In The Headlines - July 2024

1.

First Abu Dhabi Bank on TIME List of World’s 500 Most Sustainable Companies?

Time magazine and Statista named the French IT, Tech & Software company Schneider Electric the top company on their "World's 500 Most Sustainable Companies for 2024" list. The company was recognised for its commitment to reducing emissions, using renewable energy, and integrating sustainability into its business model. Schneider Electric has set a goal of becoming carbon neutral by 2025 and has consistently earned a climate score of “A” from the CDP for 12 consecutive years for helping customers lower their emissions.?

First Abu Dhabi Bank (FAB), the UAE’s largest bank, was the highest-ranked company from the Middle East and Africa on TIME magazine’s inaugural World’s 500 Most Sustainable Companies list.?

The 2024 ranking evaluated more than 5,000 companies from over 30 countries using key performance indicators related to sustainability, including compliance with international reporting standards, emissions, and commitments to goals and initiatives. The top 500 companies span sectors from manufacturing and industrial production to food and beverage.?

Following Schneider Electric on the list are NEC Corp (Japan) in IT, Tech & Software; Moncler (Italy) in Retail, Wholesale & Consumer Goods; Brambles (Australia) in Transportation, Logistics & Aviation; Illumina (United States) in Chemicals, Drugs & Biotechnology; SGS (Switzerland) in Professional Services & Consulting; and Sanofi (France) in Chemicals, Drugs & Biotechnology.?

The methodology also emphasised companies that make trackable, public commitments to sustainability and demonstrate follow-through on initiatives, including Scope 1 and 2 emissions, energy consumption, and renewable energy usage.?

2.

UAE Outlines Sustainability Roadmap Beyond 2030 in XDG Report?

The UAE recently unveiled its "XDGs 2045: Navigating the Future of our World" report at the United Nations High-Level Political Forum on Sustainable Development. This forward-looking document, developed by the UAE’s National Committee on Sustainable Development Goals, extends the sustainability roadmap 21 years beyond the UN’s 2030 Sustainability Agenda. It emphasises leveraging innovation and strategic partnerships to tackle emerging global challenges, ensuring national and global sustainable development. Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Experience Exchange, highlighted the UAE's commitment to fostering a competitive, knowledge-driven economy and contributing to global prosperity.?

The report, informed by the 2024 Ministerial Roundtable at the World Government Summit, reviews past global development agendas, evaluates current progress, and outlines steps for a sustainable and inclusive future. It underscores the transition from SDGs to XDGs, shifting focus from specific goals to a comprehensive global vision addressing climate resilience, technology inclusion, economic inequality, and health crises. By fostering international cooperation and adapting to the complexities of a rapidly changing world, the UAE aims to ensure sustainable development as a fundamental principle for global prosperity and equality beyond 2030.?

3.

EU’s Freedom from Fossil Power: Wind and Solar Electricity Dominate in First Half of 2024?

For the first time, wind and solar generated more of the EU’s electricity than fossil fuels in the first half of 2024. According to a new analysis from energy think tank Ember, electricity from wind and solar reached a record high of 30%, while fossil fuels accounted for 27%, with the remaining 43% coming from hydropower, nuclear, and other sources. This shift has significantly reduced emissions from the EU’s power sector, which are 31% lower in the first half of 2024 compared to 2022.?

The transition to wind and solar is driven by robust policies and investments in renewable energy, allowing EU member states to reduce reliance on imported natural gas and volatile fossil fuel prices. Thirteen countries, including Germany, France, and Spain, now generate more electricity from wind and solar than fossil fuels. Continued progress requires addressing barriers to wind and solar integration, such as improving grid infrastructure and streamlining permitting processes. This historic shift underscores the potential for widespread adoption of renewable energy across the EU, promising a more sustainable and resilient energy future.?

4.

Paris 2024 Sets New Sustainability Standards for Global Sporting Events?

