Forbes Middle East published the second edition of its list of sustainability champions across the region, recognizing 107 influential leaders across 12 sectors driving innovative initiatives and promoting sustainable practices throughout the Middle East. Coming at a time when collective action on climate witnessed irrevocable traction, this recognition comes especially after the COP28 conference-a testament to growing awareness of environmentally responsible practices among regional leadership, businesses, and communities.
A Growing Commitment to Sustainability
There are 54 entries from the United Arab Emirates that top the list, followed by Saudi Arabia and Egypt with 20 and 10, respectively. Saudi Arabia’s Vision 2030 agenda is ambitious, and this report shows that the country is moving in that direction as well. The growing numbers of such leaders in the Middle East indicate that the region has taken a more drastic turn with business becoming more responsive and sensitive towards sustainability and the challenges of the environment. A study by PwC shows that 80% of companies in the region of interest have now adopted formal sustainability strategies, meaning they take a rather serious approach to environmentally friendly practices.
Methodology Used for Ranking
The list was compiled by Forbes Middle East based on a collection of questionnaires and sustainability or ESG reports submitted by companies. Initiatives within each sector are considered separately, so the comparison can be horizontal in each; more emphasis was given to initiatives at the sector level. The assessment criteria encompass:
– Clarity of sustainability or ESG reports.
– Reduction in greenhouse gas emissions, waste, water, and energy consumption.
– Dependence on renewable energy and on energy-efficient technologies.
– General impact of the sustainability projects at the regional level, globally.
Companies nominated one of the most senior leaders, such as a CEO or Chief Sustainability Officer, to present the nomination.
Considerable Financial Flows
The report’s most impressive factor is the flow of increasing financial inflow for sustainability investments in the Middle East. Significant financial inflows are being made by the giants of the region into sustainability projects:
First Abu Dhabi Bank (FAB) supported sustainable and transition projects worth $21.2 billion in the first six months of 2024
QNB Group earmarked $3.5 billion of green loans in 2023 and also facilitated Qatar’s first US$ 2.5-billion green bond issuance in May this year
Emirates NBD supported over $20.4 billion of transactions in green, social, and sustainability-linked transactions since 2021
Mashreq Bank aims to support financing worth $30 billion in sustainable financing by 2030.
Saudi Awwal Bank is targeting an expansion of its sustainable finance and investment to reach $9 billion by 2025.
Such investments reflect the upsurge of sensitivity to the provision of financial initiatives aimed at sustainability projects in this region.
Decarbonizing the Economy
Investment into sustainability is also reflected through the significant push towards renewable energy. Among such developments are:
Massive investments in renewable energy sources, whereby companies continue shifting focus to spending money on green infrastructure.
– July 2024: Saudi Arabia’s Public Investment Fund (PIF) agreed on three joint ventures to localize renewable energy projects, a decisive step in the country’s green agenda.
ACWA Power leads the development for 70% of Saudi Arabia’s renewable projects under PIF renewables program.
– Emirates Water and Electricity Company, Abu Dhabi
It targets to provide 60% of the emirate’s total power demand from renewable and clean energy by 2035
– Masdar purchases 50% of U.S.-based renewable power producer Terra-Gen for $592 million in March 2024, strengthening its global footprint in renewable energy
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Leaders on the List
The people on this list of leaders are big shots of change across all sectors:
Hana Al Rostamani, Group CEO of First Abu Dhabi Bank (FAB), dominates the Banking & Financial Services
Mohamed Jameel Al Ramahi, CEO of Abu Dhabi Future Energy Company-Masdar, is in charge of Environmental Services
Jasim Husain Thabet, Group CEO & Managing Director of TAQA Group, leads the Energy & Utilities industries
Abdullah Albader, CEO of Almarai, excels at Food & Agriculture.
He further added, said Zater Group CEO & Managing Director of Contact Financial Holding, and is leading for Green Finance.
Yasir Othman Al-Rumayyan (PIF), Amin H. Nasser (Saudi Aramco), Nadhmi Al-Nasr(NEOM) and many more who are contributing to their respective fields greatly.
Geographical Distribution of Leaders
The sustainability leaders’ distribution across the region somehow highlights dominance that is being realized in the UAE, where 54 entries reflect a robust commitment to sustainable practices. Saudi Arabia, with 20 entries, gives emphasis to its Vision 2030 ambitions, while Egypt, having 10; Qatar, having 8; Bahrain, having 5; Kuwait, having 5; and Oman, having 3, show off their commitment towards sustainable development.
The Sustainability Leaders’ Summit 2024
The Forbes Middle East Sustainability Leaders’ Summit 2024 will be held in Abu Dhabi from 17-18 October as a continued manifestation of commitment to sustainability. The gathering will unite industry leaders, policymakers, and innovators to discuss and advance sustainability initiatives in the region through collaboration and shared learning.
Conclusion: A Blueprint for Green Practices
The region of the Middle East now stands as a perfect example of green efforts, and this is credited to massive investment and strategic initiatives that have been taken towards sustainability. With Forbes Middle East, change-makers lead the way for the change that their region would experience, pushing the borders of industries while setting new standards for environmental responsibility. The efforts these champions are putting forth are expected to create meaningful change forward as the region takes its next steps into a more sustainable future.