In the Headlines - January 2024

President Sheikh Mohamed extends UAE's Year of Sustainability in 2024??

The President of the United Arab Emirates HH Sheikh Mohamed bin Zayed Al Nahyan?announced on UAE Environment Day that the Year of Sustainability is extended into 2024 from 2023, reflecting the country’s ongoing collective commitment to protect and preserve the environment for the benefit of future generations. He said the country will build on the UAE Consensus achieved at COP28, to work hand in hand with the global community to pursue a more sustainable future.??

2.

GRI, IFRS Foundation publish new guide for interoperability in emissions reporting??

IFRS Foundation and GRI have published a new resource on greenhouse gas (GHG)?emissions reporting when using GRI and ISSB Standards. The publication illustrates the areas of interoperability a company should consider when measuring and disclosing Scope 1, Scope 2 and Scope 3 emissions in accordance with both?GRI 305: Emissions?and IFRS S2?Climate-related Disclosures.??

Since March 2022,?GRI and the IFRS Foundation have worked together?under a collaboration agreement that has sought to achieve coordination in their sustainability-related work programs and standard-setting activities.??

In November 2023, the two organisations established the Sustainability Innovation Lab (SIL), a capacity building and research platform based in Singapore to enable companies to meet their evolving sustainability disclosure requirements by offering professional development, training, practical solutions and innovative thinking.

3.

DEWA’s EV Green Chargers witnessed 59% surge in service usage in 2023??

Dubai Electricity and Water Authority (DEWA) witnessed a 59% increase in the usage of its Green Charger services for electric vehicles in 2023, indicating growth in green mobility in Dubai. By 31st December 2023, DEWA’s EV Green Charger initiative recorded 1,145,427 charging sessions, a significant upsurge from a mere 14 in 2015 when the service was introduced. ??

Through this initiative, DEWA provided 23419.821MWh of electricity for charging EVs in Dubai from 2015 to the end of 2023, powering a cumulative electric vehicle distance of 117 million kilometers.??

The EV Green Charger initiative supports the UAE’s leading position in the region in the adoption of EVs. According to a 2021 report by the Clean Energy Business Council (CEBC) MENA,?UAE has one of the highest ratios of charging stations to EVs in the world. As of June 2023, the UAE has 325 charging stations, with plans to have 1,000 charging stations by 2025 and 10,000 by 2030.???

The initiative promotes green and sustainable transport in Dubai in line with the Emirate’s strategic objectives regarding sustainability, air quality, and reducing greenhouse gas emissions. The Dubai Green Mobility Initiative 2030 and the National Electric Vehicles Policy are meant to advance the UAE’s efforts to achieve net-zero by lowering energy consumption in the transport sector by 40%, reducing carbon emissions by 10 million tonnes by 2050, and increasing the share of EVs to 50% of the vehicles on UAE roads by 2050.? ?

4.

Saudi to Host COP16 in 2024

The UNCCD COP16 will take place 2-13 December 2024 in Saudi Arabia. Saudi Arabia and the United Nations signed an agreement regarding the Riyadh conference, which will be the largest meeting ever of the 197 parties to the United Nations Convention to Combat Desertification (UNCCD). It is the first time the Middle East will host this conference, which marks the thirtieth anniversary of the UNCCD. The Rio Conventions are?three major environmental treaties that address climate change, biodiversity, and desertification. ??

According to UNCCD data, up to 40 percent of the world’s land has degraded, affecting half of humanity and presenting dire consequences for the climate, biodiversity, and livelihoods.???

COP16 supports intensifying global efforts to reduce desertification and land degradation and to sustain the environment and natural resources for future generations.??

Therefore, the Riyadh COP16 conference will focus on mobilizing governments, companies, and communities around the world to accelerate action on land restoration and drought resilience as the cornerstone of food, water, and energy security.??

The 15th Conference of the Parties (COP15) of the United Nations Convention to Combat Desertification (UNCCD) took place from May 9–20, 2022 in Abidjan, C?te d'Ivoire in 2022, and was themed?"Land. Life. Legacy: From scarcity to prosperity".???

5.

