DP World: An ‘Unwavering Commitment’ to Sustainability
Emirati multinational logistics company DP World is promising to create a “seamless, end-to-end supply chain” and to ensure that all of its partners and communities can be part of a sustainable future.
The Dubai-based business’s 2023 Sustainability Report outlines a host of developments and projects to drive decarbonisation and to enhance the environment.
‘A sheer amount of effort’ is needed
DP World’s Group Chairman and CEO Sultan Ahmed Bin Sulayem wrote in the foreword: “A resilient, sustainable and inclusive future may be a long way away, but 2050 is not.
“As one of the hardest to abate industries, we recognise the sheer amount of effort, dedication and collaboration that’s required to improve our performance and reach our target.”
He added: “At DP World, we know what our role is. Firstly, we must continue to integrate sustainability into every aspect of our work - continually finding ways to reduce our own, and our customers’, climate impact.
“The second is to support our partners and the communities where we operate by providing them with the investment, infrastructure and knowledge needed for them to participate in a sustainable future – regardless of geography or wealth.”
Boosting sustainable funding to developing countries
One major focus for DP World is to be an enabler to direct sustainable funding to developing countries.
The report says: “There is a pressing need to accelerate funding into developing countries through innovative funding systems and partnerships, which is vital to bridging the financing gaps that are preventing us from scaling solutions.
“Sustainable investors are seeking bankable, scalable and impactful long-term investments.
“As a global logistics provider, DP World’s balance sheet can serve as a conduit for development finance and facilitate on the ground intervention through our approach to large-scale infrastructure development.”
To that end, in 2023 DP World successfully priced a US$1.5bn Green Sukuk – a sharia-compliant bond, where 100% of the proceeds go exclusively to finance or re-finance green projects that contribute to mitigation and adaptation of climate change as well as preservation of biodiversity.
Impressive roll-call of banks
It also said it is proud to be the first company globally to commit to publishing an Sustainable Development Impact Disclosure Framework, which will guide its ESG and circular economy strategies and aid its efforts to draw in funding.
The framework will be guided by the Impact Disclosure Guidance, which is being developed by the Impact Disclosure Taskforce – a who’s-who of finance giants.
The Taskforce includes participants from Amundi, AXA Investment Managers, Bank of America, Barings Asset Management Limited, Blaylock Van, BlueMark, BlueOrchard, Caisse de dépôt et placement du Québec (CDPQ), Citi, Deutsche Bank, Goldman Sachs Asset Management, JPMorgan Corporate & Investment Bank, Morningstar Sustainalytics, Natixis Corporate & Investment Banking, Natixis Investment Managers, Pictet Asset Management, Societe Generale, and Standard Chartered.
Resilient, efficient and sustainable
Maha AlQattan, DP World’s Group CSO, said: “This comprehensive report encapsulates our unwavering commitment to steering global trade towards a future that is resilient, efficient and sustainable – not just for us, but for our customers and their stakeholders worldwide.”
Maha added: “Building on the momentum of the UAE's Year of Sustainability, we continue to uphold the highest standards of governance and oversight across all our operations.
“By joining impactful global initiatives such as the United Nations Global Compact CEO Water Mandate and the World Economic Forum First Movers Coalition, we continue making a difference in the communities we serve.
“Our inaugural US$1.5bn Green Sukuk marked a significant milestone in sustainable finance, seamlessly integrating environmental considerations into our financial strategy and garnering strong market support.”
She said DP World is “forging innovative paths” to significantly reduce its global carbon footprint.
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