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Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the Europe, Middle East and Africa (EMEA) region by market capitalization, today announced a comprehensive 2030 Environmental, Social and Governance (ESG) Strategy.
The ESG Strategy, which includes the National Low-Carbon Power and Water Advocate’s Interim Greenhouse Gas (GHG) Reduction Target, is a solid step towards achieving net-zero emissions by 2050.
Under the strategy, TAQA is committed to reducing Scope 1 and Scope 2 emissions across the group by 25% by 2030, including a 33% reduction in UAE portfolio emissions compared to the 2019 baseline.
Jasim Husain Thabet, Group CEO and Managing Director of TAQA, commented: “We see sustainability as an opportunity and are growing into champions of low-carbon electricity and water. This means meeting today’s energy and water as efficiently as possible. water needs, while investing in the low carbon alternatives we need. Last year, ESG was placed at the heart of our corporate strategy, and this ESG strategy and target is a testament to our commitment to delivering on that. We are helping the UAE achieve its 2050 goal We play a key role in our net zero emissions target, which is reflected in our greenhouse gas reduction targets.
“These are not just future targets, they represent actions we have already taken to achieve meaningful emissions reductions and put us on the path to net zero emissions by 2050. As we approach COP27 and COP28 in the UAE , the focus will increasingly be on action rather than just commitment. As a major regional utility, we are determined to play our part without compromising the security of supply. We will also resolutely seek to work with Addressing opportunities related to climate action and an unwavering commitment to broader ESG principles.”
TAQA will focus on the decarbonisation of electricity and water supply, further electrification across sectors and demand side management to support more efficient use of electricity and water.
The broader ESG strategy is structured around six core material themes: climate change, water and wastewater, occupational health and safety, diversity and equal opportunity, local community engagement and corporate governance. TAQA aims to achieve quantitative and qualitative goals in these focus areas through several new and existing initiatives.
Highlights of the 2030 ESG Strategy:
climate change
• 25% reduction in Group Scope 1 and 2 emissions and 33% in the UAE by 2030 compared to the 2019 baseline
• Achieving net zero emissions in scopes 1 and 2 by 2050
• Enhance climate resilience by reducing risk and improving resilience
water and sewage
• 25% reduction in water distribution losses in 2030 compared to 2021 baseline
• Reducing the energy consumption of seawater desalination by promoting high-efficiency reverse osmosis technology, which will account for two-thirds of seawater desalination by 2030
Occupational Health and Safety
• Improve transparency of occupational health and safety reporting
• TAQA has made “safety” one of its corporate values as it strives to foster a safety culture and has undertaken a number of ongoing health and safety initiatives across the enterprise
Diversity and Equal Opportunity
• TAQA is also looking at improving diversity and equal opportunities for people of gender, age, nationality and determination
• TAQA is currently monitoring these areas and will seek to deploy initiatives and investments to improve these areas and has committed to having women occupy 30% of its management positions by 2030
local community engagement
• On the social side of ESG, TAQA will focus its corporate social responsibility (CSR) work on key themes: education equity and the environment, in line with several of the United Nations Sustainable Development Goals (SDGs)
• TAQA is also committed to increasing CSR spending in an economically responsible manner to increase its positive impact
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Corporate Governance
• TAQA commits to adopting best practices in governance and going beyond local regulations and requirements
• The company has set key performance indicators (KPIs) to guide strategy and regularly reports on ESG performance against reporting standards and expectations set by leading agencies
TAQA said its new ESG strategy builds on its 2030 strategy for sustainable growth and returns. This business strategy demonstrates the company’s commitment to decarbonization, growth and optimization. As part of its strategy, TAQA has committed to expanding renewable energy to more than 30% of its power generation portfolio by 2030, and expanding high-efficiency reverse osmosis (RO) technology to account for two-thirds of its desalination capacity by 2030. arab trade news agency
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