Meet the sustainability champions making the Middle East a blueprint for green practices

• 107 sustainability leaders across 12 sectors and 105 companies are recognized for advancing the region’s sustainability agenda.
• UAE-based leaders dominate with 54 entries, followed by Saudi Arabia with 20 and Egypt with 10.
• Significant financial investments in sustainability reflect a growing focus on environmentally responsible practices in the Middle East.

Forbes Middle East has released its second annual list of the region’s sustainability leaders, recognizing the trailblazers and visionaries driving sustainable initiatives and innovations with the potential to reshape the world.

Why it matters:

Collective action surrounding climate change in the Middle East has gained significant momentum, especially following COP28. Regional leaders, businesses, and communities are increasingly prioritizing sustainability, reflecting a broader shift toward addressing environmental challenges through collective responsibility and regional cooperation. According to a 2024 report from PwC, 80% of participant companies in the Middle East now have a formal sustainability strategy in place.

Methodology:

To compile this list, Forbes Middle East analyzed questionnaires and sustainability or ESG reports. The ranking was applied separately for every sector. Initiatives were horizontally compared and assessed while giving special weight to sector-specific initiatives. Only initiatives by Middle Eastern companies were considered. The assessment focused on:

• Sustainability or ESG reporting and the degree of transparency and clarity in reporting.
• Reductions or increases in greenhouse gas emissions, waste, water, energy, and other resources.
• Reliance on renewable energy and energy-efficient technology.
• Overall impact of sustainability initiatives both regionally and globally.

For this list, companies nominated either their most senior leader, such as the CEO or Chairman, or their Chief Sustainability Officer.

Key Highlights:

• Financial investments in sustainability have surged across organizations in the region:
• First Abu Dhabi Bank facilitated $21.2 billion in sustainable and transition projects during the first half of 2024.
• QNB Group contributed $3.5 billion to green loans in 2023 and coordinated Qatar’s first $2.5 billion green bond issuance in May 2024.
• Emirates NBD has facilitated over $20.4 billion in green, social, and sustainability-linked transactions since 2021.
• Mashreq aims to facilitate $30 billion in sustainable financing by 2030.
• Saudi Awwal Bank plans to grow its sustainable financing and investments to $9 billion by 2025.
• Renewable energy initiatives are accelerating:
• In July 2024, Saudi Arabia’s Public Investment Fund (PIF) signed three joint ventures to localize renewable energy projects.
• ACWA Power is leading the development of 70% of Saudi Arabia’s renewable projects under PIF’s renewables program.
• Abu Dhabi’s EWEC aims to provide 60% of the emirate’s total power demand from renewable and clean energy sources by 2035.
• In March 2024, Masdar acquired a 50% stake in U.S.-based renewable power producer Terra-Gen.

The Middle East’s Sustainability Leaders 2024

Geographical Representation:

• UAE-based leaders reign with 54 entries, demonstrating the nation’s significant commitment to sustainability.
• Saudi Arabia follows with 20 entries, reflecting its ambitious Vision 2030 agenda.
• Egypt (10), Qatar (8), Bahrain (5), Kuwait (5), and Oman (3) also feature prominently, showcasing a regional dedication to sustainable development.

Related Article: Forbes Middle East Reveals Top 100 CEOs for 2024

What’s next:

The Forbes Middle East Sustainability Leaders’ Summit 2024 will be held in Abu Dhabi from October 17-18. This event will convene industry leaders, policymakers, and innovators to discuss and advance sustainability initiatives in the region.

• Explore the full list of the Middle East’s Sustainability Leaders 2024 here.

The bottom line:

The Middle East is rapidly becoming a blueprint for green practices, with significant investments and strategic initiatives propelling the region toward a sustainable future. The leaders recognized by Forbes Middle East are at the forefront of this transformation, driving change across industries and setting new standards for environmental responsibility.