Emirates NBD Bank, Ergovan, a company specializing in climate and financial technology, has recently launched a pilot project to promote the banking investment and dissemination of its solution “Azlat” for managing carbon emissions among small and medium enterprises. region.

A proof-of-concept project has been implemented with Ekos Electric, a client of Denizbank, a wholly-owned subsidiary of Emirates NBD Group of small and medium-sized enterprises, a report said yesterday. The customized solution “Azelat” proved its role as a key tool that enabled Ecos Electric to identify the main sources of greenhouse gas emissions and implement campaigns to reduce these emissions based on the data.

This successful pilot project highlights the great potential of the “Azlet” solution based on the SaaS concept, enabling companies and financial partners to better understand and reduce their carbon emissions.

Emirates NBD and Ergovan announced their plans to expand the scope of the program to include small and medium enterprises in the UAE to measure, reduce and offset greenhouse gas emissions.

Vijay Bains, Emirates NBD Group Chief Sustainability Officer and Head of Environment and Social Management, said: “The introduction of Ergovan’s Aslat solution confirms the bank’s commitment to driving the green transition in the Middle East, North Africa and Turkey region.”

He continued: “The bank aims to bridge the digital divide and adopt sustainable practices in line with global environmental goals for customers in the region. By providing digital resources that support environmental, social and corporate governance practices, the Bank seeks to help its customers reduce their environmental footprint, contributing to the Bank’s broader climate goals and affirming its position as a responsible financial institution with a forward-looking perspective. .”

For his part, Paresh Palat, CEO and co-founder of Ergovan, said: “Ergovan’s Aslot solution provides an easy way to manage the carbon footprint of companies of all sizes, and meets the need of the financial sector. Qualitative Data on Emissions.”

In turn, Tonahan Akbaş, Vice President of Ecos Electric, said: “This collaboration to use the (Azelt) solution (Ergovan) is the first step for our company to measure and manage our carbon footprint as we promised. The platform’s proof-of-concept project allowed us to identify the most important sources of our carbon emissions and take direct action to reduce them.

In the same context, Verda Berel Yuzer Oguz, Executive Vice President and Head of the Department of Financial Institutions and Integration of Environmental, Social and Governance Affairs at Denisbank, said: “Our cooperation with (Erguvan) has taken concrete steps on the path of decarbonization. , and the proof-of-concept project implemented in collaboration with… (ECOS Electric) is a solid proof of the Bank’s broad ambitions in the field of climate action.

Minister of Energy and Infrastructure His Highness Suhail Al Masrouei said the UAE has set a target of tripling the contribution of renewable energy over the next seven years and will pump in Dh200 billion in investments to ensure the country meets its growing energy needs. Rapid economic growth, and increasing the share of installed clean energy to 30%.

In his speech at the opening of the ninth session of the World Green Economy Summit, he said the summit is proving to be a driving force for the global transition to a green economy.

Indicating that the UAE is focused on improving preparedness for the future, preparing policies and strategies and adopting a proactive approach that supports global leadership, it has announced a number of policies and strategies that support a proactive approach, including the UAE Energy Strategy 2050. and the National Hydrogen Strategy.

Improve performance

His Excellency added: “We aim to reduce energy consumption by improving efficiency by up to 45% by 2050. The National Hydrogen Strategy is part of the country’s initiatives and plans to invest in clean energy sources and support global efforts to promote environmental sustainability. To achieve the country’s goals of achieving climate neutrality by 2050 represents a decisive instrument.

The strategy aims to develop local capacities to produce 1.4 million metric tons of low-emission hydrogen per year by 2031 and increase production to 15 million tons by 2050.

Clean energy

The Honorable Minister said: “Energy and infrastructure are at the heart of the transition to a green economy, including energy, infrastructure, transport and buildings, each of which has many opportunities for deep decarbonisation, as clean energy is a key requirement for building a strong green economy, and the UAE is in the transition to clean energy. invests.

Several projects are now on-line and others are under development, and over the next seven years, we aim to increase our clean energy capacity to 19.8 GW.

Transportation

Regarding the transport sector, the Honorable Minister of Energy and Infrastructure said: We plan to increase the share of electric and hybrid vehicles to 50% of the total number of vehicles on our roads by 2050. To expand our network of electric car charging stations, we may be the first country to establish a soon-to-be-announced pricing mechanism that will incentivize the private sector to invest in electric vehicle charging stations.

His Excellency pointed to the infrastructure sector’s focus on developing low-carbon building materials and implementing sustainable building practices, with a focus on the circular economy.