In line with the aspirations of the UAE Government’s Net Zero 2050 commitment, as well as Oscar’s mission to create a world where businesses can profit, grow, and succeed sustainably, this is a public commitment by Oscar Limited and its leadership to meet our internal Net Zero Target by 2030.
As a tech-startup focused on providing our clients with the tools necessary to assess their Scope 3 impact and emissions, Oscar is uniquely able to ensure Net Zero targets are embedded within our activities as we grow. Our target will be to achieve Net Zero emissions across scopes 1, 2 and 3 by 2030 at the latest. To that end, Oscar will operate its business in line with the below principles:
- Alignment with UAE Net Zero Targets: Oscar is a UAE-based entity. Our commitment to sustainability is supported by the UAE government and its many initiatives. To that end, Oscar will, above all else, commit to ensuring its activities align with the UAE Net Zero targets where possible.
- Put people above profit: Oscar commits to ensuring its staff are treated fairly. To that end, we commit to prioritizing worker welfare, equality and non-discrimination, local development and education, and health and safety. Oscar also commits to supporting our clients ensure the same of workers and staff across their supply-chains.
- Assessment of risks and opportunities due to climate change on our activities: Oscar will regularly assess and review the short, medium and long-term impacts of climate change on our activities. We will also identify risks and opportunities for the communities in which we operate. Oscar will support the same assessments for our clients to support their adaptation to climate change impacts and the mitigation of risks across their activities.
- Implement a science-based approach: Oscar will regularly review its climate and Net Zero policies based on the latest and best available information. This includes update of our approach based on the latest reporting guidance and consensus. This will also include the update of our supplier due diligence protocols to ensure our clients are able to assess their impact based on the latest and best available information.
- Public reporting of progress: Oscar commits to publicly reporting on its climate change and Net Zero implementation. This will include the development of reports and statements in line with UNFCCC, Race to Zero and UN Global Compact requirements, in addition to local requirements in the UAE. Oscar will also support its clients in their reporting to the extent possible.
- Transparency: In addition to the public reporting of progress, Oscar commits to maintain transparency on our processes and governance models and adhere to the governance-related disclosure metrics as outlined in the ESG Disclosure Guidance.
- Elimination and Mitigation of Emissions: Where possible, Oscar commits to the elimination of its emissions using available more sustainable alternatives or the reduction of unnecessary activities. Where alternatives cannot be found, or activities cannot be eliminated, Oscar will seek to mitigate emissions to the extent possible. Oscar will also commit to supporting our clients through identification of emissions and activities that can be eliminated or reduced to support their Net Zero targets achievement.
- Renewable Energy: Oscar commits to the use of energy from renewable sources, or the offsetting of non-renewable energy where possible. Oscar also commits to supporting our clients in ensuring they and their suppliers utilize renewable energy sources or offset their use of non-renewable energy where possible.
The Oscar leadership team have accepted the above unanimously and will seek to provide regular reports on an annual basis demonstrating this commitment.
Regards,
Abdelmuiz Shawar
CEO and Founder