How businesses can lead on sustainability in MENA region

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🗞️ Driving the news: The MENA region faces urgent climate challenges, with increasing heatwaves, wildfires, and floods
• As global markets and policies, like the EU's Carbon Border Adjustment Mechanism, impose sustainability demands, MENA businesses are under pressure to advance sustainable practices
• A coordinated approach across the private and public sectors is needed to remain competitive and drive effective climate action

🔭 The context: MENA countries have launched national sustainability programs, such as Saudi Arabia's Vision 2030 and UAE’s Energy Strategy 2050, but face regulatory and financial challenges
• While there is significant motivation for companies to adopt sustainable practices, inconsistent regulations and complex global standards hinder progress
• Upcoming World Economic Forum research aims to guide regional sustainability reporting and practices

🌍 Why it matters for the planet: Effective climate action in MENA is crucial for global sustainability, given the region's vulnerability to climate impacts and its role in global energy markets
• Aligning local efforts with global sustainability standards can help mitigate environmental risks and ensure economic resilience

⏭️ What's next: The World Economic Forum will release new guidance in November to help MENA companies navigate sustainability complexities
• A unified regional reporting framework could facilitate sustainable growth and align with international standards, enabling businesses to meet evolving global requirements

💬 One quote: “MENA companies looking to tap into global financing should not only plan to improve the sustainability of their operations, but also sustainability reporting efforts,” said Maroun Kairouz, Head of Middle East and North Africa, World Economic Forum

📈 One stat: Over 90% of the global economy is now covered by country-level net-zero targets.

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