While billion-dollar clean energy deals and ambitious climate funds took centre stage at the Cop28 climate conference in the UAE, several regional and global companies also took the opportunity to announce initiatives aimed at boosting sustainability and lowering their carbon footprint.
At Cop28, the UAE pledged to establish a $30 billion climate-focused fund, while the World Bank, the largest multilateral development bank, committed to raising its climate finance target to $40 billion by 2025, allocating 50 per cent to mitigation and the remainder to adaptation.
Here is a round-up of the announcements made by some of the major companies on the sidelines of the UN summit:
MasterCard
Global payments company MasterCard said that 80 per cent of its cards in the UAE market issued from 2025 would be sustainable, ahead of the company’s global target of 2028.
e&
The UAE's technology conglomerate e& announced the launch of the Sustainability Consultancy Programme in the UAE and Saudi Arabia.
The company will provide a free sustainability consultancy, leading to a greenhouse gas assessment of their businesses, to the first eight organisations who wish to be part of the programme and meet the qualification criteria.
To further extend the programme’s impact, other 15 companies will be selected and offered preferential rates.
The company also announced a partnership with World Wide Generation, a British sustainability FinTech company, to launch the “world's largest” global sustainability exchange platform.
Red Sea Global
Saudi Arabia's Red Sea Global, the developer of mega-tourism projects on the kingdom's west coast, announced a “coral commitment”, vowing to protect and regenerate corals in the Red Sea and other regions.
Enec
The Emirates Nuclear Energy Corporation signed an initial agreement with X-energy, a US-based developer of small modular nuclear reactors, to partner on the advancement of nuclear energy technologies.
The company also signed preliminary deals with nuclear energy companies Moltex FLEX and Ultrasafe Nuclear Corporation to advance the development of small modular reactor technologies.
Enec teamed up with Terrestrial Energy, a nuclear plant developer, to “expedite and centralise” the UAE’s approach to using nuclear technology.
Tadweer
Abu Dhabi Waste Management Company, also known as Tadweer, announced the launch of an Integrated Textile Circularity Initiative across the UAE to increase consumer awareness and foster collective efforts among public-private partners throughout the entire value chain.
Beeah Group
Sharjah-based environmental management company Beeah Group, Peec Mobility and the Sharjah Research, Technology and Innovation Park launched a partnership to advance the electrification of major vehicle fleets in the emirate.
Tabreed
The National Central Cooling Company, better known as Tabreed, closed its inaugural Dh600 million ($163.3 million) green revolving credit facility in partnership with First Abu Dhabi Bank as the green co-ordinator, alongside Abu Dhabi Commercial Bank and Emirates NBD.
The financing agreement, which spans five years, is designed to introduce “highly efficient” cooling solutions into the GCC market.
Emirates NBD
Emirates NBD, Dubai's biggest lender by assets, arranged a bilateral loan for Chalhoub Group, making the UAE-based luxury retailer’s first sustainability-linked loan.
The short-term loan facility has a tenure of one year with the option of being rolled over at maturity.
First Abu Dhabi Bank
First Abu Dhabi Bank, the UAE’s largest lender by assets, launched its first ESG-orientated fund for its private banking clients.
The fund, managed by FAB Private Bank, aims to capture long-term investment opportunities that address the world’s major social and environmental challenges, as defined by the UN Sustainable Development Goals.
Enoc
Emirates National Oil Company and Japan’s heavy-industry manufacturer IHI Corporation announced the start of a feasibility study for a green ammonia production project.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Vikram%20Vedha
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Gayatri%2C%20Pushkar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Hrithik%20Roshan%2C%20Saif%20Ali%20Khan%2C%20Radhika%20Apte%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%C2%A0%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Company profile
Name: Oulo.com
Founder: Kamal Nazha
Based: Dubai
Founded: 2020
Number of employees: 5
Sector: Technology
Funding: $450,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The years Ramadan fell in May
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
UAE currency: the story behind the money in your pockets
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
