Hossam Abdelnaby (Abu Dhabi)
“In the UAE, everything is green,” a saying mentioned by one of the participants in the activities of the twenty-eighth session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28), and it is clear on the ground, as the UAE always takes the leadership role in adopting the latest initiatives from For a more sustainable future, and therefore any resident or visitor to the country can sense the keenness of all companies and institutions operating in the country to offer green solutions, starting with green financing and loans, converting car fleets into environmentally friendly cars, and reaching green luxury through emission-free luxury yachts. Green bank cards are made from more sustainable materials and are printed with recyclable ink, with the possibility of recycling these cards to reuse them eight times. Even mobile phone networks and mobile SIM cards have become green and environmentally friendly and can be recycled, as well as the financial centers in the country, which have made rapid progress in Sustainability field.
Zero-emission yachts
The Emirati company Gulf Craft, one of the world's leading companies in the yacht and boat industry, aims to reshape the future of luxury yachts by operating its fleet of superyachts using hydrogen technology. The company announced its cooperation with H2-Enterprises to explore the possibility of developing emission-free Majesty yachts, which can be operated by an innovative energy system based on liquid organic hydrogen carriers (LOHC), as the company has reached the possible development stage for operating super yachts.
Mohammed Hussein Al-Shaali, Chairman of the Board of Directors of Gulf Craft, said that exploring new technology horizons and a potential partnership with H2-Enterprises, which is a leading force in the hydrogen and renewable energy sector, allows us to pioneer a new era of emission-free luxury, where luxury goes hand in hand. With sustainability seamlessly and easily. He added that launching a hydrogen-powered yacht that relies on liquid organic hydrogen carrier technology, if implemented, would open a new path towards removing carbon from the world of the yacht industry, noting that this pioneering project heralds a qualitative shift in the yachting sector, by focusing On clean energy technologies and sustainable design solutions.
Green SIM card
Environmentally friendly and recycled SIM cards are one of the latest green initiatives that were introduced recently, as E& announced the launch of a new initiative to provide environmentally friendly and recycled SIM cards to its customers in the UAE. The new SIM cards were manufactured from recycled electronic devices, and are more environmentally friendly compared to traditional cards, and have less impact on the carbon footprint. More than half a million green SIM cards were also provided to meet the needs of visitors and arrivals to the UAE during the COP28 Conference of the Parties.
Obaid Buksha, Chief Operating Officer at E&, said that providing the green SIM card reflects the company’s commitment to supporting sustainability through innovative solutions, and as a leading group in the field of technology, we contribute to global efforts to reach climate neutrality by implementing environmentally friendly solutions and cooperation. With various partners, to provide environmental initiatives that stimulate various companies operating in the sector around the world to invest in green technologies.
He added that the E& Group has taken many steps to reduce its carbon footprint, and is working to reduce carbon emissions within scopes 1 and 2 by 2030 within its operations in the UAE by 2030, pointing out that E& has deployed energy-saving wireless equipment in locations. Its own mobile network, which has reduced energy consumption by up to 52% compared to conventional equipment, and reduced energy consumption by 7.6 tons of CO2 emissions per year per site.
Buksha concluded by stressing that E& is focused on accelerating the pace of its environmental initiatives to contribute to reducing carbon emissions, reducing environmental impact, and enhancing work to achieve sustainability.
Eco-friendly bank cards
Banks and financial institutions operating in the Emirates have issued environmentally friendly bank cards as a commitment to meeting the aspirations of their customers and contributing to creating a more sustainable society.
MasterCard, a leading company in the field of payment technologies, launched a sustainability guide for banks to introduce them to the materials and sellers that use sustainable cards, and to link them with card producers, with the aim of instilling sustainable practices at the heart of the entire supply chain. To date, more than 519 card issuers in 97 countries around the world have agreed to switch to organic and recycled materials to make 388 million cards across the entire Mastercard network. Starting in 2028, all newly produced plastic cards will be made from more sustainable materials and approved by an independent certification program.
