Evaluation Factors of Forbes ME Sustainability Leaders 2024
This year, Forbes Middle East Sustainability Leaders List includes 12 different sectors.
The leaders ranked based on a comprehensive evaluation of corporate sustainability efforts.
Mentioning that the evaluation focused exclusively on initiatives launched by Middle Eastern companies operating globally.
The assessment involved:
- Analyzing initiatives within each sector
- Taking into account environmental, social, and governance (ESG) reports
- Greenhouse gas emissions
- Waste management
- Water and energy usage
- Resource utilization
- Renewable energy adoption
- Energy efficiency technologies
54 Sustainability Leaders From Companies in the UAE
The list features 107 leaders from 105 companies, all contributing to the region’s sustainability agenda.
The leaders represent 54 companies in the UAE.
Followed by 20 in Saudi Arabia, 10 in Egypt, 8 in Qatar, 5 each in Bahrain and Kuwait, and 3 in Oman.
Financial investments in sustainability initiatives have seen a significant rise across various institutions in the region.
This reflects an increased focus on responsible environmental practices.
Sustainability commitments are gaining momentum in many sectors.
Banking Sector Sustainability Commitments
In the banking sector, First Abu Dhabi Bank provided $21.2 billion in sustainable and transitional financing during the first half of 2024.
While Qatar National Bank (QNB) offered $3.5 billion in green loans by 2023.
QNB has also acted as the lead coordinator for Qatar’s first $2.5 billion green bond issuance in May 2024.
Since 2021, Emirates NBD has provided over $20.4 billion in green and social financing linked to sustainability projects.
While Mashreq Bank plans to provide $30 billion in sustainable financing by 2030.
Saudi First Bank aims to increase its sustainable investments and financing to $9 billion by 2025.
The “UAE with you Lebanon” campaign collected 250 tons of relief, food and basic supplies for various children, women, men and the elderly of our Lebanese brothers affected by the emergency crisis and the current critical humanitarian conditions, where more than 4,400 volunteers… pic.twitter.com/PvnmgkKcpg
— UAE Voice (@uae_voiceeng) October 14, 2024
Renewable Energy
In the renewable energy sector, Saudi Arabia’s Public Investment Fund signed three joint projects in July 2024.
Those projects aims to localize the renewable energy industry.
While ACWA Power continues to develop 70% of Saudi Arabia’s renewable energy projects as part of the fund’s renewable energy program.
Moreover, Emirates Water and Electricity Company in Abu Dhabi plans to meet 60% of the emirate’s total energy demand from renewable and clean sources by 2035.
In addition, Abu Dhabi Future Energy Company “Masdar” acquired a 50% stake in the U.S.-based renewable energy company Terra-Gen in March 2024.
Forbes ME Sustainability Leaders Summit 2024 will be held in Abu Dhabi on October 17-18 …. Stay tuned !
