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Only 13 % regional organisations have sustainability practices across operations finds GBM
G ulf Business Machines , revealed insights from its first sustainability report , where it explored how sustainability has risen to the top of organisations ’ agendas , and how companies across sectors are resetting their corporate strategy to cater to this . With the UAE announcing 2023 as the Year of Sustainability , and being the host country for COP28 , the focus on Environmental , Social , and Governance , ESG has quickly accelerated within the government ’ s agenda this year .
The GBM Sustainability Survey , in partnership with IDC , was conducted among C-suite executives across multiple sectors in UAE , Qatar , Oman , Kuwait , Bahrain and Egypt .
According to the findings in the report , only 13 % of regional organisations have a sustainability practice that is deeply rooted across their operations . 16 % of the surveyed organisations are still in the planning phase of their sustainability programmes and 57 % are at the early stages of their sustainability journey . 76 % of regional organisations also identified environmental impact as the top driver of their organisation ’ s sustainability strategy , while growing regulatory requirements were also becoming crucial to the strategy .
Regional companies are also starting to focus on sustainability metrics , with nearly two-thirds , 64 % of the surveyed companies measuring their direct emissions and nearly half setting clear targets for carbon neutrality . 60 % of the survey respondents plan to invest between $ 250,000 and $ 2 million on sustainability initiatives in
2023 , highlighting the increased role of sustainability in the budget planning process .
With the focus on sustainability regionally , these figures are expected to further increase , with 28 % of the surveyed organisations expecting to invest between $ 2 and $ 10 million .
The report further highlighted the key challenges organisations faced in achieving environmental sustainability , with more than half of the surveyed organisations , 52 % identifying technological barriers due to limited access to or knowledge of relevant technologies that can help reduce their environmental impact .
However , digital technologies for facilitating sustainability transformation are fast evolving , with the implementation of emerging technologies such as Artificial Intelligence , AI , Internet of Things , IoT , Predictive Analytics , Cloud , among others . The report also highlighted the need for regional organisations to further invest in their data management capabilities to maximise the value they can derive from sustainability initiatives . 58 % of the surveyed organisations in the region seek support of technology providers in identifying the right software tools for driving sustainability initiatives and to develop a data driven sustainability strategy as an integral part of the broader digital transformation strategy . •
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