The ESG Power 50 reveals Middle East's 50 most influential leaders of 2022

The ESG (Environment, Social, and Governance) Power 50 is an initiative that helps recognise the different leaders who have been bringing in ESG culture and various sustainable practices to their strategies and that in turn drive sustainability in the overall GCC region. It has revealed The ESG Power 50 a list of accomplished ESG professionals across GCC.

This initiative is driven by The Carbon Collective Company, a global environmental consultancy firm that works with companies to create and plan decarbonisation goals.

“We see a rapid increase in the awareness of ESG Risks in business and their impact on their employees, consumers, investors, the environment, and the society they operate in. Implementing an ESG strategy comes with various challenges, ones we haven't seen before. ESG professionals come with different titles in different companies and, in my opinion, are the superheroes who protect the stakeholders, the environment and society said Gokul Shekar, Head of ESG and Climate Change, The Carbon Collective Company, in a press note.

The core focus of the initiative is to enforce the importance of strong ESG culture, and make these as part of everyday business operations. Some organisations featured include ADNOC, Ministry of Climate Change and Environment, UAE, Chalhoub Group, Tatweer Petroleum, TAQA, Soudah Development, Saudi Arabian Mining Company, Emirates Steel Arkan, Abu Dhabi Commercial Bank, Zurich Insurance, Saudi British Bank, and Majid Al Futtaim Holding.  

What the ESG Power 50 Survey found

The ESG Power 50 Survey conducted to nominate leaders had respondents stating that by the end of 2023, close to 89% of large corporations in the Middle East would be reporting their ESG activities with 57% of Middle Eastern organisations finding it extremely important to disclose their sustainability-related activities.    

According to a statement, recent years have been challenging for ESG professionals. The ESG Power 50 survey found that investors are the 3rd most important stakeholder to consider in their ESG journey.   

Secondly, is raising awareness of the ESG ecosystem and educating organisations and all its employees on the ESG initiatives and solutions that have been adopted and implemented, further enforcing the importance of procuring tools and software that follow the approved guidelines and policy frameworks.  

Close to 40% of survey respondents noted that the lack of a professional software solution to monitor or report their business’ ESG performance was a common challenge faced within their role.   

The third challenge is creating a fair and transparent environment for companies to have guidelines and mandates in place as well as regulatory advancements for the widespread adoption of ESG across all businesses in all sectors.   

Close 46% of survey respondents noted that one of the most common challenges faced in while implementing ESG in their organisation was finding clarity of government guidelines or frameworks to adhere to.  

Roles within ESG are set to increase further in the coming months and years as conversations surrounding decarbonisation and climate change continue to gain momentum, and the UAE sets out its plans for hosting COP28 in 2023.

The Middle Eastern countries have laid the foundation, with all major economies issuing guidelines for organisational ESG & Sustainability disclosures. While more mandates are expected, large and responsible organisations have already started their ESG journey following international frameworks and standards.