The UAE Council for Climate Action has sought ways to develop sustainable and cutting-edge financial frameworks for green projects by creating a platform for the commercialisation of carbon as a tradeable asset on local markets.
The project will offer optional participation and mandatory application in case of participation, to guarantee alignment with the stipulations outlined in the Paris Agreement, it was agreed at the first meeting of the UAE Council for Climate Action in 2024, which was held virtually and chaired by Dr Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment.
The Council reviewed the Carbon Pricing Study which aims to encourage companies to reduce carbon emissions by implementing a tax on carbon emissions, trading carbon credits, or a hybrid system.
Carbon Pricing Policy
The Carbon Pricing Policy Committee, comprising representatives from both federal and local governmental bodies in the country, convened in November 2023 and February 2024 to prepare a detailed study. The study includes an evaluation of the available mechanisms, as well as an assessment of the long-term social and economic impacts. The Committee also developed essential models crucial for analysing and appraising the study's outcomes.
The Council assessed the most recent advancements in the country's action to achieve climate sustainability. The Council also reviewed various programmes aimed at attaining climate neutrality, examined its work agenda with the concerned authorities in the nation for the current year, and formulated an action plan.
Dr Al Dahak said: “Throughout the COP28 conference, the UAE, with the collective representation of key stakeholders, introduced a comprehensive global sustainability model spanning across all sectors. This positioned our nation at the forefront of global discussions. Currently, the primary focus of the Council is now on operationalising the UAE's Net Zero 2050 Strategy. Delving into various strategic plans requires meticulous monitoring to guarantee the achievement of this ambitious goal, especially within critical economic sectors.”
Collaboration
She added: “Through collaboration, we can bring about transformative change that aligns with our wise leadership's aspirations. By engaging society in our efforts, we can effectively achieve all our goals. Let's make 2024 and the following years a new opportunity to strengthen the UAE's global position and its ability to develop a more sustainable society, economy, and environment, not only for us but also for future generations.”
The UAE Council for Climate Action meeting discussed the progress made towards implementing the UAE's Net Zero 2050 Strategy and collaboration with various ministries and federal and local authorities.
The Strategy focuses on reducing greenhouse gas emissions by setting interim targets, implementing initiatives and projects, and taking necessary government actions. The Strategy also includes a proposed governance mechanism to monitor the implementation of the plan.
At the meeting, the Council was briefed on the outcomes of the education pavilion at the COP28 Conference and its significance in increasing public and student awareness of climate change, nature, and the environment. The meeting emphasised the importance of such initiatives in supporting the UAE's efforts to achieve its social, economic and climate goals.
The discussions focused on the current advancement and forthcoming strategies as part of the Carbon Trading initiative.
The members discussed ways to improve collaboration at the Federal level to effectively tackle climate change and its impact. The focus was on reducing emissions sustainably and reaching climate neutrality.
Latest updates
The meeting also covered the latest updates related to the National Dialogue for Climate Ambition, which will soon hold a new roundtable to discuss the aluminium sector. The Council also had detailed discussions on the potential expansion of the UAE Climate-Responsible Companies Pledge.
The Ministry of Climate Change and Environment presented updates on the progress made in the second phase of the National Measurement, Reporting, and Verification System Project in line with the enhanced transparency framework of the Paris Agreement. Additionally, the meeting discussed the National Adaptation Action Programme project, which aims to increase awareness among both the government and private sector, and bridge the knowledge gap in national action programmes with the Secretariat of the United Nations Framework Convention on Climate Change.
The meeting was attended by Sultan Mohammed Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs; Maria Hanif Al-Qassim, Assistant Undersecretary for Policy and Economic Studies Sector UAE Ministry of Economy; Abdulla Sami Al Shamsi, Assistant Undersecretary for Industrial Growth at the Ministry of Industry and Advanced Technology; Engineer Ahmed Al Kaabi, Assistant Under-Secretary for Oil, Gas and Mineral Resources at the Ministry of Energy and Infrastructure; Dr Hassan Al Mheiri, Assistant Under-Secretary for Accreditation and Educational Services at the Ministry of Education; and Ambassador Majid Al Suwaidi, UAE Ambassador and Director-General and Special Representative of the 28th Conference of the Parties to the UN Framework Convention on Climate Change, and Executive Vice President at Adnoc.
The meeting was also attended by Ahmed Al Muhairbi, Secretary-General of the Dubai Supreme Council of Energy, Abdulrahman Mohammed Al Nuaimi, Director General of Ajman Municipality and Planning Department, Ahmed Ali Al-Ali, General manager of the Department of Umm Al Quwain Municipality, Dr Saif Mohammed Al Ghais, Director General of Environment Protection & Development Authority of Ras Al Khaimah, Asilah Abdullah Al Mualla, Director-General of the Fujairah Environment Authority, Aqeel Al Zarouni, Assistant Director General of Aviation Safety Sector at the General Civil Aviation Authority, and Shaikha Al Mazroui, Acting Executive Director, Integrated Environmental Policy and Planning Sector at EAD, in addition to a number of federal, state and private sector officials.--TradeArabia News Service
&uuid=(email))