling sustainability storytelling. A Full-Service Solution for Real Climate Impact At the core of the collaboration is Zero, Olive Gaea's AI-powered SaaS platform designed to simplify carbon accounting and ESG reporting. Zero automates emissions data collection across all three scopes, analyzes data to provide AI-generated Net Zero pathways, and offers carbon offsetting options and ESG disclosures aligned with international standards. Meanwhile, Blue Gecko brings over a decade of experience working with clients in the GCC to translate complex ESG strategies into narratives that resonate. Ranked among the Top 10 Sustainability Communications Consulting Companies in the GCC, Blue Gecko specializes in humanizing ESG data by telling the stories of people and communities positively impacted and embedding sustainability narratives across all communication channels for consistency. 'Together, we offer a complete package – from strategy to storytelling,' said Vivek Tripathi, Co-Founder and CEO of Olive Gaea. 'Zero by Olive Gaea is designed to make decarbonization and ESG leadership effortless and achievable. Businesses don't just need to act on climate—they need to show how and why it matters. That's where Blue Gecko's storytelling expertise is invaluable.' 'Innovative companies like Olive Gaea are pivotal in helping companies define and refine their sustainability objectives and set clear roadmaps toward ambitious targets. But they need us to complete the circle. We work alongside them to understand a company's sustainability goals and intended impact—allowing us to shape a meaningful narrative that extends from internal communications all the way through to stakeholder communications,' added Michelle Ponto, Founder and Managing Director, Blue Gecko Consulting. A Timely Solution for a Changing Regulatory Landscape This partnership comes at a pivotal time. With the introduction of UAE's Federal Decree-Law No. 11/2024, effective May 30, 2025, and the Cabinet Resolution 67/2024 which comes into effect in Jan 2026, companies will face greater responsibility and opportunity to contribute to the country's Net Zero 2050 goals. The new mandates aim to drive effective emissions management nationwide, bolster the UAE's contribution to global climate goals, and spur innovation and research to elevate the private sector's role in advancing sustainability. Olive Gaea and Blue Gecko are uniquely positioned to support companies navigating this shift—by providing both the tools to act and the communications strategies to showcase impact.
