Mubadala’s experience of investing with impact was recently shared with a global audience. Addressing the 2019 Echo Summit, held in London last month, Homaid Al Shimmari, Deputy Group CEO and Chief Corporate & Human Capital Officer, said companies can indeed advance social progress and still make a profit.
“Mubadala has evolved to become a genuinely global investor, building on a heritage of three decades of diversification and development for Abu Dhabi and the UAE. With our partners, we drive value in multiple sectors that create jobs of the future and foster business opportunities that strengthen our existing economic and social infrastructure”, Al Shimmari said at the Summit.
The Summit brought together regulators and business leaders who shared their experiences and insights into reshaping a better world and their perceptions of business as a force for good. The gathering was in response to an ongoing debate on the role of businesses in meeting a host of global challenges – from rapid globalization to shifting demographics, and from disruptive technology to climate change.
Mubadala’s impact is visible in the many community investment projects that its asset companies are supporting across the globe. One example is Guinea Alumina Corporation, a mining company in the Republic of Guinea, owned by Emirates Global Aluminium – a 50/50 joint venture between Mubadala and the Investment Corporation of Dubai. Thousands of locals have benefited from a host of community initiatives including schools, healthcare facilities, vocational training, literacy and environment protection.
Another example is Porto Sudeste, a Brazilian private port terminal that exports iron ore and other bulk solid cargo to international markets. In a small fishing community close to the port, the employees of Porto Sudeste are engaged in a host of community activities including environmental and food education, training for fishermen and the restoration of the green belt around the facility with trees native to the Atlantic rainforest.
In efforts to address climate change – Masdar, the Abu Dhabi Future Energy Company - has established itself as one of the world’s pioneers in renewable energy. In the UK alone, Masdar’s three wind farm projects, namely the London Array, Dudgeon Offshore Wind Farm and Hywind Floating Offshore Wind Farm are contributing a combined capacity in excess of one gigawatt (GW) to the power grid providing enough clean energy to supply nearly one million homes.
In the UAE, Masdar is part of a consortium that is developing the third phase of the 800-megawatt (MW) Mohammed bin Rashid Al Maktoum (MBR) Solar Park, which will be the largest single-site solar park in the world, with a planned capacity of 5,000 megawatt (MW) by 2030.
As a responsible investor, Mubadala inspires its businesses to make positive contributions in the communities where they operate.
Mubadala Petroleum, our international upstream oil and gas exploration and production company has supported coastal mangrove reforestation projects and the creation of artificial reefs, turtle and crab banks as well as a coral restoration project, which cultures corals in a laboratory environment that are then transplanted back onto degraded reefs. To date, over 2,000 healthy young corals have been transplanted into reefs in the Gulf of Thailand.
NOVA Chemical, North America’s leading producer of chemical products used in the production of plastics is supporting the local community around the company’s Joffrey site by providing emergency services to the local community. Additionally, NOVA Chemicals has invested in local environmental protection by building a five-kilometer nature trail around the facility, which as a result is protecting indigenous wildlife and providing employees and local residents a green space for exercise and well-being.
Internationally, NOVA Chemicals has recently joined an alliance of global leaders, alongside Borealis - another Mubadala asset - to advance solutions to reduce plastic waste in the environment, specifically ocean plastic.
These are just some examples of how Mubadala businesses continue to make a lasting positive impact both at home and overseas.