ESG can drive transformation and create opportunities to develop global competitive advantage in the Middle East, PwC ESG workshop
- Global professional services firm PwC shares insights into the current position of ESG in the region
- Business survey reveals need for stronger policy guidelines
Dubai, UAE, July 2022: Environmental, Social and Governance (ESG) imperatives can help accelerate the massive and fast transformation underway in the GCC. Through the region’s strategic role in the energy transition, pioneering hydrogen, and circular economies, developing sustainable destinations, localising supply chains, generating employment, expanding social inclusion and good governance, ESG can drive both the transformation and create opportunities to develop world leading, competitive advantage. This is according to a recent workshop titled “ESG: Reimagining our Region” hosted by PwC in Dubai for regional media this month.
Globally, governments are shifting towards ESG, with huge implications, and it is no different in the Middle East. This is a complex topic with far-reaching consequences for businesses and society, in general. With the aim of cutting through some of this complexity and encouraging debates and discussions on this topic, PwC held an ESG media workshop hosted by its key regional and global ESG leaders.
The workshop provided insights on ESG challenges, economic opportunities, and competitive advantages from adopting the ESG agenda and outlined the core priorities for ESG in the Middle East that are specific to the region, such as decarbonisation, climate change, diversity and inclusion, nationalisation of workforce and water shortage, among others.
The session also aimed at building engagement on the crucial topic of ESG in the run up to COP27 in Egypt and COP28 to be hosted by the UAE in November 2023. As sustainability and the environment will be high on the agenda for the coming 17 months, and further potential government initiatives are expected, there is a need to increase awareness and understanding of this critical topic.
Experts including Dr. Peter Gassmann, Global Strategy & Leader, Strategy&, Stephen Anderson, PwC Middle East Strategy & Markets Leader, Dr. Yahya Anouti, PwC Middle East ESG Leader, Amanda Line, PwC Partner, and PwC Academy Leader and Azzah Fawzi, PwC Middle East ESG Reporting Leader, offered insights into the current state of play, highlighting the burning platforms of ESG, with fact-based snapshots of both the tailwinds and the challenges that will drive change and competitive advantage.
Dr Yahya Anouti, PwC Middle East ESG Leader, commented: “We are on a mission to make ESG the new competitive advantage for the region. We already have the most competitive sustainable energy in the world and that opens up unique opportunities for innovations such as green hydrogen. Similarly, giga projects hold enormous potential if we can design them to have lower waste outputs and we build circularity into them.”
Stephen Anderson, PwC Middle East Strategy & Markets Leader, commented: “At PwC, we believe that Environmental, Social and Governance imperatives can accelerate the massive and fast transformation of our region and our role is to work with clients to help them embed ESG into their business. We have a unique set of capabilities within our organisation to take clients from ESG strategy through transformation to reporting. We are committed to using our knowledge and expertise to help ensure our region realises its ESG ambitions and sustains them for future generations.’
To address the climate challenge, a radical transformation is needed in every sector of the global economy and across all parts of the world. Businesses and economies must evolve quickly to address the significant challenges facing our society and planet. PwC is making a worldwide science-based commitment to achieve net zero greenhouse gas (GHG) emissions by 2030, which includes supporting its stakeholders to lower the emissions as well as reducing those from the PwC network’s operations and suppliers.
With its new robust global strategy, The New Equation in place, PwC is committed to transforming its business model to decarbonize its value chain, increasing transparency, and supporting the development of strong ESG reporting frameworks and standards.
The latest edition of PwC’s Middle East Economy Watch highlights how the region’s oil sector is booming and the outlook for hydrogen are expected to play an important role in the future circular carbon economy. For more details, please click below the link to download the report: https://pwc.to/39FMY5j
If you would like to learn more about the briefing, interview one of our experts or attend future sessions, please contact: email@example.com
Notes to editors
At PwC, our purpose is to build trust in society and solve important problems. Guided by the New Equation strategy we look to solve challenges today and tomorrow across our network of firms in 156 countries. Because the business community has a key role to play in avoiding climate catastrophe and as a reflection of our strategy to build trust with stakeholders and deliver sustained outcomes, PwC committed to leading by example. That’s why we made a worldwide science-based commitment to reach net zero greenhouse gas emissions by 2030.
Established in the Middle East for 40 years, PwC has 22 offices across 12 countries in the region with around 7,000 people. (www.pwc.com/me). PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see http://www.pwc.com/structure for further details.