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As the UAE ramps up efforts to achieve net-zero emissions by 2050, the country’s private companies are being urged to take a proactive approach to their environmental impact to help the country achieve its goals.
“Measuring a company’s carbon footprint is an important first step in realizing its environmental impact and setting a benchmark against which to measure improvement. We want businesses to understand that by reducing emissions, they can save on operating costs and thus improve profits,” said the newly established Dubai Carbon said Dahlia Haleem, a partner at management firm elementsix.
“As the UAE moves towards net zero, it is our duty to do our part to understand our greenhouse gas (GHG) emissions in order to steadily move towards a net zero economy by 2050.”
Greenhouse Gas Accounting
Greenhouse gas (GHG) accounting or inventory is the process by which an organization can quantify its carbon emissions at the company level (carbon emitted by a company’s general operations) or at the product level (emissions from manufacturing products).
Emissions are measured in tonnes of carbon dioxide equivalent (tCO2e), using emission factors to calculate the total carbon footprint. Some organizations end the process here as a benchmark against which to measure improvements over the next few years. But for many, this is the starting point for a carbon neutrality roadmap or strategy. Carbon or greenhouse gas accounting is the first necessary step in any carbon management plan (CMP).
A carbon management plan is a key element of a company’s sustainability strategy and reporting. The UAE Securities and Commodities Authority (SCA) has authorised UAE-listed public joint stock companies to publish sustainability reports as environmental, social and governance (ESG) reporting becomes increasingly important to investors and advisers around the world since 2021 .
Leverage experience
“While private companies are not obligated to do so, it is critical to note that when sustainability becomes part of a company’s culture, it becomes a point of differentiation and a core value and has a significant impact on how stakeholders perceive them, ” added Amer Arafat, partner at elementsix.
With two decades of experience as a partner in the region, elementix is a consultancy providing turnkey solutions in the field of sustainability and carbon reduction.
The company develops greenhouse gas reduction projects and programs for the voluntary and compliant markets according to the most stringent certification standards in the world. — arab trade news agency
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