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MENA business leaders, including the UAE’s two largest lenders, FAB and Emirates NBD, have signed a World Economic Forum (WEF) communique committing to net zero roadmaps.
The 14 signatory companies, who represent more than 7% of regional carbon emissions, say they will cut 200 metric tons of carbon dioxide equivalent (Mt CO2e) from direct emissions by 2030.
The signatories also include Saudi Arabian energy and desalinated water company ACWA Power, Kuwait-based aviation logistics giant Agility, the UAE’s Crescent Petroleum, telecoms company e& and Abu Dhabi-listed utilities company TAQA.
The 14 companies are part of the WEF’s Leaders for Sustainable MENA (LSM), a public-private coalition of policymakers, climate actors, business leaders, banks and industry experts.
“This is not only about combating climate change, but about seizing the opportunity to drive a sustainable, inclusive and resilient future for the region” said Borge Brende, WEF President.
The joint communique outlines a strategy for reaching net-zero through emissions roadmaps backed by carbon reduction plans, which would reduce direct emissions.
The letter says the signatories will drive their organisations to establish net zero emissions road maps, but first deliver the 200 Mt CO2e reduction in the short term as well as enabling transition and adaptation financial resources.
The communique also pledges to build awareness and capability and collaborate with the public sector by supporting policy-makers to create an enabling ecosystem to drive emission disclosures, target-setting and a just and equitable energy transition through public and private collaboration.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
