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2022 Sustainability Report
We are committed to working with our many stakeholders and partners to create a better and more sustainable future for all. Pragmatism remains at the heart of our approach, balancing the ongoing need for energy security, decarbonization and sound financial performance.
Under the Social Pillar, we prioritize the development of a diverse and inclusive culture, strengthening diversity across four groups, including gender, age, nationality and people of determination. Our goal is to have women occupy 30% of management positions by 2030. At the same time, we continue to improve occupational health and safety performance across our operations by increasing transparency in incident reporting and investigation.
With its global reach, TAQA has a profound impact on our internal and external stakeholders. Through partnerships and other initiatives, we will continue to ensure that corporate social responsibility (CSR) is an integral part of our organizational values. We will focus on educational equity and environmental initiatives, incrementally increasing our national and global corporate social responsibility spending, and creating long-term value for the communities in which we operate.
Corporate governance helps ensure we continue to be trusted and secures our ESG strategy. By adopting best practices that go beyond local regulations and requirements, TAQA aims to achieve excellence in corporate governance in the countries and regions in which we operate and in our assets.
We also work with many stakeholders in the UAE, MENA region and internationally to support collective action, raise awareness and explore innovative solutions to advance ESG objectives. In 2022, we are a member of the UN Global Compact, the IRENA Alliance for Industrial Decarbonization and a signatory to the UAE Ministry of Climate Change and Environment’s Private Sector Climate Commitment. In addition, last year TAQA launched the World Utility Congress, which provides a unique platform for industry players to explore the latest technologies, research advances, technical services and product solutions that can help drive the energy transition.
This year we have established a green finance framework and announced the successful placement of our first US$1 billion corporate green bond. We will also invest in accelerating EV readiness in the UAE. TAQA has entered into an agreement with ADNOC Distribution, the UAE’s largest fuel distributor and convenience store retailer, to form a mobility joint venture, E2GO, to build and operate electric vehicle infrastructure.
TAQA has already achieved improvements in several KPIs related to our ESG strategy in 2022.As part of the Environmental Pillar, our Scope 1 and Scope
2 Greenhouse gas emissions were reduced by 8%, compared with
By 2021, an increase of 11% compared to the 2019 base year.There were also various improvements across the social pillar, as well as improvements in occupational health and safety indicators, with our Group Recordable Injury Rate (RIR) reduction of 4% and the number of
Leakage was reduced by 87%. Our community investments more than doubled in 2022 from 2021 as we continue to focus on supporting local communities. The TAQA Youth Council and Women’s Council were established to drive initiatives related to youth and women with the goal of empowering these groups and improving our diversity and equal opportunity performance. By establishing sustainability committees at the board and executive management levels, we have embeded ESG considerations in our corporate governance according to best practice.
Our ESG performance is recognized by leading ESG rating agencies. TAQA Group has received a two-level upgrade from MSCI (“B” to “BBB”). Morningstar Sustainalytics’ ESG risk rating for TAQA has upgraded the company from “Serious” to “Moderate” ESG risk rating category as of August 2022, placing TAQA in the top 33% of Morningstar Sustainalytics’ global “Utilities” industry.
Our people are our greatest asset and our progress would not be possible without their dedication and hard work. We will continue to build and enhance the existing capabilities and performance of our workforce. With our robust ESG strategy and goals, including a strong focus on diversity and equality, we will continue to enhance our employee experience, productivity and workplace culture.
Our Sustainability Report continues to evolve, and the improvements are evident through stronger governance, objectives and reporting mechanisms to help us track and achieve material progress towards our mission and ESG goals. In this report, we present our ESG strategy, which forms the basis and framework that guides our reporting and our Sustainable Development Goals. This report is compiled in accordance with the GRI Sustainability Reporting Standards.
We are committed to working with our many stakeholders and partners to create a better and more sustainable future for all. Pragmatism remains at the heart of our approach, balancing the ongoing need for energy security, decarbonization and sound financial performance.
The Year of Sustainable Development, announced by His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, will be met when the 28th Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change takes place in the UAE The climax, underlining our country’s substantive commitment to sustainable development in support of climate action. As a company, TAQA Group will use its strong positions and partnerships to build solidarity, drive action and advance the energy transition.
Jassim Hussein Tabet
CEO and Managing Director, TAQA Group
April 2023
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