DP World bets big on green energy, sources 65% from renewables

DP World sourced 65 percent of its electricity from renewables in 2024, marking a significant step forward on the company’s sustainability journey.

The 2024 Sustainability Report outlines actions across the business with $1.17 billion invested in green and low-carbon infrastructure projects along with innovative efforts across sustainable finance, environment management and inclusive growth, says an official release.

"In October, DP World published its inaugural Green Sukuk Impact and Allocation Report detailing the allocation of $1.17 billion from a $1.5 billion bond raised in 2023 toward eligible green projects, including low-carbon infrastructure, fleet electrification and renewable energy systems.

"The company also issued a $100 million Blue Bond -- the first corporate to do so from Central and Eastern Europe, the Middle East and Africa – to fund sustainable projects across marine transportation, port infrastructure, marine pollution as well as nature and water positive initiatives, setting a new benchmark for sustainable finance in emerging markets."

Sultan Ahmed bin Sulayem, Group Chairman and CEO, DP World says: "This report reflects a year of real progress. Sourcing 65 percent of our electricity from renewable sources across the business, being the first corporate to launch a Blue Bond in the region and delivering impact in the communities in which we operate show what’s possible when sustainability is embedded into the heart of the business. This is the result of bold investments, rigorous accountability and a belief that we can build a future where commerce and climate resilience go hand in hand. From electrifying our terminals and deploying renewable energy at scale to issuing innovative green and blue finance instruments, we are transforming how global trade is powered and financed."

The report also marks a step forward in ESG governance and transparency practices with DP World becoming the first corporate globally to publish a Sustainable Development Impact Disclosure Report across five countries. Developed in line with Global Reporting Initiative (GRI) Standards, the report includes decarbonisation targets validated by the Science Based Targets initiative (SBTi) and maps GRI disclosures against IFRS S2 Climate standards, the release added.