Middle East banks embrace ESG as a key strategic element for going green, says Arthur D. Little report
The United Arab Emirates (UAE) has witnessed an impressive 32% year-on-year growth in its green and sustainable finance issuance in 2022, according to a recent report by Arthur D. Little, a leading consulting firm. This increase is part of a larger trend of rising environmental, social, and corporate governance (ESG) reporting across major public and private institutions in the UAE, such as the Dubai Financial Market, the Ministry of Climate Change and Environment, and publicly listed companies in the Securities and Commodities Authority (SCA). Financial institutions in the Middle East and North Africa (MENA) region are increasingly adopting ESG as a key strategic element in their commitment to going green. The Arthur D. Little report highlights that as more reporting requirements become mandatory, these institutions are responding by shifting their focus from defining an ESG strategy to implementing it, with data governance playing a critical role. In 2021, the MENA region gener...