Paris 2024 is setting new sustainability standards for global sporting events, aiming to reduce environmental impact while maximising social and economic benefits. Embracing the concept of "doing more with less," Paris 2024 is the first Games fully aligned with Olympic Agenda 2020, focusing on using existing and temporary venues, reducing carbon emissions, and promoting sustainable energy. ?

Key initiatives include cutting emissions by 50% compared to previous Games, utilising 95% existing or temporary venues, and constructing new venues with eco-friendly materials. The Aquatics Centre features solar panels and recycled materials, while the Olympic Village employs geothermal cooling and extensive green spaces. Paris 2024 also emphasises renewable energy, sustainable food practices, and public transport accessibility, all contributing to a circular economy and lasting positive impact.?

5.

ISSB and EU to Streamline Sustainability Reporting with New Guidance Material?

The International Financial Reporting Standards (IFRS) Foundation and the European Financial Reporting Advisory Group (EFRAG) have introduced new guidance material to streamline sustainability reporting and achieve a high degree of alignment and interoperability. This guidance aligns the International Sustainability Standards Board’s (ISSB) IFRS Sustainability Disclosure Standards with the European Sustainability Reporting Standards (ESRS), aiming to simplify the reporting process, reduce complexity, and eliminate duplication.?

The goal is to make sustainability reporting more efficient and effective, helping companies disclose relevant information in line with both ISSB and ESRS standards. This initiative addresses the growing complexity of ESG regulations, which have increased significantly over the past decade. By enhancing transparency and comparability, the guidance material supports better data governance and long-term sustainability practices.?

FROM SS DESK

SS NEWS

1.

Sustainable Square's exclusive offers for MEIRA members

?? Exciting news! ??

?? Sustainable Square is a service provider partner for Middle East Investor Relations Association, offering exclusive benefits to MEIRA’s corporate members!

? Enjoy a 30% discount on SQUARELY, our AI-Powered SaaS platform, for the first year.

? Get a complimentary 1-hour ESG awareness building virtual workshop for your board & leadership team upon request.

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Don't miss out on this opportunity to enhance your ESG efforts! To get a detailed breakdown of the exclusive?offers, please visit our website.

2.

Sustainable Square Consultancy’s 6th Sustainability Report Highlights Key Achievements in Innovation, Collaboration and Strategy in 2023

We're thrilled to unveil Sustainable Square Consultancy’s 2023 Sustainability Report which highlights our commitment to sustainability and innovation as we aim for net zero by 2030.

In 2023, we achieved a remarkable 34% revenue growth and expanded our footprint in the Middle East. Our client retention rate soared to over 90%, with a 92.3% satisfaction rating.

A game-changer was our AI-powered ESG software, SQUARELY, previewed at GITEX Impact and endorsed by 55+ experts. This innovation will revolutionise ESG reporting, boosting efficiency and collaboration.

At COP28, we led over 10 engagements and released our 2022 State of ESG in the GCC study.

“Our strategic shifts and dedicated team have been pivotal,” says Monaem Ben Lellahom, Partner & Group CEO.

3.

SS invites GCC sustainability professionals to participate in regional ESG study

Sustainable Square invites all sustainability professionals and business leaders to participate in this groundbreaking ESG survey in the GCC region!

Following the success, acceptance, and widespread adoption of our "2022 State of ESG in the GCC" report at COP28, we are excited to continue our efforts with the 2023 State of ESG in the GCC survey.

We invite you to take part in the survey below, which will take less than 15 minutes. Your responses will provide valuable insights into the current state of the market and help advance the conversation on sustainability.

Rest assured, all company information will remain confidential. Data received will be aggregated to uncover overarching trends.

Take the survey here: https://lnkd.in/dJNThBHn

For any queries, write to us at [email protected]

Thank you for reading The ESG Bulletin. See you soon, with the next edition of our monthly newsletter tackling the latest in global sustainability. If you would like to get in touch with our expert consultants to find out what Sustainable Square can do for your organisation's sustainability goals, reporting and disclosure please write to?us at [email protected].