Majid Al Futtaim on track to become net positive in carbon and water by 2040


June 21, 2023 | By RetailME Bureau

Majid Al Futtaim on track to become net positive in carbon and water by 2040

Majid Al Futtaim has delivered on its sustainability targets across its three strategic focus areas including rethinking resources, transforming lives and empowering people. Through 2022 Majid Al Futtaim made significant strides in furthering its ESG agenda, achieving and partially achieving 93% of its targets. Additionally, the Group secured its second Sustainability-Linked Loan (SLL).

Since launching its first list of company-wide sustainable business commitments in 2018 Majid Al Futtaim has reported progress on set targets over that period, including raising $4.45 billion through green and sustainable finance, establishing validated science-based targets for all its operating companies. What’s more, Majid Al Futtaim remains on track to become net positive in carbon and water by 2040.

Rethinking resources

Majid Al Futtaim increased its renewable energy capacity by 19% to reach 40.5 million kWp and reduced Scope 1 and 2 emissions by 11% across the company compared to the 2019 baseline. All operating companies, including Majid Al Futtaim – Properties, Retail, Lifestyle and Entertainment established validated science-based targets.

The company also expanded its green certified portfolio to include 54 assets holding a LEED, BREEAM or equivalent certification, up from 45 in 2021. In 2022, Mall of the Emirates became the biggest mall in the world to achieve LEED Platinum for Operation and Maintenance, while Majid Al Futtaim’s Tower 2 was the first commercial building in the UAE to be awarded a Gold level TRUE zero-waste certification, diverting over 95% of its waste from landfill.

Transforming lives

Between September 2021 and 2022 Majid Al Futtaim recruited 700 Emiratis through the UAE Government’s NAFIS programme contributing to local economic development. The company also supported the development of skills and entrepreneurship through initiatives such as the Launchpad Programme, which selected 14 start-ups to join the Majid Al Futtaim innovation ecosystem and strengthen their commercial viability across the region.

Empowering people

As of 2022, 20% of senior management positions across the company are held by women. The representation of people of determination across the business also increased by 27% to 227 employees in 2022. Majid Al Futtaim’s Leadership Institute provided over 41,000 learning hours in 2022 alone, sustainability training was completed by over 20,930 frontline employees.

Moreover, Majid Al Futtaim is a signatory to the World Economic Forum’s Stakeholder Capitalism Metrics and adheres to transparent reporting on performance against a globally aligned set of environmental, social and governance indicators.

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