In today’s world, there’s an increased sense of urgency in both the public and private sectors, with a pressing need to commit to sustainable practices. It’s becoming a cornerstone of business operations, driven in part by the fact that consumers, and investors, increasingly favour brands that prioritise sustainability.
But we need to set the record straight: real sustainability isn’t just a buzzword for the annual report. It must be at the core of any business and impactful. Setting clear objectives is paramount; it has to be measurable, monitored, and integrated into the fabric of the business.
The importance of reporting and transparency cannot be overstated; we owe it to the public to authentically uphold our claims, fostering trust, and actively participating in the construction of a foundation built on transparency and accountability. the public is tired of overclaim, and increasingly capable of knowing greenwashing when they see it.
Research has consistently shown that today’s consumers prefer companies that genuinely commit to sustainable actions. A recent Global Consumer Insights Survey by PWC is a wakeup call.
Over half of the respondents from the Middle East stated that a company’s environmental, social, and governance (ESG) efforts influence their brand loyalties. Indeed, Middle Eastern consumers are three times more likely than their global counterparts to back a brand with a solid environmental record.
And it’s not only consumer preferences. Stakeholders, too, are seeking more from businesses than mere profit margins. They’re watching for genuine initiatives, transparency, and actionable measures concerning climate and sustainability. A separate PWC report disclosed that 64 percent of Middle East companies surveyed have now established a formal ESG strategy.
At Chalhoub Group, we’re proud of being an early adopter, to sustainable practices and we want to lead by example. Our most recent 2022 Sustainability Report was independently assured by 3rd party verifier and our carbon reduction targets were validated by the Science Based Target Initiative (SBTi), ensuring that we not only demonstrate but quantify our commitment.
Our stated aim is to reach carbon net-zero by 2040 and we have made our greenhouse gas (GHG) emissions public. This will now become standard practice for the Group, echoing our dedication to transparency and accountability.
In alignment with the Intergovernmental Panel on Climate Change (IPCC) standards, our goals are clear. We’re not just setting targets; we’re laying out a roadmap to ensure we remain on the right trajectory.
Our three-pillar approach – People, Planet, and Partners – outlines our commitments. From aiming to bring more women into leadership roles to cutting our GHG emissions by significant margins by 2032, we’re in it for the long term.
But we can’t do this alone. Partnering with organisations that share our vision is vital. Today, ESG targets are becoming deciding factors in procurement processes. Organisations with robust sustainability strategies are our preferred business partners, and indeed our own ESG credentials are closely monitored by the world leading luxury brands who chose to work with us.
So, what’s the endgame here? When businesses outline clear sustainability goals, continually evaluate their strategies, and set a clear roadmap and objectives, it leads to a ripple effect. A network of companies, all driven by a shared goal, can be a potent force for change.
This belief in collaboration is why I’ve taken up the mantle as Secretary of the Global Compact Local Network UAE (GCLN UAE). My vision? To steer companies towards building ironclad commitments for a brighter, more sustainable future. GCLN plays a pivotal role in supporting the private sector on their sustainability journey, offering invaluable access to knowledge through accelerator programs and dynamic networking platforms.
Every challenge is an opportunity, and with the recent conclusion of COP28 in Dubai it is equally important to use our newly formed connections and conversations as a booster for future development and improvement to deliver on our targets.
This is the beginning of an even more impactful journey, leveraging collaboration and sharing knowledge to achieve wider sustainability goals that I truly believe will benefit people, planet, and partners, all working together towards one common goal.
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