UAE Business: ESG investment ‘must accelerate’ to achieve Net Zero pledges – Gulf Digital News

UAE Business: ESG investment ‘must accelerate’ to achieve Net Zero pledges – Gulf Digital News

Urgent action and capital from the public and private sectors are needed to successfully drive countries towards net zero carbon emissions and support economic recovery. That was the view of experts gathered for ICAEW’s International Economic Forum, held virtually on September 14.

While many countries are not ambitious enough with regards to the green transition and could make stronger and more transparent commitments to ESG targets, the UAE is taking the lead in the Middle East on tackling climate change and the environmental crisis.

The country recently set more ambitious targets to cut greenhouse gas emissions by 31% by 2030 in comparison to the 23.5% reduction pledge made in December 2020 as part of its commitment to the Paris Agreement on climate change.

Switching away

Changing the way business is done and switching away from polluting fuels, rather than a reduction in production and consumption, is essential to address the challenges of environmental degradation. According to the panellists, in many countries like China and other parts of Asia, coal is still king. Though governments are supporting companies by providing alternatives, there is still a reluctance to move away completely.

The outbreak of Covid-19 and the fight against climate change are proving to be major turning