DAE Capital publishes its inaugural ESG Report

Arabic version

Dubai, U.A.E., 29 June 2021 – DAE Capital, the global aircraft leasing division of Dubai Aerospace Enterprise (DAE) Ltd, today publishes its inaugural environmental, social, and governance – ESG – Report for the financial year ended December 31, 2020, which has been prepared under the Global Reporting Initiative (GRI) Standard. The report can be found here, or on the ESG section of our website.

 Commenting on the report, Firoz Tarapore, Chief Executive Officer of DAE, stated, “over the past year, my team and I have strengthened our engagement with our stakeholders on ESG issues; their feedback has helped inform and guide DAE in writing this report. In our ESG Report, we have laid out our targets, and we will be holding ourselves accountable to those targets over the coming years.

“Our customers, investors, and shareholders are increasingly recognizing their responsibility to be a part of the global transition to a low carbon economy, and we need to act now. DAE is making real carbon reductions through our initiatives both within our corporate real estate and in our aircraft portfolio.”

Environmental Sustainability

• Our scope and 1 scope 2 GHG emissions amounted to 77 tons of CO₂ equivalent in 2020 (2019: 104). Our scope 3 GHG emissions reduced by 11.5% since 2017. We are targeting a fleet composition that includes at least 50% highly fuel efficient, next generation technology by 2025.
• DAE is targeting offsetting 100% of its business travel by 2025, which will significantly reduce the impact of our business on our environment.
• In 2021, we will be moving into our transformational Dubai head office, located in the LEED Platinum ICD Brookfield Place, which will help DAE further reduce its carbon footprint.

Social Responsibility

• We recognize that DAE Capital is a global company, operating from 6 office locations. We value the diversity that this global reach gives our workforce. At year-end 2020, 41% of our employees globally were female, including 45% of our senior leadership team. We are targeting maintaining a ratio of at least 40% female talent within our organization.
• 54% of DAE’s fleet were on lease to airlines based in emerging markets at year-end 2020. Aviation is a vital catalyst for economic development, particularly in emerging markets, and our assets are empowering nations through increased access to global markets.
• In 2021, we are working towards enhancing our technical supplier policies, so that we can improve our review, appraisal, and performance evaluation.

Governance Excellence

• We have continued to focus on our stakeholder engagement in 2020, including engaging with stakeholders on the development of our ESG Report. One of our 2021 targets is to implement a formal stakeholder communication policy.
• For many years, we have published our quarterly financial statements on our Investor Relations website. Our Code of Conduct is now also available on our website, and we are working to add external access to our EthicsPoint hotline.

We are also working on improving our ESG Assessments, both through formalizing our policies and working to include Joramco in future ESG Reporting by DAE.