In the year 2015, the world was introduced to a new nemesis that was threatening life on our planet. And this threat was collectively experienced by billions of people around the globe as the hottest year in recent history. We came to be aware of this threat named Climate Change that was a result of reckless emissions of pollutant gases and wastage into the Earth’s natural ecosystem. The result of Climate Change was a horrifying increase in atmospheric temperatures, melting away of glaciers, the rise of sea levels, and decay of plant and animal life in the natural habitats that had now been subjected to pollution by industrial waste.
UAE Climate Change Plan 2050
The vigorous effects of climate change have been observed worldwide, which is why the government of UAE has announced the Climate Change Plan 2050 to transition to an eco-friendly economy. The dedicated framework includes policies and strategies that the UAE will incorporate along with the on-going Vision 2021. While most countries continue to debate about the crisis, the UAE aims to set an example by establishing a foundation to fight the adverse effects of climate change by adopting sustainability standards and eco-friendly approaches. These new policies will slowly be fused with the day-to-day lives of the citizens and, thereby, influence the process of doing business in the UAE. The core strategies that are to be instituted to convert UAE into a green economy are –
1. National GreenHouse Gas emissions management system
With an emphasis on targeting the reasons for air pollution, the Environment Agency Abu Dhabi (EAD) identified the main problem to be the excess emission of Green House Gas (GHG) into the atmosphere. In order to prevent GHG emission, the pollution control panel came up with an emissions management system, which will monitor the increasing emission levels. Emissions can be tracked from sources such as motor vehicles, industrial chimneys, emissions from household and industrial appliances. Post data collection and recording, the government will take verification measures to reduce and control the emission levels to reduce the harm caused by GHG to the atmosphere.
2. National Program for adaptation to climate change
Considering the risks and fragility associated with the entire plan, it is important to assess the readiness of the citizens and the business entities in the UAE to adapt to change for the betterment of the natural ecosystem. Therefore, the Climate Change Plan 2050 will take into account all factors covering current and future risks and, as per the data gathered, will validate the citizens of all the emirates to follow specific steps for the long term success of the plan.
3. Private sector-driven economic diversification program
The private sector will play a critical role in advancing the UAE's economic diversification agenda by enhancing the market of environmental goods and services. Businesses can be a source of innovation in addressing sustainability challenges, and they have tremendous potential to provide the necessary resources to advance the diversification agenda. To fulfil this priority, the government is required to provide an enabling environment for the private sector through a combination of regulations and incentives. The variable success of the plan will largely influence the methods and tactics of doing business in the UAE.
Promoting Triple Bottom Line
The Triple Bottom Line (TBL) is a framework or theory that recommends that companies commit to focusing on social and environmental concerns just as they do on profits. Various campaigns and events in the UAE, such as the Dubai Expo 2020, are already emphasizing the importance of sustainability. These government policies have attracted large crowds of investors and businesses to set up business in the UAE. Thus, the UAE has emphasized the TBL framework many times specifying that companies operating in the Arab business market must focus their business on three critical aspects which are – People, Profits, and Planet.
Why Choose Commitbiz?
We cannot sugar coat the importance of market expertise for a new player in the business sector, so we'll just put it in an evident perspective. The UAE market is vast and ever-changing, but the entities that always keep track of the changing trends of the market are consulting firms/consultancies. New business owners can seek the support of such business professionals to simplify the process of business setup in the UAE. We at Commitbiz are a team of professionals that strive to provide tailor-made services to our clients, such as business incorporation, company secretarial services, accounting and bookkeeping, and nominee director services. Contact us to know more about how to start your entrepreneurial journey in the United Arab Emirates.