HSBC Bank announced a new program to provide sustainable payment cards in all its markets around the world, where single-use PVC plastic cards will be eliminated and replaced with recycled rPVC plastic cards by the end of 2026. The bank explained that based on the current volume of cards issued by… HSBC annually (23 million cards), switching to recycled rPVC plastic cards will reduce carbon dioxide emissions by 161 tons annually, and will reduce the volume of plastic waste by 73 tons annually, which is equivalent to the weight of more than 40 cars.
Within the same trend, Edenred Emirates, the largest provider of payroll management solutions in the country, launched the first environmentally friendly payroll card in the country, as these cards can be recycled to be reused eight times, confirming that the new sustainable payroll cards issued by Edenred Emirates are manufactured from… 85.5% recycled plastic, printed with recyclable ink.
First Abu Dhabi Bank introduced the Masdar Platinum Credit Card, which enables customers to automatically contribute to the Green Fund of “Masdar” and First Abu Dhabi Bank, which supports green initiatives, where they can earn green points and exchange them for environmentally friendly products and services. For every 100 dirhams spent via the card, Abu Dhabi Bank will automatically contribute 0.6% of the cash value on behalf of the card holder to support various green initiatives, sustainable energy projects and Go Green activities through the First Abu Dhabi Bank Masdar Platinum credit card.
Hybrid cars
Many companies operating in the country are planning to gradually replace their light vehicles with electric vehicles with the aim of reducing carbon emissions, with a number of companies already including part of their fleet with electric and hybrid cars. Today, E& announced the start of the first phase of the plan to gradually replace its light vehicles with electric vehicles, which will be implemented in stages by 2030, with the first phase beginning with the replacement of 100 vehicles. “E&” also confirmed its investment in building the infrastructure for electric vehicle charging stations, in addition to providing them in its parking lots, which reflects the approach to commitment to the principles of sustainability, and contributes to supporting global efforts to address climate change. In addition, E& will use the network The current Charge&Go to meet its charging requirements, which represents an integrated system for charging electric cars in the UAE. The stations will be strategically distributed throughout the UAE to provide customers with an integrated electric charging system with high efficiency and at reasonable prices.
Loans
Many local banks are moving to expand the provision of sustainability-related loans, and by linking loan conditions to sustainability performance, the banks aim to support a cause that will inspire other companies to include the goals of environmental, social and governance practices in their operations, and thus achieve tangible and influential progress in this regard.
In conjunction with the UAE’s hosting of the Conference of the Parties (COP28), the UAE Banks Federation announced the initiative of the banking sector in the UAE to provide financing facilities worth one trillion dirhams, to support sustainability by 2030. For example, but not limited to, First Abu Dhabi Bank announced its intention to lend, invest, and provide financing facilities. With more than 500 billion dirhams ($135 billion) for sustainability projects and transitional financing by 2030. Mashreq Bank also announced its commitment to sustainable financing, which is to provide sustainable financing and loans worth $30 billion by 2030.
His Excellency Abdul Aziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, said that providing financing facilities worth one trillion dirhams by 2030 comes in order to deepen and accelerate the transition to sustainable practices in the banking and financial sector, which will lead to enhancing the ambitions of sustainable financing in the UAE, and consolidating Sustainable transformation and enabling climate action.
Green financial centers
The Abu Dhabi Global Market concluded the sixth session of the “Abu Dhabi Sustainable Finance Forum” at the COP28 Conference of the Parties, which was held within the activities of the “Finance, Trade and Gender Equality” Day at COP28, as part of the “Abu Dhabi Sustainability Week”, where the forum’s agenda focused on the topic “Building green financial centers for the future.” The forum's dialogues dealt with interaction with the evolving regulatory landscape for green finance, and the role of the banking sector in financing climate change. In addition, topics of improving the efficiency of the carbon market and preparing to finance the upcoming sixth wave of innovations that will be applied in the field of climate action technologies were discussed.
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