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Unlocking a Sustainable Future in the Middle East

Saudi and Middle East Green Initiatives

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The Middle East Goes Green: ESG Reporting Takes Root

The Middle East is at a crossroads. On one hand, the region is rich in natural resources & poised for economic growth. On the other hand, it faces significant environmental challenges, including water scarcity and climate change. The Middle East is undergoing a green revolution! Companies are ditching their focus solely on financial results & embracing Environmental, Social, & Governance (ESG) reporting.

From Fossil Fuels to Sustainability

Before 2020, ESG reporting wasn't a big deal in the Middle East. Environmental issues like climate change got some attention, but social responsibility and good governance weren't on the radar. Here's why:
  • Oil Rules: Dependence on fossil fuels stifled sustainability efforts.
  • No Rules: Lack of ESG reporting guidelines reduced transparency.
  • Short-Term Gains: Investors were all about quick profits, not long-term sustainability.

The Green Wave Arrives!

Now, things are changing! The global push for sustainability and investor focus on ESG factors are driving a shift in the Middle East. Companies are waking up to the long-term benefits and risks of ESG practices. Here's what's fueling the fire:
  • Governments in the MENA region are increasingly mandating or encouraging ESG reporting:
  • Bahrain (2020): Launched voluntary guidelines with the Central Bank.
  • Saudi Arabia (2021): Tadawul introduced sustainability guidelines.
  • UAE (2022): Over 130 listed companies must report on ESG factors.
  • Qatar (2022): Issued ESG reporting guidelines.
  • Kuwait (2022): Boursa Kuwait and CMA promote ESG reporting and sustainability.
  • Oman (2023): Launched voluntary guidelines; mandatory reporting starts in 2025.
  • Investor Demand: The rise of socially responsible investing and green finance is driving demand for ESG reporting.
  • Net Zero Goals: The MENA ESG 2023 report shows an increase in investors considering ESG risks and setting net-zero targets.

Frontrunners in ESG Reporting

  • UAE: The UAE is a frontrunner, hosting COP28 and pledging significant funds for clean energy projects. The SCA mandated sustainability reporting and the ADGM implemented a Sustainable Finance Regulatory Framework.
  • Saudi Arabia: Driven by Saudi Vision 2030, Saudi Arabia is integrating ESG into its economic and social landscape. The Tadawul issued ESG Disclosure Guidelines and urged listed companies to prioritize relevant ESG factors.
  • Egypt: Egypt's FRA requires companies to submit ESG reports and launched its Environmental Sustainability Criteria Guidelines.

Challenges in ESG Reporting for Middle Eastern Companies

Middle Eastern companies face several obstacles in their ESG reporting journey, despite the evolving landscape in the region. Key challenges include: 

Lack of Standardized Frameworks

The absence of harmonized reporting frameworks leads to confusion and compliance difficulties, necessitating additional guidance for effective regulation interpretation and implementation.

Data Coverage & Reliability Issues

The lack of standardized and reliable data hampers accurate ESG performance measurement and reporting, due to insufficient unified reporting metrics and standards.

Skill Shortage & Lack of Internal Expertise

A significant talent gap, Middle East report citing a lack of internal skills and expertise as a major challenge, underscores the need for upskilling and training programs to enhance ESG reporting capabilities.

Why Credibl?

01

Deep Regional Expertise

Our experts understand the region's unique sustainability challenges and tailor solutions for your success.
02

Holistic Approach

We address all aspects of ESG (environment, social, governance) for a comprehensive sustainability strategy.
03

Proven Results

We have a history of helping businesses achieve their sustainability goals.
04

Tech-Driven Solutions

We leverage cutting-edge technology to streamline your ESG data management and reporting.
05

Commitment to Transparency

We prioritize clear communication with stakeholders through concise and informative ESG reports.
06

Ready-to-use Yet Tailored

Our platform is ready-to-use and customizable, offering a tested solution tailored to your unique needs.

How Credibl Helps?

01

Strategy Development

We develop ESG strategies aligned with your business goals and regional sustainability concerns.

02

Seamless Reporting

We help you implement reporting frameworks that meet stakeholder needs and regulations.

03

ESG Integration

We guide you in integrating ESG considerations throughout your decision-making processes.

04

Stakeholder Engagement

We develop plans for effective stakeholder communication on ESG issues.

05

Supplier Sustainability Management

We assess your suppliers' ESG performance and recommend improvement strategies.

06

Capacity Building

We offer training programs to equip your employees with the necessary ESG knowledge and skills.

Key Sustainability Challenges in the Middle East

The Middle East faces several pressing environmental challenges:

Water scarcity

The region is on track to be severely water-stressed by 2040. Solutions include improved infrastructure and encouraging water conservation.

Energy dependence

A shift towards renewable energy is crucial to reduce the reliance on fossil fuels and carbon emissions.

Food & Agriculture

Heavy dependence on food imports necessitates adopting sustainable agricultural practices and securing supply chains.

Waste management

Rapid resource depletion and waste generation call for responsible consumption and increased recycling efforts.

Sustainable transportation

Urban areas need smart mobility solutions to address congestion, safety, and accessibility concerns.

Biodiversity loss

Protecting ecosystems and minimizing environmental impact is vital for the region's long-term sustainability.

Leading Sustainability in the Middle East: Credibl ESG is the perfect partner for you.
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