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2023 A Crucial Year As COP28 Is Close by | |
| Sumita Pawar |
Mashreq hosted The ESG Impact on Modern Supply Chains, an inaugural MEED-Mashreq Business Leaders Forum that sought to build insights around the role of environmental, social, and governance (ESG) principles and their practical application within supply chains.
Through in-depth discussions, the invite-only forum served as a platform for business leaders, investors, and regulators to define innovative ways to improve the sustainability of their supply chains, according to the report.
The event identified the opportunities for companies in the UAE and the wider region to introduce an ESG framework and adopt practical measures to improve the overall financial performance of their business—and more specifically, their supply chains—in order to meet the evolving demands of their customers, investors, and policymakers.
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The forum included the presence of H.E. Mariam Bint Mohammed Saeed Hareb Almheiri, Minister of Climate Change and Environment in the UAE, as well as senior industry leaders in the regional ESG and supply chain finance spaces.
Mashreq Bank raises its sustainable financing to $30 billion.
The speakers were from the Global Compact Network UAE, DP World, ADNOC, Apparel Group, Emirates Global Aluminium (EGA), Landmark Group, GMG, Aecom, Schneider Electric, Deloitte, Tetra Pak, BEEAH, Dubai Chambers, Majid Al Futtaim, and UN Women/Impactiv ME.
According to the report, governments, businesses, and investors in the UAE and around the world are increasingly turning to business models that are not only profitable but also sustainable in the long run.
Actionable change is no longer limited to a business’ own operations.
It now applies to entire supply chains and is shaping the way in which organisations are perceived by their consumers. The report elaborates that this shift is now more apparent and necessary than ever as issues such as climate change, resource scarcity, and social inequality come to the fore.
In her welcome note, Her Excellency said, "I would like to thank the Mashreq team for the invitation to address the delegates at this forum and contribute to the much-needed conversation on ESG and its role in the UAE’s plans for the nation’s future."
"2023 will be an exciting and crucial year for the UAE, especially as we move closer to COP28, which will be a historical event for our country and the wider Middle East. "As the host country of COP28, the UAE has got two pivotal responsibilities to exercise this year," she added.
"First, we need to welcome the 197 countries that will be there and get them to work together to deal with the real threat of climate change. We need to find common ground and agree on firm actions and next steps to speed up progress toward the world's Net Zero climate goals.
"Second, as a member of the Paris Agreement, we must ensure that the UAE is making substantial efforts to realise its commitments as a signatory." These efforts are not a one-off Ministry role but rather a whole country-led quest that all UAE citizens must contribute to, according to Her Excellency.
Ahmed Abdelaal, Group CEO of Mashreq, added, "Advancing the conversation around ESG and the role of the financial sector in supporting its implementation across the supply chain is an integral part of moving the needle on climate and social action."
"Especially in the context of the Year of Sustainability and the upcoming COP28 taking place in the UAE later this year, these efforts are also fully aligned with the UAE’s sustainability agenda."
"I'd also like to take this chance to thank Her Excellency Mariam Bint Mohammed Saeed Hareb Almheiri for coming today in her role as Minister of Climate Change and Environment and for contributing to this platform by sharing her amazing insights on this issue.
Mashreq aims to significantly increase the amount of sustainable finance that it facilitates and reach $30 billion by 2030.
Furthermore, Mashreq is expanding its range of ESG-linked supply chain finance products and services to assist its clients in adopting responsible supply chains and sustainable procurement practises that support their ESG goals, according to the report.