Ministry of Climate Change and Environment, Emirates Nature-WWF and HSBC Launch the ‘Target Climate’ Initiative

Abu Dhabi, UAE – 26 Jan, 2020: The Ministry of Climate Change and Environment (MOCCAE), Emirates Nature-WWF, and HSBC Bank Middle East, with the  Environment Agency-Abu Dhabi (EAD)- and Dubai Chamber as partners in Abu Dhabi and Dubai, today launched the ‘Target Climate’ initiative with the goal of enabling businesses to reduce carbon emissions and become active contributors to climate action. 

The innovative partnership, which brings together the government, businesses and not-for-profit sectors, aims to support the UAE in achieving its green economy goals and become a successful model of low carbon development.

Target Climate responds to MOCCAE’s call to increase the role of the private sector in shaping the green economy and further driving the growth of public-private partnerships (PPP) towards ensuring sustainable development in the country.

The initiative aims to advance capacity within the private sector to enable businesses in the UAE to manage their impact on the environment and future-proof their operations, a vital step for the future stability of business operations, while also creating vast opportunities for innovation, job creation, economic diversification, and growth.

Fahed Al Hammadi, Acting Assistant Undersecretary of Green Development and Climate Change Sector at MOCCAE, said: “Transitioning to a green economy makes environmental and economic sense, as it helps strike the necessary balance between economic growth and preserving the country’s environment and natural resources. The shift is projected to boost the UAE’s GDP by 4-5.5 percent and create 160,000 new jobs by 2030.” 

He added: “We are pleased to partner with Emirates Nature-WWF and HSBC on the Target Climate Initiative, to bring more businesses on board in making this transition as seamless and effective as possible. Such efforts go a long way in ensuring that the country is well poised to meet its sustainability and climate goals.”

Emirates Nature-WWF Director General Laila Mostafa Abdullatif, said: “We are conscious that climate change is one of the greatest risks facing our world today. At the same time, we have a unique opportunity to embrace the climate challenge and build an economy, and specifically private sector, which is low-carbon, innovative, ambitious and climate resilient, all while supporting the nation’s Green Economy and Climate Change goals.” 

She continued: “We are honoured to unite with our distinguished partners at MOCCAE and HSBC Bank Middle East to engage and empower the business community in the UAE to future proof their businesses and support long-term success.”

Abdullatif called on companies to sign up for the initiative’s workshops, which will support them in developing the tools needed to monitor and reduce their Green House Gas (GHG) emissions while progressing towards sustainable business transformations.

Sabrin Rahman, Regional Head of Sustainability at HSBC Bank Middle East said, “It is critical for the private sector to address climate change in order to stay competitive and avoid climate risks to their business. HSBC is committed to supporting companies in the UAE in their transition towards a low carbon economy, in line with target 3 of the UN Sustainable Development Goal 13 on building human and institutional capacity on climate change mitigation. The Target Climate initiative presents members of the business community with a valuable opportunity to understand and manage their climate impact and proactively steer their future operations.”