UAE: Earn 3% Bonus ICV Points For Adopting Sustainable Practices

(MENAFN- Khaleej Times) A new initiative has been launched to drive sustainability and decarbonisation across industries in the UAE. Companies can now obtain bonus in-country value (ICV) points if they commit to implementing sustainability-related standards and policies.

The Ministry of industry and Advanced technology (MoIAT) has announced the adoption of the new Green ICV criteria and bonus within the national ICV programme to encourage sustainability practices throughout various supply chains.

Announced at ADIPEC 2023, the criteria enables companies to gain up to 3 per cent bonus on their overall ICV score, giving them a further competitive edge in the procurement process.

Companies and manufacturers are measured based on their practices in sustainability, water management, circularity, and emissions reduction. They are also rewarded for obtaining ISO certificates relating to sustainable practices, as well as for obtaining green industries environmental labelling from the Environment Agency in Abu Dhabi. Manufacturers and service providers can apply for the new bonus starting from Thursday.

Sustainability and competitiveness

This move aims to enhance the competitiveness and sustainability of the national industrial sector in line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300bn, as well as the goals of 'We the UAE 2031' to achieve self-sufficiency and industrial security, enhance added value in the UAE, raise the competitiveness of national industries, and reduce emissions.

By rewarding companies and manufacturers for participating in national sustainability efforts, the new bonus will incentivise companies to contribute to the UAE's Net Zero by 2050 strategic initiative as well as to implement circularity.

Only ICV-certified companies can apply for the new criteria. Companies and manufacturers can apply by demonstrating their commitment to sustainability standards and policies. All applications will be independently evaluated, the ministry added.


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Khaleej Times

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