The World Economic Forum’s report highlights the urgent need for businesses in the MENA region to prioritize sustainability in light of increasing global pressure. Following the commitments made at COP28 and aligning with global trends, MENA companies face mounting demands from investors, regulators, and markets to enhance transparency, adopt sustainable business practices, and contribute to economic diversification goals.

However, the journey is not without challenges. Many corporations in the region grapple with limited region-specific guidelines, capability gaps, financial constraints, and the complexity of adopting effective environmental reporting practices. This report addresses these barriers by serving as a roadmap for companies to navigate their sustainability journeys effectively.

Key Insights from the Report

• Global and Regional Pressures: Stakeholders increasingly demand that MENA businesses adopt robust sustainability practices to remain competitive, attract investment, and support diversification.

• Materiality Assessments: The report emphasizes the importance of environmental materiality assessments, enabling businesses to identify and prioritize environmental issues that impact operations, stakeholders, and ecosystems. These assessments improve transparency, risk management, and investor confidence.

• Promising Developments: Notable progress is emerging in areas such as reducing greenhouse gas emissions, decarbonizing value chains, supporting SMEs, and improving water management. These examples showcase how sustainability drives resilience and long-term growth.

• Government Leadership: Governments play a critical role in shaping policies, providing incentives, and creating an enabling environment for sustainable practices. Innovative programs in the region serve as inspiration for other countries.

A Path Forward

The report provides high-level guidance on material environmental topics and metrics that businesses should prioritize based on their sectors and stages in the reporting journey. By focusing on sustainability, embracing innovative solutions, and fostering collaboration between the private and public sectors, MENA companies have the potential to overcome pressing challenges and lead a new era of sustainable economic growth.

Read the Full Report Here