The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
The Ministry of Industry and Advanced Technology (MoIAT) has announced the adoption of the new Green ICV criteria and bonus within the National In Country Value (ICV) Programme to encourage sustainability practices throughout various supply chains.
Announced at Adipec 2023, the criteria enables companies to obtain bonus ICV points if they commit to implementing sustainability-related standards and policies. They can gain up to a 3 percent 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 and 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 October 5.
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 and implement circularity.
Only ICV-certified companies can apply for the new criteria. Companies and manufacturers can apply by evidencing their commitment to sustainability standards and policies. All applications will be independently evaluated.