Middle East going green and embracing ESG opportunity
WRITTEN BY : KATE BIRCH
PwC Middle East ESG Leader Dr Yahya Anouti shares insights from the consultancy ’ s new report showing sustainability is moving higher up the agenda in the region
Sustainability may be top of the agenda for many companies globally , but arguably nowhere does it have as much significance as in the Middle East .
With the UAE preparing to host COP28 later this year in Dubai , and some of the world ’ s biggest companies ( such as Saudi Arabia ’ s Aramco ) from the region looking to transition away from oil and gas , the stakes could not be higher .
A new report from PwC Middle East suggests companies in the region are rising to the challenge – changing mindsets and taking action in a transparent fashion .
Here , report author Dr Yahya Anouti , PwC Middle East ESG Leader , talks exclusively to Business Chief on the key findings and future trends . Looking into ESG , why do you think there has been such a shift in mentality from organisations in the region ? Over the past few years , the region has been undergoing a significant transformation – in part , driven by ESG factors . COP27 and the upcoming COP28 in the UAE , has not only placed the region in the global spotlight but has also raised awareness on the unique threats climate change poses to the region . For example , the region is particularly vulnerable to the effects of climate change as a result of its scarce water resources and high levels of aridity .
Furthermore , a heightened awareness of climate risk to business , coupled with new regulations and the obligation to comply with these regulations are also some of the key drivers for this shift .
60 June 2023