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Key Milestones in ESG Integration in the GCC

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Key Milestones in ESG Integration in the GCC

The Gulf Cooperation Council (GCC) is making impressive strides in adopting Environmental, Social, and Governance (ESG) practices. Here’s a look at the key milestones across the region! 

Qatar

  • December 2016: Qatar Stock Exchange introduces ESG Guidance to assist listed companies in integrating ESG reporting.
  • October 2021: Qatar announces its National Climate Change Action Plan – targeting a 25% reduction in greenhouse gas emissions by 2030 and net-zero emissions by 2050.

UAE

  • January 2019: Abu Dhabi Securities Exchange releases ESG disclosure guidelines.
  • July 2019: Dubai Financial Market (DFM) launches its Sustainability Strategic Plan 2025 with 4 pillars: Sustainability Reporting, Green Products, Investment Education, and Gender Balance.
  • October 2021: The UAE becomes the first Gulf country to commit to net-zero carbon emissions by 2050, investing $16.8 billion in renewable energy projects globally. 

Saudi Arabia

  • October 2021: Saudi Arabia announces its goal to reach net-zero emissions by 2060 using a Carbon Circular Economy approach (Reduce, Reuse, Recycle, Remove).
  • The Saudi Tadawul Group also introduces ESG disclosure guidelines to improve corporate transparency and sustainability practices.

Bahrain,  Kuwait, Oman

  • Bahrain (June 2020): The Bahrain Bourse introduces voluntary ESG reporting guidelines, with public joint stock companies required to publish sustainability reports.
  • Kuwait: Aims to reduce 7.4% of greenhouse gas emissions by 2035.
  • Oman: The oil and gas sector aims for net-zero emissions by 2050. 
Conclusion
The GCC region is on an accelerated path toward integrating ESG principles, aligning with international standards while addressing local challenges. The commitment from key players like the UAE, Saudi Arabia, and Qatar showcases the region’s dedication to a sustainable and responsible future. 
As ESG continues to shape the future, the GCC is becoming a vital player in driving sustainable growth. Stay tuned for more updates on how this journey evolves. 

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