The sustainability report published by PwC Middle East reveals that companies in the region are increasingly prioritizing sustainability. The survey found that 79% of executives have developed a formal sustainability strategy, with 52% fully implementing it within their organizations. There is also a trend towards creating senior positions such as chief sustainability officer or sustainability manager, with 48% of respondents indicating their companies have appointed or plan to appoint a chief sustainability officer in the next 12 months.
Dr. Yahya Anouti, Sustainability Leader at PwC, emphasizes the importance of taking advantage of the region’s competitive advantage in renewable energy and adopting circular economy principles. He stresses that governments and the private sector need to work together to prioritize responsible investments and advanced technologies.
Business leaders in the Middle East are increasingly committing to achieving zero greenhouse gas emissions, with half of survey participants already committed and 26% working towards this goal. However, concerns about the costs and returns of sustainability investments remain.
Creating a talent base for the future is crucial for sustainability strategies, with 79% of executives identifying knowledge of sustainability reporting and systems as a key requirement. Future-focused skills, such as artificial intelligence, are also essential for enhancing sustainability efforts.
While the survey shows that the implementation of artificial intelligence is still in its early stages, there is a growing interest in using technology to improve sustainability initiatives. Companies are also exploring new funding sources, with self-financing remaining common but an increasing number considering green loans and capital markets for financing options.
The private sector is seen as a key driver of sustainability, with nearly 9 out of 10 leaders believing that businesses can play a significant role in advancing the sustainability agenda in the region. Overall, the report highlights a positive response from business leaders to increasing pressure to demonstrate progress on sustainability, while also recognizing the challenges and opportunities that lie ahead.