Middle East companies call for new green deal ahead of COP28, as PwC report shows strong ESG progress

Middle East companies call for new green deal ahead of COP28, as PwC report shows strong ESG progress

- 73% of businesses are working towards or have committed to carbon-neutrality.

- About one-third of organisations have a Chief Sustainability Officer.

- Two-thirds of respondents want senior leadership to allocate more time to ESG issues

- Almost half of regional organisations still face the challenge of accessing green financing products, incentives, and addressing the skills agenda, which poses an obstacle to their execution.

- 2 in 5 companies hope COP28 will lead to better ESG infrastructure and incentives for green growth

Dubai, United Arab Emirates: The latest PwC ESG Middle East report reveals that companies are transitioning from an ESG "start-up" mode to a more sustainable "scale-up" mode, driven by climate risk awareness and regulatory compliance. The survey, which polled business leaders from various industries, highlights that 64% of companies have adopted a formal ESG strategy in the last year, and the number of companies with no ESG strategy has halved. Additionally, businesses are increasingly transparent about their environmental impact, with 70% reporting on their ESG impact and 59% having their reporting formally audited or assured. The survey reflects the region's growing emphasis on sustainability and accountability.

"In last year’s survey, companies in the Middle East were in the early stages of their ESG journeys