First Abu Dhabi Bank continues to work on reducing carbon emissions

Egypt launches the first African voluntary market for the issuance and circulation of carbon certificates

Sheikha Al Dhaheri during a press conference held on the sidelines of the Climate Conference.

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The Egyptian government launched the first African voluntary market for the issuance and trading of carbon certificates, on the sidelines of the COP27 climate summit in Sharm El-Sheikh, in the presence of world leaders and leaders, while First Abu Dhabi Bank, the largest bank in the UAE and one of the largest and safest financial institutions in The world, yesterday, in a panel discussion hosted by the Banking Alliance to reduce net carbon emissions, as part of the conference activities.

The Egyptian Prime Minister, Dr. Mostafa Madbouly, witnessed the activities of the launching session of the African Voluntary Market for Carbon Certifications.

Madbouly said that the launch of the new voluntary market confirms the capabilities of the Egyptian state to participate effectively in advancing efforts to achieve the international goal, which is carbon neutrality, in addition to that the new market comes in line with the national strategy for climate change 2050, which is adopted and implemented by the Egyptian administration, and aims in its fourth pillar to strengthen the infrastructure climate finance infrastructure.

In the same context, the Egyptian Minister of Environment, Dr. Yasmine Fouad, affirmed that Egypt is ready to support Africa in the transition towards implementing climate action pledges through the Voluntary Carbon Platform.

The African Market for Carbon Certificates is a platform to help economic entities operating in various production activities in Egypt and Africa to engage in activities to reduce carbon emissions, and to benefit from the issuance and sale of certificates under the reduction for the benefit of other companies wishing to offset their carbon emissions that are difficult to reduce.

Voluntary carbon markets help companies recover part of their investment spending directed at reducing carbon emissions resulting from the exercise of their activities and reinvesting these resources in achieving the greater goal of carbon neutrality that all countries of the world seek to achieve.

The market-related authorities are awaiting the issuance of the general framework regulating the new market, through the Prime Minister, especially after the decision to consider carbon certificates as a tradable and listable security in line with the goals of the Paris Climate Agreement.

First Abu Dhabi Bank participated in a panel discussion hosted by the banking alliance to reduce net carbon emissions, which was held under the title “Regional Perspectives.. The Banking Alliance to Reduce Net Carbon Emissions”, and its work began with a report on the aspirations of the alliance and what it has achieved since its launch about two years ago in April. 2021.

The discussions touched on vital topics that covered regional considerations that could contribute to the continuous development and change of the alliance's frameworks, and the best ways to encourage more banks and financial institutions to join the alliance.

The head of sustainability at First Abu Dhabi Bank, Sharghel Bashir, said, “The focus of all parties must be directed towards enhancing cooperation to achieve zero carbon emissions goals, and this is evident in the success of the banking alliance to reduce net carbon emissions in promoting constructive and effective cooperation in this field globally. Since its establishment in April 2021, and as the first bank in the UAE and the GCC region to join the alliance, we at First Abu Dhabi Bank have been keen to coordinate and communicate directly to ensure that our activities are consistent with the recommendations of the alliance, and continue to work to reduce our carbon emissions.”

Abu Dhabi aims to produce 60% of electricity from clean sources by 2035

The Environment Agency - Abu Dhabi announced its endeavor, in partnership with the Department of Energy, to lead a qualitative transformation in the energy mix in Abu Dhabi to achieve much lower carbon emissions in the emirate, by setting new regulations aimed at generating a large percentage of electricity in the Emirate of Abu Dhabi from clean and renewable sources by the year 2035, which is an important step towards achieving the UAE's aspirations to reach carbon neutrality by 2050.

The new regulations, drafted by the Abu Dhabi Department of Energy, aim to generate 60% of the electricity in the Emirate of Abu Dhabi from clean and renewable sources by 2035, and reduce carbon emissions by up to 75% for every megawatt-hour produced by the electricity sector.

The Secretary-General of the Environment Agency - Abu Dhabi, Dr. Sheikha Salem Al Dhaheri, revealed the new regulations in the presence of the Head of the Department of Energy, Eng. Owaida Murshed Al Marar, during a press conference held on the sidelines of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) held in Egypt.

Al Dhaheri said that the new regulations will enhance economic diversification, attract local and foreign investments, and contribute to encouraging the development of new technologies and innovations in the field of clean and renewable energy.

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