- A white paper from The London Institute of Banking & Finance MENA examines how the rise of ‘environmental, social, and governance’ (ESG) awareness in the Middle East has dramatically changed the financial services industry in the land
The London Institute of Banking & Finance MENA (LIBF MENA) – an internationally recognized organization that provides critical financial education to banks and other organizations in MENA – today released a paper white with title. How FinTech can help companies measure their ESG exposure.
There are many aspects to this problem. First, supply chains are large and complex. Globally, the average ‘original equipment manufacturer’ (OEM) has around 50,000 suppliers, most of which are small and medium-sized businesses that can collect data.
Second, the rules regarding the disclosure of ESG matters are being finalized, according to the requirements of the Task Force on Climate-Related Financial Disclosures (TCFD). For businesses, the costs of neglect are mounting.
However, companies are struggling to meet ESG reporting standards. According to consultants McKinsey, current carbon accounting systems are the same as cost accounting systems of 40 years ago. There is a lack of general standards and software systems that can produce the necessary reports.
Technology will provide the answers. Geo-analytic company, Kayrros, for example, uses satellites, artificial intelligence (AI) and machine learning (ML) to provide its clients with data on environmental issues. . Bigtech companies like Salesforce have a big role to play.
This white paper examines how the rise of environmental, social, and governance (ESG) standards in the Middle East has dramatically changed the financial services industry. The country is witnessing the rise of sustainable finance companies from the private and public sectors. Decision makers are increasingly incorporating ESG considerations.
Since the UN Climate Summits (COP 27 and 28) are being hosted in the MENA region, the region is expected to increase ESG-led activities.
“There are great business opportunities in the Middle East for companies that are moving quickly to align their ESG priorities with the broader vision of their governments,” said Kareem Refaay, Director, The London Institute of Banking. & Finance MENA.
“Businesses and organizations in the country are supporting ESG not driven by the principle of achieving energy efficiency and saving money, but the belief in the way of investment to an ESG strategy to create value, including, but not limited to, environmental sustainability, employees, equity and engagement, and greater community well-being,” i he added.
Read the LIBF MENA white paper: How technology can be incorporated into ESG practices and systems: mena.libf.ac.uk/2022/10/31/whitepaper/
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LIBF is a well-known organization that provides important financial education to banks and other organizations in MENA.
Insight Discovery was hosted in the UAE by LIBF MENA to manage their strategic dialogue in the Middle East.
The London Institute of Banking & Finance exists to advance banking and finance by providing quality education and thought, tailored to the needs of business, people and society. Founded in the City of London in 1879, for over 140 years, the London Institute of Banking & Finance has been the only banking and finance institution with degree-granting capabilities.
LIBF MENA offers a range of solutions to meet the educational needs and needs of the banking and finance industry in the Gulf Council countries, as well as the Middle East and North Africa.
His programs have helped thousands of people improve their skills and advance their careers, transforming businesses – and benefiting communities – across the country.