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Abu Dhabi’s Aldar Properties, among the first Middle East companies to adopt recommendations by the Task Force on Climate-related Financial Disclosures (TCFD), is developing a carbon-neutral action plan which will be launched by the end of 2021 in efforts to meet sustainability goals.
In its third sustainability report, released on Tuesday, the developer of Yas and Saadiyat Islands said that specific targets will be set within the plan to catalyze a reduction in carbon emissions and to drive the carbon-neutral agenda across the business, in alignment with regional and global best practices.
Abu Dhabi’s largest listed developer said its successes in 2020 included the reduction of energy consumption by 17 percent, carbon footprint by 13 percent, and water consumption by 9.7 percent in 2020.
In a statement, Aldar said that it has increased its Environmental, Social, and Governance (ESG) results despite COVID-19 and scored higher than all listed real estate companies in the UAE.
“Furthermore, Aldar was ranked third among all listed companies on Abu Dhabi Securities Exchange and improved its ESG score well above the industry average for both Dow Jones Sustainability Index and MSCI," the statement said.
Aldar is aligning with global best practices to enhance its climate-related disclosures and manage climate change risks across the entire real estate lifecycle.
“Aldar’s adoption of the TCFD framework, the fact we are now a signatory of the United Nations Global Compact, and our focus on developing a robust Carbon Neutral Action Plan by the end of 2021, clearly indicates the direction of travel for us as a company,” said Greg Fewer, Group Chief Financial and Sustainability Officer at Aldar.
The developer is also focused on delivering against its 2025 energy and emissions reduction targets and improving waste management across the entirety of its business, it said.
(Writing by Brinda Darasha; editing by Seban Scaria)
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