Tabreed's Latest ESG Report Highlights Major Decarbonisation Achievements and Renewable Energy Initiatives
National Central Cooling Company (Tabreed), a leading district cooling provider in the UAE, has released its fourth annual ESG report, showcasing significant advancements in decarbonising cooling systems and adopting renewable energy solutions throughout 2023.
Summary
Tabreed's 2023 ESG report reveals remarkable progress in reducing energy consumption and CO2 emissions, integrating renewable energy, and participating in carbon credits trading. The company continues to play a pivotal role in promoting sustainable cooling solutions in the GCC region.
Tabreed's Latest ESG Report Highlights Major Decarbonisation Achievements and Renewable Energy Initiatives
National Central Cooling Company (Tabreed), a leading district cooling provider in the UAE, has released its fourth annual ESG report, showcasing significant advancements in decarbonising cooling systems and adopting renewable energy solutions throughout 2023.
Tabreed's 2023 ESG report reveals remarkable progress in reducing energy consumption and CO2 emissions, integrating renewable energy, and participating in carbon credits trading. The company continues to play a pivotal role in promoting sustainable cooling solutions in the GCC region.
Significant Energy Savings and CO2 Reduction
Tabreed's operations in 2023 led to a substantial reduction in energy consumption, saving 2.52 billion kWh – enough to power over 143,000 homes. This achievement also prevented 1.5 million metric tons of CO2 emissions, equivalent to removing 330,000 vehicles from the roads. These figures underscore Tabreed's commitment to environmental sustainability and its role in mitigating climate change.
Pioneering Renewable Energy with G2COOL
In partnership with ADNOC, Tabreed launched G2COOL, the region's first district cooling plant powered by renewable geothermal energy. Located in Abu Dhabi's Masdar City, G2COOL is a groundbreaking initiative that contributes to the UAE National Energy Strategy 2050 by diversifying the energy mix and decarbonising building cooling systems.
Commitment to Solar Energy
During 2023, Tabreed demonstrated its dedication to renewable energy by purchasing 116,000 MWh of solar-sourced Clean Energy Certificates (CECs) from the Emirates Water and Electricity Company (EWEC). These CECs are equivalent to the energy needed to cool key locations like Masdar City, Raha Beach, and Yas Island's prominent attractions.
Engagement in Carbon Credits Trading
Tabreed was an active participant in the Dubai Financial Market's (DFM) carbon credits trading pilot, joining 24 other esteemed UAE companies. The traded carbon credits were supplied by DEWA, First Abu Dhabi Bank, and MyCarbon, sourced from internationally certified carbon projects. This initiative reflects Tabreed's proactive approach to reducing its carbon footprint and supporting global sustainability efforts.
Community and Social Responsibility
Beyond its environmental initiatives, Tabreed engaged in various Corporate Social Responsibility (CSR) activities throughout 2023. The company supported startups and young entrepreneurs focused on climate solutions by partnering with HUB71+ climateTECH. Additionally, during Ramadan, Tabreed collaborated with Emirates Red Crescent to support community welfare initiatives.
Investment Perspective
Given Tabreed's consistent progress in sustainability and its strategic initiatives in renewable energy and carbon credits trading, the company demonstrates a strong commitment to environmental and social governance. While the future outlook remains neutral, investors might consider holding their positions to observe further developments in Tabreed's sustainability journey and market performance.
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Summary
Tabreed, a leading district cooling company, published its fourth annual ESG Report for 2023, highlighting significant progress in decarbonizing cooling. The report details a reduction in energy consumption by 2.52 billion kWh and a prevention of 1.5 million metric tons of CO2 emissions. In 2023, Tabreed integrated renewable energy into its operations, including the launch of the region's first geothermal-powered cooling plant in partnership with ADNOC. The company also purchased 116,000 MWh of solar-sourced Clean Energy Certificates and participated in the Dubai Financial Market's carbon credits trading pilot. Additionally, Tabreed engaged in various Corporate Social Responsibility initiatives, supporting startups and young entrepreneurs focused on climate solutions and partnering with Emirates Red Crescent during Ramadan.
