Aldar Properties joined the Science Based Targets Initiative (SBTi)’s Expert Advisory Group

Aldar Properties, the largest listed developer in the UAE capital, became the first Middle East company to participate in the Science Based Targets Initiative (SBTi)’s Expert Advisory Group, in order to implement net zero goals in the real estate sector. That being said, SBTi is a partnership between the United Nations Global Compact (UNGC), the World Wide Fund for Nature (WWF), CDP, and World Resources Institute (WRI), which enables businesses to set ambitious emissions targets.

Over 3,000 companies globally have joined the SBTi to minimize emissions and work in line with the Paris Agreement’s goals to limit global warming to well below 2 degrees celsius above pre-industrial levels, and pursue efforts to limit warming to 1.5 degrees celsius. This initiative targets the achievement of a next-zero world by no later than 2050.

Senior Aldar executives will share their knowledge with the SBTi to allow the implementation of science-based target principles, metrics and definitions that will be used as a benchmark for construction and real estate companies worldwide. The methods created by the buildings project advisory will be approved by WWF, WRI, UNGC and CDP before becoming accessible to all stakeholders of SBTi, at no extra cost to support their partnership with the Paris Agreement goals.

Greg Fewer, Group Chief Financial and Sustainability Officer at Aldar, commented on this event:

We are delighted to have been invited to join SBTi’s Expert Advisory Group. This is a demonstration of Aldar’s commitment to sustainability and a recognition of the pioneering role we have played in setting ESG standards in the region. The need to put into place reliable and unified reporting standards and measures is becoming more urgent as investors, lenders and rating agencies request a higher degree of access to non-financial corporate metrics. Real estate and construction companies around the world have an opportunity to take a leading role in combating climate change, and the work we will do with partners at SBTi will support the world’s path to net zero.

This initiative aims to cater to both national and international sustainability frameworks, such as Abu Dhabi’s Economic Vision 2030, the UAE Net Zero by 2050 strategic scheme, Ghadan 21 and the UN Sustainable Investment Goals. On top of that, Aldar Properties itself is famed for an extensive portfolio of sustainable real estate developments, such as Yas Acres, Yas Golf Collection and Noya, among many others. Not forgetting that back in the beginning of 2022, the master developer announced the Sustainable City – Yas Island in collaboration with Diamond Developers from Dubai. Comprising 864 townhouses and apartments, the fully sustainable community will be powered by renewable energy, allowing its occupants to save up to 100% on energy bills.The start of construction of this AED 1.8B (almost USD 490.1M) mega-project is scheduled for Q4 2022, with a target completion date of 30 months.

Additionally, Jonathan Emery, Chief Executive Officer of Aldar Development, commented that Aldar’s agreement with Diamond Developers marks a particularly important milestone in the Abu Dhabi developer’s strategy to accelerate the emirate’s sustainable development, where Sustainable City – Yas Island will be the next addition to the UAE’s Net Zero strategy by 2050. The construction of this project will not only provide a new and exciting lifestyle choice for interested buyers and investors, but it will further leverage the developer’s findings from this partnership when introducing further sustainable solutions to current and future projects from Aldar.