(MENAFN- Mid-East)
Only 18% of Middle Eastern companies had an ESG strategy in place in 2022.
Dubai, UAE: Green Future Project (GFP), a B-Corp providing end-to-end solutions for organizations to develop and implement a corporate sustainability strategy, has observed an increase in the number of UAE-based companies looking to implement an ESG (Environmental, Social, and Governance) policy. Co-founder and Chief Growth Officer at GFP, Zain Tarawneh, explains the factors that are contributing to this environmental reformation.
According to a recent survey, 64% of organizations across the Middle East have adopted a formal ESG strategy; this reflects a significant increase from the previously reported 18% in 2022. Moreover, 73% of companies have made a carbon-neutral commitment or are working towards one while 40% are hopeful that Conference of the Parties 28 (COP28) will lead to governments improving ESG infrastructure and providing incentives for green growth.
Zain commented:“There's both a bottom-up and top-down movement happening, the former being pushed by mindful changes in consumer behaviour, and the latter by companies implementing reformative frameworks such as ESG and environmental policy. As a result, businesses are demonstrating an increased sense of responsibility as they strive to make a meaningful impact while remaining both profitable and competitive.”
As COP28 is set to kick off in the UAE at the end of this month, the country will not only play a key role in furthering its green agenda but also spark meaningful dialogue among key industry stakeholders and government entities to accelerate regional and global progress. With only 13% of businesses accessing sustainable finance, challenges remain with an ongoing green skills gap.
“Nearly half of the organisations across the Middle East, 46% to be exact, are self-funding their ESG activities. While this is a welcome sign to usher in a greener future, more innovative green financing opportunities do exist and should be sought out to unlock the region's full potential and enable the realization of its climate ambitions. COP28 will be an ideal platform for discussing such topics and ultimately provide benefits on a global scale,” added Zain.
GFP is helping advance the UAE's green objectives while contributing to key governmental mandates such as UAE Net Zero 2050. The company is working with UAE-based organizations in sectors including digital banking, hospitality, real estate, and finance to help them pioneer sustainable action across the region. Some notable live projects and partnerships include collaborations with companies such as Lune, Atteline, Gulf Capital, Silkhaus, and Sharjah Sustainable City. To date, GFP has helped over 100 businesses globally in its decarbonization journeys while also planting 427,152 trees, protecting 85.48 hectares of rainforest, planting 229 corals for reef restoration, offsetting more than 26,905.62 tonnes of CO2, and producing over 14,675,674 kW of renewable energy.
About Green Future Project:
Green Future Project (GFP) is a B-Corp that provides end-to-end solutions for organizations to develop and implement a corporate sustainability strategy.
Green Future Project aims to be the strategic partner to guide companies in a comprehensive and integrated sustainability journey through a single platform. From monitoring energy consumption and direct and indirect CO2e emissions to their reduction to implementing solutions for carbon footprint offsetting and supporting environmental projects through specific subscriptions. GFP also offers ESG strategic consultancy to help companies integrate sustainability into their business model.
With a portfolio of high-impact environmental projects, Green Future Project offers the opportunity to finance the regeneration and conservation of natural reserves, the development of renewable energy plants, and the regeneration of marine habitats. The projects are selected based on three fundamental criteria: biodiversity protection, involvement of local communities, and CO2 compensation and sequestration.
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