Mena’s Sustainable Development: a Chance for Improved Business Growth:
Companies of all sizes must address ESG concerns in today’s dynamic business environment. According to the most recent McKinsey Global Survey, the vast majority (83%) of C-suite directors and investment experts anticipate that ESG initiatives will increase shareholder value in the future. Companies in the Middle East and North Africa (MENA) are starting to pay greater attention to environmental, social, and governance (ESG) factors as the region’s economy diversifies and becomes more connected to global financial markets. An expedited and dramatic move toward sustainable business practices may unleash $637 billion and create 12.4 million employment in MENA by 2030.
The MENA area is expected to see a rise in the use of sustainability measures as companies reevaluate their objectives and strategies. The region is driving a big push toward green technology by establishing new industries and growth engines, including low-carbon oil and gas, nuclear, solar, and hydrogen. Businesses in the MENA region may increase their competitiveness by preparing for upcoming environmental concerns, including water shortages and domestic waste management.
Middle East’s Sustainable Development Agenda: How It Is Being Shaped
To achieve sustainable development, it is necessary to have a more holistic view of development that simultaneously prioritizes economic growth, pollution prevention, and social inclusion. GCC’s regulators and government agencies have undertaken numerous sustainability initiatives to mitigate climate change, with institutions encouraged to play a proactive role. The concept of sustainability is woven into every facet of Expo 2020. A carbon-neutral, waste-free Masdar City is home to a wide variety of commercial, residential, industrial, and institutional establishments that all run on renewable energy sources. On the other hand, Egypt’s 2030 strategy addresses all the factors such as economic, societal, environmental, technological, and innovation. Saudi Arabia has also launched notable initiatives to diversify energy production and optimize the kingdom’s energy supply, using wind and solar electricity and investing in green technologies.
A Strong Focus On Green Energy In MENA Countries
Many Middle Eastern and North African nations are investing heavily in renewable energy. The UAE has just obtained finance for the world’s largest solar plant, while KSA plans to become the leading provider of hydrogen, supplying around 4 million tonnes by 2030. The Arab Gulf nations have the resources and human capital necessary to launch a booming hydrogen industry. Even the nuclear energy sector is seeing more funding. But all of this is ineffective without influential branding and marketing. As a result, this situation creates ample opportunities for businesses to improve their growth by revamping their record systems and providing buyers of green technologies with reliable data behind the claims made about such products’ emissions.
Investment In Desalination Plants Has Been Significant In GCC Countries
The demand for mineral water increases as the MENA region’s population expands. Agriculture and other energy-intensive businesses are paying more attention to this. Some companies are investing in more effective irrigation, hydroponics, and greywater recycling technology to minimize water use. The GCC states have made significant national investments in desalination facilities. However, sustainable water management can be achieved by creating new types of facilities that need less energy and generate less waste. A window of opportunity has opened up for MENA businesses to develop environmentally sustainable expansion strategies that benefit their bottom line and the planet.
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