Dubai Chamber of Commerce, one of the three chambers under the umbrella of Dubai Chambers, has unveiled a new Environmental, Social, and Governance (ESG) Label.
The new ESG Label, developed by the chamber’s Centre for Responsible Business, seeks to promote sustainable business practices, to help organizations evaluate their ESG readiness and maturity levels for driving business growth.
As a part of the development process, an assessment was conducted by globally recognized ESG experts to identify the critical factors in determining an organization’s ESG maturity. The experts also consulted business community to shape the framework that aligns with global best practices and meets the local and international baseline for ESG reporting and preparedness.
Mohammad Ali Rashed Lootah President & CEO Dubai Chambers
“The Dubai Chamber of Commerce ESG Label addresses the need for a holistic approach to sustainable business practices that benefit society and the environment, while also supporting our mission to promote good governance and ethical business practices. By shifting the emphasis from corporate social responsibility to ESG labelling, we aim to encourage businesses to adopt comprehensive strategies that embed sustainability into their core operations and decision-making processes.”
Organizations, regardless of their size, with at least two years can apply. The organizations who participate will also get a feedback report along with the maturity level score based on their ESG rating. The feedback report will help the organizations work on areas that need improvements.
By benchmarking ESG practices against key parameters and peer companies in the region and globally, the framework promotes ESG ownership in organizations. Depending upon the rating, the organization will be awarded the Dubai Chamber of Commerce ESG Label certificate, which will be valid for a period of one year.
The chamber has also organized a virtual roadshow to cover the main concepts of ESG, the development of the framework, and the application process for the ESG Label, together with the benefits for participating organizations. The online session was attended by 224 participants. Chamber is set to conduct more sessions in future to drive engagement with the business community.
