UAE companies step up ESG compliance

Corporate companies in the UAE are upping the game by considering environmental, social and governance (ESG) benchmarks while making business and investment decisions, experts said.

The efforts are in line with the UAE's vision to drive the sustainability agenda through strategic development policies, such as Vision 2021, the energy strategy for 2050, the Green Agenda 2030 and the National Innovation Strategy.

A panel discussion titled "Welcoming a Sustainable Future" was held at Expo 2020 Dubai on Wednesday to highlight these corporate efforts.

Shady Elborno, head of macro strategy at Emirates NBD, said: ”The UAE companies are starting to see the benefits of developing a more sustainable approach to business in addition for understanding the potential risks associated with climate change within their own operations and of the societies in which they operate."

The panel, moderated by Abdulla Galadari, senior partner at Galadari Advocates and Legal Consultants, tackled the topic of how social and environmental considerations have found their place in the country’s development agenda and serve corporates in the global and regional economic context.

He said investors have started pushing companies to be ESG compliant and the fact that they are choosing companies based on their ESG benchmarks is having a huge impact.

Commenting on the impact ESG is having on businesses and economies, Elborno said the COP26, the UN’s 26th annual global climate change conference currently being held in Glasgow, will “supercharge ESG metrics guidelines and goals for companies around the world.”

Sara Ahmed Alliusie Alhilali, project manager, Tourism Development and Investment at Department of Tourism and Commerce Marketing, spoke about Dubai’s vision to become one of the world’s leading sustainable tourism destinations.