Deal to provide seed funding for climate, food security solutions - GulfToday

Deal to provide seed funding for climate, food security solutions

Abdullah Bin Touq Al Marri with officials after the agreement signing ceremony at COP28 in Dubai.

Abdullah Bin Touq Al Marri with officials after the agreement signing ceremony at COP28 in Dubai.

The Corporate Social Responsibility (CSR) UAE Fund, Majra, signed a Memorandum of Understanding (MoU) on the sidelines of COP28 with HyveGeo agriculture company with the aim of regenerating desert sand into arable soil for home-sustainable food and cleaner air.

HyveGeo specialises in sequestering carbon dioxide using microalgae (1.8 tonnes of carbon for one tonne of microalgae), as well as converting microalgae to biochar, biofertiliser and biostimulents.

The signing ceremony was attended by Abdullah Bin Touq Al Marri, Minister of Economy and Chairman of Majra, and Mubarak Al Nakhi, Under-Secretary of the Ministry of Culture and Youth.

Nuha Safar, Director of Majra, said, “This partnership signifies the commencement of HyveGeo’s innovative pilot programme in the UAE, strategically leveraging advanced microalgae technology. The primary goal is to spearhead desert reclamation, combat carbon emissions, and fortify the UAE’s global leadership in climate action. Aligned with international commitments, the initiative actively contributes to the global drive to achieve a 43 percent reduction in emissions by 2030”.

Abdulaziz Bin Redha, Co-founder CEO of HyveGeo, commented, “We are thrilled to partner with Systemanova and Majra in this ambitious mission to green the desert and remove millions of tonnes of carbon from the air. By leveraging blended finance for climate investment, this catalytic funding sets a precedent for how private capital can deliver sustainable impact alongside government backing and incentivise and accelerate the development of carbon removals. Systemanova and UAE’s leadership in climate action will help pave the way to accelerating our mission, and it’s a vote of confidence in our vision and capabilities. Together, we will plant the seeds for a greener, more resilient future for our planet and its people.”

Majra was established as the federal body responsible for developing the regulatory framework for social responsibility and sustainable impact in the UAE. It is responsible for managing and directing the private sector’s efforts towards initiatives with national priorities aligned with environmental, social and governance indicators and sustainable development goals.

In September, the Majra’s Board of Trustees held its third meeting in the year 2023 to discuss a range of new mechanisms to operationalise social responsibility frameworks. The meeting also explored the means to promote cooperation between the government and private sectors in order to raise awareness of the criteria for social responsibility and the importance of its operationalisation through the launch of development projects.