The Sustainability Pavilion at the Dubai Expo 2020 site. AFP
The Sustainability Pavilion at the Dubai Expo 2020 site. AFP
The Sustainability Pavilion at the Dubai Expo 2020 site. AFP
The Sustainability Pavilion at the Dubai Expo 2020 site. AFP

How the Mena region can shape the post-Covid-19 sustainability agenda


  • English
  • Arabic

As the devastating effects of the Covid-19 pandemic continue to play out globally, the major long-term threat facing humanity – climate change – has not vanished.

The World Economic Forum’s Global Risk Report 2021 identifies environmental risks, including extreme weather, climate action failure and human environmental damage as the biggest global risks by impact and likelihood.

This reminds us that climate change should be among the top priorities for policymakers in the year ahead. At the same time, it must also be top of agenda for business leaders. The climate debate has shifted. It has evolved into a global business imperative, as investors increasingly direct capital towards economies and organisations that adopt sustainable financing models and practices. The world is increasingly embracing the importance of stakeholder capitalism to address the world’s greatest challenges.

The Middle East is especially vulnerable to climate shocks, facing a range of risks such as: water scarcity, high levels of pollution, reduced rainfall, drought and a loss of biodiversity.

With growing a global population that will require investments in infrastructure to reach $90 trillion globally in 2030, there are opportunities for leaders of the public and private sectors to collaborate and build a more sustainable and resilient Middle East.

The UAE, for example, is serious about tackling the environment threat. In November last year, Dr Sultan Al Jaber was appointed as the UAE's special envoy for climate change. And the country has announced its aims to reduce carbon emissions by 23.5 per cent by the year 2030. That target is set to increase to 50 per cent by 2050, the UAE said. These goals are likely to be met through various means: increasing the capacity for clean energy, boosting energy efficiency, promoting sustainable agriculture, capturing more carbon and implementing environment-friendly waste management.

Solar panels at Dubai's Sustainability Pavilion. AFP
Solar panels at Dubai's Sustainability Pavilion. AFP

Across the world, 2021 is set to be crucial year for the global climate, ending with the COP26 summit in Glasgow in November. Even before that date, people across the world expect leaders to take decisive action on fighting the climate crisis.

Major economies and economic blocs, including the UK, China and Japan have already committed to net-zero targets.

In the US, President Joe Biden rejoining the Paris Agreement testifies that his administration will be serious about climate action.

In the EU, compliance with emission and waste targets is increasingly embedded within legislation and the private sector takes a major role in the green transition.

The momentum on the global level is amplified by changing signals from markets. Fund managers increasingly require environment, social and corporate governance (ESG) reports for major financial and investment decisions. And global investors expect companies to provide a clearly articulated vision to promote sustainable business, coupled with a solid ESG strategy for the entire value chain of their business operations. The sustainability debate has become a global business imperative. This marks a big shift from what used to be the norm till just a few years ago.

Given the urgency of the climate crisis and how it will effect the region, 2021 can be a year of opportunity

Some governments in the Mena region are taking critical measures to advance sustainability. Like the UAE's climate goals, Saudi Arabia, too, as the largest economy in the region, has made sustainability a pillar of its Vision 2030. As the Kingdom continues to transform from a carbon-based to a diversified economy, its government has launched many projects related to green energy – including in wind, solar and hydrogen power.

Egypt has issued a first-ever green sovereign bond, valued at $750 million, as part of its efforts to carry out renewable energy projects. In addition, to combat plastic pollution, a new waste management law puts curbs on the manufacture, import or export of single-use plastic bags.

These commitments to net-zero and sustainability efforts create the environment needed for companies to update their business models to meet new ESG standards.

Regional players are making sure that ESG targets are an integral part of their companies' strategies and that these positions are aligned with government policies.

By anticipating the emerging trend of legally binding norms and regulations on net-zero, and by implementing these priorities within business models and operations, such companies build on their relevance for investors in the long term.

Given these changing expectations, progressive companies must look at sustainability through the framework of the triple imperatives of adaptation, mitigation and risk assessment.

First, to design investment strategies for the long-term, regional companies must acquire a solid understanding of how climate variations have an effect on their business units. They must provide protection for shareholders, employees and the wider stakeholder community, and at the same time they must decrease unpredictability.

Second, they must identify metrics to reduce their greenhouse gas emissions, thereby increasing energy efficiency and cutting operation costs, while setting the stage for transitioning to the production of carbon-free energy.

Finally, they should assess future risks in a variety of areas, minimising waste, accessing resources, stabilising operating licenses, adapting to regulations, mitigating potential reputational risks and satisfying customer demand.

In taking these steps, private sector leaders do their bit to add to the information about sustainability practices that exist in the region in the form of educational campaigns and in the media.

Given the urgency of the climate crisis and how it will effect the region, 2021 can be a year of opportunity to drive the sustainability agenda forward and build on existing opportunities. This will be crucial to create a more sustainable and inclusive Middle East.

Mirek Dusek is head of Europe, Eurasia and the Middle East, World Economic Forum

(This article is part of the World Economic Forum’s The Davos Agenda, 25-29 January 2021)

Cinco in numbers

Dh3.7 million

The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown

46

The number, in kilograms, that Swarovski’s wedding gown weighed.

1,000

The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]

50

How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday

3,000

The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.

1.1 million

The number of followers that Michael Cinco’s Instagram account has garnered.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

The biog

Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy

The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
While you're here

Michael Young: Where is Lebanon headed?

Kareem Shaheen: I owe everything to Beirut

Raghida Dergham: We have to bounce back

The Two Popes

Director: Fernando Meirelles

Stars: Anthony Hopkins, Jonathan Pryce 

Four out of five stars

UAE%20SQUAD
%3Cp%3E%0DJemma%20Eley%2C%20Maria%20Michailidou%2C%20Molly%20Fuller%2C%20Chloe%20Andrews%20(of%20Dubai%20College)%2C%20Eliza%20Petricola%2C%20Holly%20Guerin%2C%20Yasmin%20Craig%2C%20Caitlin%20Gowdy%20(Dubai%20English%20Speaking%20College)%2C%20Claire%20Janssen%2C%20Cristiana%20Morall%20(Jumeirah%20English%20Speaking%20School)%2C%20Tessa%20Mies%20(Jebel%20Ali%20School)%2C%20Mila%20Morgan%20(Cranleigh%20Abu%20Dhabi).%3C%2Fp%3E%0A