The UAE’s Ministry of Climate Change and Environment (MoCCAE) – in collaboration with Emirates Nature-WWF, HSBC Bank Middle East, the Environment Agency-Abu Dhabi, and the Dubai Chamber – has launched the ‘Target Climate’ initiative to help businesses reduce carbon emissions and become active contributors to climate action, the ministry said in a statement on Twitter.
The initiative aims to enable UAE businesses to manage their impact on the environment and future-proof their operations, while creating jobs, boosting economic diversification, and driving economic growth.
The partnership calls for the government, businesses, and not-for-profit sectors, to work together in line with the UAE’s green economy goals, which aims to establish the nation as a successful model of low carbon development.
The Target Climate initiative aims to heed MoCCAE’s call to increase the role of the private sector in shaping the green economy. It will also bolster the growth of public-private partnerships to ensure sustainable development, according to the state-run news agency, Wam.
Commenting on the initiative, the acting assistant under-secretary of Green Development and Climate Change Sector at MoCCAE, Fahed Al Hammadi, said: “Transitioning to a green economy makes environmental and economic sense, as it helps strike the necessary balance between economic growth and preserving the country’s environment and natural resources. The shift is projected to boost the UAE’s GDP by 4% to 5.5%, and create 160,000 new jobs by 2030.”
Sharing his thoughts on a collaborative effort towards a green economy, the director-general of Emirates Nature-WWF, Laila Mostafa Abdullatif, said: “We are aware that climate change is one of the greatest risks facing our world today. At the same time, we have a unique opportunity to embrace the climate challenge and build our economy, and specifically the private sector, which is low-carbon, innovative, ambitious and climate-resilient, all while supporting the nation’s Green Economy and Climate Change goals.”
Commenting on the role of the private sector in reducing carbon emissions, the regional head of Sustainability at HSBC Bank Middle East, Sabrin Rahman, said: “It is critical for the private sector to address climate change in order to stay competitive and avoid climate risks to their business. HSBC is committed to supporting companies in the UAE in their transition towards a low carbon economy, in line with Target 3 of the UN Sustainable Development Goal 13 on building human and institutional capacity for climate change mitigation.”
Rahman added: “The Target Climate initiative presents members of the business community with a valuable opportunity to understand and manage their climate impact and proactively steer their future operations.”