Report: MENA’s private sector significantly behind in sustainability efforts

The World Economic Forum (WEF) and Bain & Company have unveiled a report amid the World Economic Forum's Global Future Councils 2023 in Dubai, warning of the urgent climate challenges facing the Middle East and North Africa (MENA).
The study emphasizes MENA's susceptibility to climatic extremes like rising temperatures, extended droughts, water scarcity, and resulting hazards like heat waves, sandstorms, and floods. These issues could further aggravate social and economic inequalities and heighten migration crises.

Gim Huay Neo of the WEF's Centre for Nature and Climate commented on the "Closing the Climate Action Gap in MENA" report, underscoring MENA's capability to spearhead global energy initiatives. Neo expressed concern over the region's swift temperature rise, impacting essentials like food and water, jobs, security, and health. She highlighted that merely 12% of MENA's top 200 firms have net-zero goals, with just 6% presenting actionable plans.

However, Neo remains optimistic, pointing to the region's advantages, like abundant natural resources, unused lands, financial accessibility, infrastructure, and decisive leadership. She emphasized the need to harmonize sustainability with economic growth and job opportunities to uplift the local quality of life.

Leaders for Sustainable MENA (LSM) coalition, a collective of over 40 eminent figures from various sectors, contributed to the report, promoting corporate-driven environmental action.
Ahmed Galal Ismail, CEO of Majid Al Futtaim (MAF) Holding in the UAE, a prominent contributor to the report, highlighted MAF's commitment to achieving net positive carbon and water footprints by 2040. They have adopted science-based objectives in line with the 1.5-degree goal. Ismail shared insights on MAF's evolution in the understanding that sustainability investments are not just business compromises but crucial future strategies.

Emphasizing the importance of collaboration and openness, Ismail noted that a mere 20% of MENA's public companies quantitatively disclose sustainability efforts. He stressed the significance of sharing triumphs and failures to foster greater participation in the movement.

To entice more businesses to join, Ismail proposed "five shades of green," encompassing aspects like financing, talent cultivation, regulatory frameworks, technological advancements, and fostering a green business mindset in MENA.