The effects of global warming, mainly caused by human activity, are currently underway and will exacerbate as long as greenhouse gas emissions continue to rise and persist in the atmosphere. Climate change impacts all parts of the world, but not all regions face the same threats. The countries in the Middle East are most at risk of the impacts of long-term shifts in temperature and weather patterns, enduring an abrupt decline in precipitation, scorching heat, rising sea levels, and cripping sandstorms. Companies large and small are going green as they realize that instituting a sustainability strategy is good business.
The upcoming COP28, which will be held from 30 November to 12 December in Dubai, UAE, has accelerated clean energy initiatives in the area, meaning that businesses and governments are undertaking sustainable development indispensable in terms of economic prosperity. Environmental, social, and corporate (ESG) governance has been another venue for private corporations to advance sustainable development, giving back to the communities in which they operate despite natural and operational challenges. Countries in the Middle East have proven their leadership and resilience regarding all sorts of hardships.
Green Finance Is a Long-Term Promising Business Opportunity
To drive a green-centric development path and expedite affordable and secure decarbonization by offering green fuels and sustainable products, public and private investment is necessary to win the global fight against the climate crisis. Businesses and investors alike are developing green finance, which makes reference to structured economic activity designed to improve environmental outcomes, driven by the pursuit of broader well-being and ensuring sustainable growth. Loans, debt mechanisms, and investments encourage the development of green projects aimed at reducing greenhouse gas emissions or supporting the use of clean energy.
Green finance is an opportunity for countries in the Middle East, enabling local and regional financing needs and providing an incentive for climate action, the implications of which are likely to differ across regions. Some organizations already realize considerable benefits from green financing via cost savings, additional revenue, and increased share values. There’s growing demand from customers for sustainable solutions, thinking that brands have as much responsibility as governments, so businesses must commit to protecting nature and natural systems. Unfortunately, the lack of harmonized green finance rules impedes progress.
It’s Very Important to Have a Regional Flavor of the ESG
The goal of ESG is to ensure that corporations take cognizance of the profit margin and their impact on the world and society. Criteria can include a company’s energy use, the waste and pollution it creates, how it preserves natural resources, and its impact on the welfare of animals. It’s necessary to study the variables beyond the economic earnings and become more concerned with how the company will meet its objectives. According to Zawya, a source of regional news and intelligence in the Middle East, ESG metrics must be revised to enable businesses and stakeholders to deal with problems specific to the region.
Companies are making continuing progress to ensure their strategy, operations, and processes are more viable, yet more must be done. It’s paramount to think about the core priorities, demonstrating a commitment to the region where you operate and in no way inconsistent with the purpose. The main challenges businesses face in meeting ESG targets are how to capture the attention of shareholders and other stakeholders, the ecological dynamics of the population, and the demands of authorities and regulators in the region. Nations of the locale, notably Saudi Arabia and the United Arab Emirates, have put non-financial risks and opportunities inherent to daily activities at the center of their national visions.
What Companies in The Middle East Are Doing to Become More Sustainable
The long-term warming of the overall temperature changes life on Earth as we know it and will continue to do so until we slow the rate and limit of climate change by reducing emissions of heat-trapping gasses and soot. Building sustainability involves deploying and managing resources conscientiously to ensure availability for future generations. A company must meet its present needs without compromising the ability of generations to come to meet theirs, struggling to preserve the planet and creating efficient operations that encourage growth and inflict minimal harm on the environment. These efforts include:
Maximizing Resource Reuse
Reusing waste products and recycling materials to make new products eliminates the need to harvest new raw materials and helps save landfill space. There’s no denying that companies generate a lot of waste, some of which is unavoidable, but transitioning to new processes can reduce the volume significantly. For example, organizations, small and large, across the Middle East are pulling in the benefits that balers and waste compactors have to offer. According to Miltek, a key benefit is a smaller carbon footprint associated with waste management because fewer miles are necessary between the business site and the landfill.
Creating A Healthy, Non-Toxic Environment
Businesses play an important role in nurturing a healthy planet by adopting environmentally friendly practices in their operations, such as reducing plastic use. The Middle East has finally acknowledged its dependence on single-use plastic, striving to drive rapid transformation throughout the place with the support of the public and private sectors. Ground-breaking plastic alternatives, such as cassava-based eco-bags, resonate with consumers, so they initiate behavioral change. Health and well-being are essential components of sustainability and a livable future, so organizations should protect, promote, and nurture health.
Pursuing Quality Rather Than Profit
Last but certainly not least, corporations must pursue quality in making the world a better place, so quality should be maintained at every level. By quality, it’s understood the level of excellence achieved in a product or service. Sustainability, which is embedded in the corporate culture, is supported by a solid quality management system – it ensures your goals are met tomorrow as well. Companies in the Middle East are shifting priorities to meet their goals without compromising the needs of customers, stakeholders, or our planet. Sustainability represents an agent for change.
Conclusion
It’s important to leverage shared culture, language, and religion to pinpoint collective solutions to the climate crisis, understanding that the time to act is now. Global warming should be addressed urgently, and there’s no time to lose.