Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said his country will host COP28 — the global negotiating conference for the Paris Agreement on climate change — in 2020.
He made the announcement at the seventh Global Forum on Sustainable Development being held at the Dubai World Trade Center. The goal of the forum is to discuss ways to keep global warming to 1.5 degrees Celsius by 2030.
In the video announcement, Mashreq, an investment bank, also announced that it was removing plastic from its products to bring the world a step closer to the goal of 1.5 degrees. The goal of the company is to become plastic-free by 2020.
“This commitment comes just one month after Mashreq unveiled its new Mashreq Investment Ltd. brand, which will provide life-long savings, safeguarding against losses for our customers,” said Mashreq.
1 of the pillars of Mashreq’s policies is ‘Responsible Sustainability,’ which includes environmental matters, Mashreq said.
The bank explained that it makes financial decisions based on its policy “to provide life-long savings, safeguarding against losses for our customers, the commitment of our leaders and employees in the workplace, our business objectives and the responsible conduct of our companies.”
Mashreq also said its research shows that 80 percent of customer save for the long term — whether that be retirement, investment, sports, entertainment or other means.
“We have an extensive footprint in this region and worldwide and we have a duty to try and take note of a longer term, more sustainable future,” said Larry Kantor, Mashreq’s Global Chief Executive Officer.
“By making more appropriate investments in sustainability and well-being, we not only deliver a sustainable business model for our shareholders but we can make a positive difference in the lives of our customers,” Kantor added.
Jumeirah Group Chairman Arif Naqvi also encouraged companies to create an environment for sustainability that is responsible and profitable for the company and its stakeholders.
One of the major goals of COP28 in 2020 will be to include a particular focus on land management and the specific targeting of mitigation and adaptation actions in connection with the UN Global Land Use and Sustainability report of 2018.