Investment Corporation of Dubai

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Emirates launched a solar energy project to provide 37% of its Engineering Centre's annual energy consumption, reducing CO2 emissions by 13,000 tonnes annually. Simultaneously, Emirates integrated Sustainable Aviation Fuel (SAF) at Amsterdam Schiphol, London Heathrow, Singapore Changi, and Dubai Airport, with SAF delivering up to 80% reduction in lifecycle carbon emissions versus conventional jet fuel. EGA is the first company in the world to produce aluminium commercially using solar power under the CelestiAL brand, with customers including BMW Group and suppliers of Mercedes-Benz and Nissan.

No narrative on durable removals approach in the firm's most recent reports.

• ICD operational carbon measurement and voluntary offsetting

  ICD measures carbon emissions from its own operational activities and obtains independent third-party limited assurance on these emissions. In 2024, ICD voluntarily offset its 2023 operational emissions through the purchase of carbon credits verified and issued by the Climate Action Reserve. ICD relocated to a LEED Gold-rated headquarters at One Za'abeel to reduce its environmental footprint.

• EGA low-carbon aluminium recycling and next-generation smelting technology

  EGA made significant progress developing a global aluminium recycling business; recycling requires 95% less energy than primary production. EGA acquired recycling operations in Germany and the US and is constructing the UAE's largest aluminium recycling facility in Al Taweelah (170,000 tonnes/year capacity). EGA also began construction of 10 pilot reduction cells for EX, its next-generation smelting technology designed for lower energy and GHG emissions. EGA published a Green Finance Framework to support decarbonisation projects.

• Carbon Footprint Framework and GHG Protocol-aligned emissions measurement

  ICD established its Carbon Footprint Framework in 2023 to measure emissions from its own operational activities. An independent third-party review confirmed alignment with the GHG Protocol Corporate Accounting and Reporting Standard. ICD obtained limited assurance on reported carbon emissions and voluntarily offset its 2022 operational emissions through Climate Action Reserve-verified carbon credits.

• Solar-powered aluminium smelting (CelestiAL)

  EGA, ICD's largest industrial holding, is the first company in the world to produce aluminium commercially using solar power, marketed as CelestiAL. In 2023, EGA produced 66,000 tonnes of CelestiAL for customers including BMW Group and suppliers of Mercedes-Benz and Nissan. This lever directly decarbonises smelter electricity — the dominant emissions source for primary aluminium.

• Green building certification for real estate portfolio

  ICD pursues high-tier green-building certification across flagship real estate. ICD Brookfield Place is the tallest/largest LEED Platinum building in EMEA, first MENA office building with WELL Health & Safety, WiredScore and SmartScore Platinum. One Za'abeel achieved LEED Gold in December 2023. The Offices at One Za'abeel are targeting WiredScore and SmartScore certifications in 2024.

• Aluminium recycling / secondary production

  In 2023, EGA commenced construction of the UAE's largest aluminium recycling plant in Abu Dhabi — a 170,000 tonnes-per-year facility processing scrap into low-carbon premium billets. Dubal Holding is also exploring a recycled aluminium / cast house facility to utilise scrap generation from group companies for low-carbon initiatives.

• Waste-to-energy (Warsan facility)

  Dubal Holding is a consortium partner in the world's largest waste-to-energy facility in Warsan, Dubai. Key 2023 milestones: 'First Fire' electricity generation from municipal solid waste, and reaching design capacity of 5,555 tonnes MSW/day. Project full completion expected 2024.

• Fleet efficiency and electrification in Transportation segment

  flydubai relies on its young fleet of Boeing 737 MAX 8 aircraft, which are 14% more fuel efficient than predecessors, and is committed to supporting UAE Net Zero by 2050. dnata introduced 14 electric Ground Power Units to its Dubai fleet replacing diesel-powered units, saving 550,000 litres of fuel annually, and became the first ground handler in Europe to earn IATA's IEnvA environmental certification. DAE progressively adds next-generation technology assets; 53% of its portfolio is classified as fuel-efficient next-generation technology assets.

• ENOC clean energy and biodiesel transition in Oil & Gas segment

  ENOC unveiled the world's first solar-powered biodiesel truck under its ENOC Link platform and began supplying biodiesel blends to power dnata's entire non-electric fleet at Dubai's largest airport hub. ENOC received sustainability awards at Connecting Green Hydrogen MENA 2024, and its strategy supports the Dubai Clean Energy Strategy 2050. ENOC distributes alternative fuels including compressed natural gas across its network of over 300 airports in 25 countries.

• Emirates NBD sustainable finance and PCAF MENA Co-Chair role

  Emirates NBD became Co-Chair of the Partnership for Carbon Accounting Financials (PCAF) MENA Chapter, facilitating collaboration on financed emissions measurement. The bank became an official signatory of the UN Principles for Responsible Banking, aligning strategy with the Paris Climate Agreement, and achieved 35 LEED Platinum and Gold certifications across its branch network. The bank released its inaugural ISSB sustainability report for 2024.

• ENBD Sustainable Finance Framework and carbon markets leadership

  Emirates NBD launched its Sustainable Finance Framework in 2023 allowing issuance of green and sustainable debt instruments to finance low-carbon transition projects. ENBD took the lead in the region in offering carbon futures contract trading to help corporations manage carbon emissions offsetting aligned with the UAE's Net Zero action plan. ENBD also joined COP28 as Principal Banking Partner.

• Portfolio companies' SAF adoption and aviation decarbonisation

  Emirates committed USD 200 million over three years to R&D to reduce fossil fuel use in commercial aviation, conducted 100% SAF demonstration flights on Boeing 777-300ER and Airbus A380, and joined the air-CRAFT initiative to develop and scale SAF technologies. flydubai's Boeing 737 MAX fleet of 56 aircraft is 14% more fuel-efficient than predecessors, with initiatives including single engine taxiing and continuous descent reducing over 7,600 tonnes of CO2 in 2023.

• ENOC Net Zero ambition and green hydrogen station

  ENOC Group received IWA 42:2022 Statement of Verification and Assurance Certificate for its efforts towards net zero GHG emissions. During COP28, ENOC inaugurated the Group's first green hydrogen station at Expo City Dubai in a joint venture with DEWA, contributing to the Dubai Green Mobility Initiative 2030. ENOC also fuelled the Emirates' first flight powered by Sustainable Aviation Fuel.

• dnata carbon footprint reduction target and eco-efficiency investment

  dnata pledged USD 100 million to enhance eco-efficiency across its global business, targeting a 50% reduction in its carbon footprint by 2030. dnata continued to induct hybrid and electric ground support equipment and utilise biofuel in its operations.

• Integrated waste management & recycling via Imdaad

  Imdaad manages 572K+ tonnes of waste annually across its operations and recycled 126K tonnes through its segregation programme in 2023 via its FARZ automated materials recovery facility. Imdaad explicitly champions sustainability while delivering hard FM and environmental services across 660Mn+ sqft of managed area.