TAQA Announces 2030 GHG Emissions Reduction Targets Under ESG Strategy
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, Middle East and Africa (EMEA) region by market capitalization, announced today a comprehensive 2030 Environmental, Social and Governance (ESG) strategy.
The ESG strategy includes the national low-carbon power and water champion’s interim greenhouse gas (GHG) emissions reduction goals and is a credible step towards achieving its net-zero ambitions by 2050.
Under the strategy, TAQA has committed to a 25% reduction of scope 1 and 2 emissions by 2030 across the Group, including a 33% reduction of UAE portfolio emissions compared to the 2019 baseline.
Jasim Husain Thabet, TAQA’s Group CEO commented: “We see sustainability as an opportunity and are evolving to become a champion of low carbon power and water.
"That means meeting the energy and water needs of today as efficiently as possible, whilst also investing in the lower carbon alternatives we need.
"ESG was put at the heart of our corporate strategy last year, and this ESG strategy and the targets are a proof of us delivering on this commitment. We have a key role to play in helping the UAE achieve its net zero by 2050 target which is reflected in our GHG emissions reduction targets.
"These are not just targets for the future, they represent actions that we are already taking to deliver meaningful emission reductions and put us on a path towards achievement of net zero by 2050.
"As we approach COP27 and COP28 here in the UAE, the focus will be increasingly on actions and not just pledges. As a major regional utility, we are determined to play our part without compromising on security of supply.
"We will also be unwavering in our pursuit of the opportunities associated with tackling climate action and in our commitment to the wider principles of ESG.”
TAQA will focus on the decarbonization of power and water supply, further electrification across sectors, and demand side management to support more efficient use of power and water.
The broader ESG strategy was built around six core material topics: climate change, water and effluents, occupational health and safety, diversity and equal opportunity, local community engagement and corporate governance.
TAQA aims to achieve both quantitative and qualitative ambitions across these focus areas through several new and existing initiatives.
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