The Dubai Chamber of Commerce has announced the launch of a new ESG Label aimed at promoting sustainable business practices.
Developed by the Chamber’s Centre for Responsible Business, the label is designed to help organisations evaluate their ESG readiness and maturity levels, receive recognition and facilitate business growth, the Chamber explained.
“The Dubai Chamber of Commerce ESG Label addresses the need for a holistic approach to sustainable business practices that benefit society and the environment, while also supporting our mission to promote good governance and ethical business practices,” said His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers commented.
According to the Chamber—one of the three operating under the umbrella of Dubai Chambers—in the development of the label, an assessment was conducted by “globally recognised ESG experts,” which examined global and regional regulatory landscapes and reporting frameworks to identify the critical factors in determining an organisation’s ESG maturity.
A consultation with the business community was also carried out to help shape the framework.
Organisations of all sizes established for at least two years are eligible to apply.
Participating organisations receive a feedback report highlighting areas for improvement, with a maturity level score based on their overall ESG rating.
Once awarded, the Dubai Chamber of Commerce ESG Label certificate is valid for a period of one year, the Chamber noted.
“By shifting the emphasis from corporate social responsibility to ESG labelling, we aim to encourage businesses to adopt comprehensive strategies that embed sustainability into their core operations and decision-making processes,” added Dubai Chambers’ CEO.