World Economic Forum Focuses on?Regenerative Business?????

The?2024 World Economic Forum's Annual Meeting in Davos, Switzerland called on businesses to shift gears in their strategies, from ‘resilience’, which is reactive, to the more proactive ‘regeneration’.?Gim Huay Neo, managing director of World Economic Forum Geneva, while chairing a?Davos panel?said the growth that we've experienced over the years has been powered by an overconsumption of Earth's finite resources. She observed that to continue to generate profits while cutting emissions and stopping depletion of natural resources, we must build new economic models, new businesses and new lifestyles. ??

Regeneration is a bold, proactive way to think about business strategy,?where companies embed a sustainable approach in their long-term strategy and culture. This strategy promotes the restoration and regeneration of natural resources and social systems. Regenerative businesses consider the impacts of the wider system in which they operate in addition to their own impacts.?Beyond limiting negative impacts, they contribute positively to the economy and the world, achieving a net positive impact.??

In Regenerate, a 2023 survey of 775 people C-suite business leaders from 19 countries around the world, Middle East executives are more likely than other regions to say that they are operating regeneratively very effectively.?

FROM SS DESK

SS NEWS

1.

Zamil Group and Sustainable Square Establish Partnership

Our CEO Monaem Ben Lellahom and Senior Climate Change and Sustainability Advisor Dinah Gengmei facilitated a conversation with General Managers of Zamil Group Leadership Development Center , kickstarting a new partnership aimed at the adoption of integration of #sustainability practices and #ESG principles in Zamil Group's journey towards #decarbonisation and #netzeroemissions . ??

2.

Sustainable Square CEO in post-COP panel discussion

Here are some scenes from Capital Club Dubai where our CEO Monaem Ben Lellahom joined other panelists for an in-depth discussion of COP28 reflections.

Jamila El Mir , Senior Advisor, High-Level Climate Champions, Daxita Rajcoomar , Chief Sustainability Officer - Africa, Middle East and Asia, ENGIE, Aruna Narayanan , Founder & Chief Impact Enabler, Real Impact and Monaem explored possible steps the business community in the UAE can take to translate the high level outcomes of the global conference into climate action.

The event was organised by The Sustainability Action Society of Capital Club Dubai. It brought together sustainability professionals in the UAE to reflect on how they can heed the call to action in fulfilling the vision for a better future.

3.

Sustainable Square Advisor Speaks in GRI Webinar

Our Senior Climate Change and Sustainability Advisor - Dinah Gengmei was a speaker at the Global Reporting Initiative (GRI) report services webinar. She shared her experience and insights on the application of GRI Sector Standards.

Here are her recommendations on how organisations could use these Standards in the best way.

SS INSIGHTS

1.

Harnessing Relevance and Comparability in Sustainability Reporting?

Our Senior ESG and Sustainability Advisor Rach ElGolli explains why comparability is the 'secret sauce' in sustainability reporting, and outlines the steps to achieving comparability, which benefits the reporting organisation, the industry and the planet at large. Read on for an insider perspective on how to expand possibilities and opportunities by ensuring the relevance of your organisation's sustainability report.

2.

Sustainable Square CEO Highlights Key Successes of 2023

3.

A Guide to Effective Social Impact

How can your organisation maximise its social impact? In her step-by-step guide, our Senior Social Impact Advisor Jalila Hedhli draws from her vast experience in conducting Social Return on Investment (SROI) assessments and helping our clients leave a lasting positive impact on society and communities.

4.

Sustainable Square Weighs in on Influence of EU Greenwashing Ban on MENA Region

Our Senior Responsible Investment and Sustainability Advisor, Svenja Weber , sheds light on the recent EU ban on greenwashing of consumer products in a conversation with ESG Mena . Svenja emphasises the importance of collaborative efforts from governments, the private sector, and consumers to replicate such an impactful move in the MENA region.

Thank you for reading The ESG Bulletin. See you soon, with the next edition of our monthly newsletter tackling the latest in global sustainability. If you would like to get in touch with our expert consultants to find out what Sustainable Square can do for your organisation's sustainability goals, reporting and disclosure please write to?us at [email protected] .