ESG Gaining Traction

ESG (Environmental, Social and Governance) is gaining a stronger foothold (and so it should) in the corporate world. It has gained significant?traction in financial services?over the last few years, moving it centre stage, driven by a range of stakeholders including governments and regulators, investors, and clients themselves. central factors in measuring the sustainability and ethical impact of a company, according to the latest Arthur D. Little report.

Earlier this week, the World Economic Forum released the first edition of a report on the?state of the net-zero transition?in key industrial sectors. Launched in collaboration with Accenture, the report introduces a holistic framework for a 360-degree perspective and standard metrics needed to measure progress, as well as key recommendations for industrial firms, policymakers, consumers and other stakeholders.

This is in line with a?study that Talent Enterprise?undertook, which showed a rise in the use of technology, a renewed focus on wellbeing and mental health, and a greater emphasis placed on workplace initiatives relating to environmentalism, activism and representation.

While funding has been a bit tight all around, as investors focus on fundamentals, one VC has set up a new fund that will focus on nurturing businesses in the region’s fintech sector. Enhance Ventures has?launched its $30M Builders Fund, which will invest in the company’s next set of ventures for the future of finance and commerce in the Middle East. Through the fund, the company plans to create 5,000 high-tech jobs, produce 500 business leaders, train 50 capable founders, and be the institutional cofounder to at least 5 major exits in the region in the next 5-10 years.

Fundraising has been successful for UAE-based omnichannel ordering and marketing platform, ChatFood. It has?raised a bridge round of $3 million?with a reserved amount for key strategic Saudi partners to spearhead its expansion into Saudi Arabia, where the market is expected to reach over $25 billion by 2026.

And finally, as we continue the summer, internships have become front and centre for the youth. Yspot, a platform designed to connect youth with organizations,?launched bespoke internship programs. Aiming to not only inspire but empower the next generation of socially-engaged leaders, Yspot is set to provide the UAE with supportive and meaningful work-based internship programs between the youth and businesses.

Do you have an ESG program? How does the changing focus on sustainability affect your business? Let us know.