GFP forecasts USD 1 trillion GDP boost in UAE through Net Zero 2050 initiatives
DUBAI, UAE, 5 March 2024: Green Future Project (GFP), a B-Corp providing corporate sustainability solutions, cited that realising UAE Net Zero 2050 could help the country grow its GDP by approximately USD 1 trillion1 in a Press release. GFP said that with the country striving to be a leader across all domains, including sustainability, Briano Martinoni, Co-founder and Chief Commercial Officer, of GFP, explained why UAE stakeholders play a role in achieving this realisation.
GFP said by 2080, collaboration between federal and local governments, the private sector, and communities could yield an extra AED 70 billion, with investments offset by long-term cost savings, notably from reduced fossil fuel use, and added that policies like the Dubai 2040 Urban Masterplan and corporate green initiatives are pivotal for building a resilient future. According to GFP, a recent survey showing that 91% of businesses globally struggle to measure their greenhouse gas emissions reinforces this notion. Despite only seven UAE businesses being certified B-Corps out of 6,700 worldwide, GFP said that as environmental awareness grows, UAE organisations must intensify their green efforts for the country’s sustainable goals.
Martinoni said: “The data speaks for itself, showing that companies can experience a 15-30% brand value increase by simply adopting sustainable practices2. Younger generations are driving environmental change on a global scale, but they can only do so much – the onus falls on governmental entities and businesses to ensure a greener world is created for future inhabitants of our planet. This notion is reinforced by the fact that Scope 3 emissions (indirect emissions that occur in the value chain of any reporting entity) account for 40-80% of a company’s total carbon footprint and sometimes even exceed 90%3. Companies are increasingly adopting carbon footprint monitoring tools, which is a welcome sign since it will enable informed decision-making and accelerate positive change.”
GFP said it is helping advance the UAE’s green objectives while contributing to key governmental mandates such as UAE Net Zero 2050. The company said it is working with UAE-based organisations in sectors including digital banking, hospitality, real estate, communications, and finance to help them pioneer sustainable action across the region.
- https://unfccc.int/sites/default/files/resource/UAE_LTLEDS.pdf – Page 17
- https://www.cbnme.com/news/sustainable-procurement-essential-to-the-uaes-ambitious-future/
- https://www.sme10x.com/10x-industry/businesses-in-mena-embrace-carbon-tracking-in-supply-chain-as-key-to-net-zero-ambition