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Many Middle Eastern investors consider the ethics behind sustainable assets even if it may not help in terms of economic benefits.
Investments in accordance to the environmental, social and governance (ESG) criteria are gaining momentume in the Middle East. A 2020 survey carried out by multinational bank HSBC revealed that 41% of regional investors wished to adopt an effective ESG investment policy. A May 2022 PWC report confirmed this adding that Middle Eastern companies' top sustainability priorities are diversity, equality, climate change and safety.
Northumbria University's Dr Shafeer Kalathil along with other academics have started a project which uses a chemical process that converts sunlight, water and carbon dioxide into acetate and oxygen to produce high-value fuels and chemicals powered by renewable energy.
The UAE has launched a road map that will enable sustainable aviation fuel to decarbonise the sector.A white paper on the ‘Power-to-Liquids Roadmap: Fuelling the Aviation Energy Transition in the UAE’ was drafted along with the ministry of energy and infrastructure and the World Economic Forum (WEF), which outlined the financial, economic and environmental benefits of PtL in decarbonising the country’s aviation industry.
Dubai’s Department of Finance has come up with a new strategy to boost financial sustainability to place it as a global finance hub. The emirate will use “the best smart and innovative financial systems” to achieve this strategy by 2026
The Jeddah Central Development Company (JCDC) is a wholly-owned subsidiary of the Public Investment Fund (PIF), signed the Memorandum of Understanding (MoU) with Waterise, a global leader in sustainable water infrastructure development, and Ajlan & Bros Holding Group, one of the leading investment holding company conglomerates in the Middle East.
Delivery Hero, known as a global local delivery platform, operating its service in over 70 countries across Asia, Europe, Latin America, the Middle East and Africa and the parent company of MENA’s leading brand “Talabat”, announced that it has joined the United Nations Global Compact initiative (“UNGC”), in line with its intention to build a company that focuses on the development, implementation and disclosure of responsible business practices.
As the world takes decisive action toward sustainability, Qatar has joined the club of net-zero defenders and aims to reduce its carbon footprint by targeting the highest emitters: flaring gas, oil, and cement production, which is essential in the construction of buildings and infrastructure and accounts for approximately 20 percent of global carbon emissions annually.
Dolphin Energy Limited (DEL), is one of the largest trans-border energy projects that the Middle East has ever undertaken. The project has achieved a 3% decrease in total Greenhouse Gas Emissions (GHG), a 25% drop in flaring volumes.
NEOM is a city under the flagship of the smart city initiative built in Saudi Arabia and unveiled by Prince Mohammed. It is significant because it is on the Red Sea coast and a significant project in the 2030 Vision that seeks to diversify the economy.
Sheikha Shamma bint Sultan bin Khalifa Al Nahyan met with key figures at the LSE in order to take forward some collaborative efforts in the advancement of climate change. Sheikha Shamma visited the Grantham Research Institute on Climate Change and the Environment, established by the LSE in 2008 with the aim of getting international experts across finance, geography, international development, and political economy to tackle climate change.