MoIAT launches Green ICV to reward companies for adopting sustainable practices
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The Ministry of Industry and Advanced Technology (MoIAT) has announced the adoption of the new Green ICV criteria and bonuses under the National In-Country Value (ICV) Program to encourage sustainability practices in various supply chains.
Announced at ADIPEC 2023, the criteria allow companies to earn additional ICV points if they commit to implementing sustainability-related standards and policies. They can earn a bonus of up to 3 percent on their overall ICV score, giving them an additional competitive advantage 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 related to sustainable practices and for obtaining Green Industries Environmental Labeling from the Abu Dhabi Environment Agency. Manufacturers and service providers will be able to apply for the new bonus starting October 5, 2023.
This measure aims to improve the competitiveness and sustainability of the national industrial sector in line with the objectives of the National Strategy for Industry and Advanced Technology, Operation 300 billion, as well as the objectives of ‘We the United Arab Emirates 2031’ to achieve self-sufficiency and industrial security, improve value addition in the UAE, increase the competitiveness of domestic industries and reduce emissions.
By rewarding companies and manufacturers for participating in national sustainability efforts, the new bond will incentivize companies to contribute to the UAE net zero by 2050 strategic initiative and implement circularity.
Only companies certified by ICV can apply for the new criteria. Companies and manufacturers can apply by demonstrating their commitment to sustainability standards and policies. All applications will be assessed independently.
News source: Emirates News Agency
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