The UAE Council for Climate Action recently gathered to assess the most recent developments and progress on sustainability in the country.
The Council also reviewed various programs 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.
This was during the first meeting of the UAE Council for Climate Action in 2024.
Her Excellency Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, virtually chaired the meeting.
The UAE Council for Climate Action meeting discussed the progress made towards implementing the UAE’s Net Zero 2050 Strategy.
The Strategy focuses on reducing greenhouse gas emissions by setting interim targets, implementing initiatives and projects, and taking necessary government actions.
It also includes a proposed governance mechanism to monitor the implementation of the plan.
At the meeting, discussions focused on the current advancement and forthcoming strategies as part of the Carbon Trading initiative.
The primary aim is to enable the development of sustainable and cutting-edge financial frameworks for environmentally friendly projects by establishing a platform for commercialising carbon as a tradable asset in 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.
Also at the meeting, 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.
The Carbon Pricing Policy Committee, comprised of representatives from 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 and an assessment of the long-term social and economic impacts.
Further, the Committee developed essential models for analysing and appraising the study’s outcomes.
Members also discussed ways to improve collaboration at the Federal level to effectively tackle climate change and its impact.
The latest updates on the National Dialogue for Climate Ambition were covered in the meeting, too, 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.