Only 18% of companies in the region have an ESG strategy in place in 2022

Dubai, United Arab Emirates: Green Future Project , a B Corp-certified company specializing in providing integrated solutions that allow companies to develop and implement a corporate sustainability strategy, revealed the increasing number of companies seeking to implement an environmental, social, and governance responsibility policy in the UAE. Zain Tarawneh, co-founder and chief growth officer of Green Future Project, pointed to a number of factors driving this trend towards sustainability and environmental awareness.

A recent study showed that 64% of organizations in the Middle East region adopt a formal strategy for environmental, social and governance responsibility, compared to only 18% in 2022. The study also indicated that 73% of companies have pledged to achieve climate neutrality, or are seeking to commit to such a pledge, While 40% of companies are looking forward to the Conference of the Parties (COP28), hoping that it will encourage governments to improve their environmental, social and governance infrastructure, and provide incentives to support green growth.1

Commenting on this issue, Zain said: “Today’s green transformation is based on two main trends. The first is an upward movement driven by changing consumer behavior and increasing environmental awareness, and the second begins with companies’ efforts to establish transformative frameworks, such as policies related to environmental, social responsibility and governance. This reveals “The scene is that companies are becoming more aware of their responsibilities, as they seek to make a positive impact on their business, in addition to achieving profits and enhancing competitiveness.”

In conjunction with the COP28 conference scheduled to be held in the UAE at the end of this month, the country intends to make great efforts to promote its green agenda and provide opportunities for meaningful dialogue between government agencies and the most prominent players in various sectors, ensuring the acceleration of progress achieved in this field at the regional and global levels. However, today's market lacks skills in environmentally friendly areas, and sustainable financing is still available to only 13% of companies.

Zain added: “About half of companies in the Middle East (46%) still rely on themselves to finance their ESG activities, which is a positive indicator. However, there are more innovative opportunities to finance environmentally friendly activities, which companies should take advantage of.” "Including achieving its climate goals and exploiting the enormous potential that the region offers. Therefore, the COP28 conference constitutes an ideal platform to discuss these topics, for the benefit of the entire world."

Green Future Project contributes to supporting the UAE’s sustainable development goals and other prominent government commitments, such as the Strategic Initiative for Climate Neutrality 2050. The company cooperates with many UAE-based companies in various sectors, including digital banking, hospitality, real estate, and finance, where It allows its clients to achieve leadership in the field of sustainability procedures and solutions at the region level. The company has a number of prestigious projects and cooperation relationships, most notably with Loon, Atline, Gulf Capital, Silk House, and Sharjah Sustainable City2. To date, the Green Furniture Project has succeeded in helping more than 100 companies around the world enhance their efforts to reduce their carbon emissions. It also contributed to planting 427,152 trees, protecting 85.48 hectares of rainforests, reducing carbon emissions by 26,905.62 tons, in addition to producing more than 14,675,674 kilowatts of renewable energy3.

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An overview of Green Future Project:

Green Future Project is a B Corp-certified company that specializes in providing integrated solutions that allow companies to develop and implement a corporate sustainability strategy.

The company seeks to establish strategic cooperation relationships with companies, to help them embark on a pioneering journey towards achieving sustainability in a comprehensive and integrated manner, through one platform. The company's services range from monitoring energy consumption and direct and indirect carbon emissions for customers, all the way to reducing these emissions, adopting innovative solutions to reduce the carbon footprint, and supporting environmental projects through thoughtful subscription patterns. The company also provides strategic consulting services in the field of environmental, social responsibility and governance, to help companies integrate sustainability into their business model.

Green Future Project has a wide portfolio of high-impact environmental projects to enrich and preserve natural reserves, develop renewable energy plants, and restore marine habitats, which provides those interested with unique opportunities to finance these projects and support their endeavors. The company selects its projects based on three main criteria, including protecting biodiversity, activating the participation of local communities, and sequestering carbon and reducing emissions.

Green Future Project obtained the B Corp certification in 2022, and was named the most influential in the field of governance globally in July of the same year. The company's main office is located in Milan, and it also runs its operations in the Emirate of Abu Dhabi, where the Hub71 business accelerator selected it among the most prominent climate technology companies in the region.

© Press Release 2023