Businesses talking about ESG initiatives without backing up will test consumers’ patience
Dubai: UAE consumers want businesses to start pulling their weight when it comes to sustainability, sharing that responsibility with government initiatives and efforts by individuals. According to a new survey by the tech giant Oracle, 94 per cent of respondents believe that businesses only talking about ESG will no longer cut it.
In these two years, the UAE government has provided more clarity on its sustainability goals, setting clear timelines to go in for net zero carbon emissions. Billion dollar ventures have been taken up in creating renewable energy capacity, including in blue- and green hydrogen ventures.
If businesses join in, this will ease and speed up the UAE’s path to those goals. In fact, “99 per cent of people in the UAE believe sustainability and social factors are more important than ever and 94 per cent said the events over the past two years have caused them to change their actions,” says the Oracle findings.
Businesses, the big names in particular, are getting active about their carbon footprints and ways to mitigate such risks. ‘Green’ or ESG linked corporate bonds or debt are becoming more common, and at the SME level, gradual progress is being made. But consumers want more. According to the Oracle survey:
“People don’t just want to hear about it – they’re looking for decisive action and are demanding more transparency and tangible results,” said Juergen Lindner, Senior Vice-President and CMO, Global Marketing SaaS, Oracle.
“Business leaders understand the importance, yet often have the erroneous assumption that they need to prioritize either profits or sustainability. The truth is this is not a zero-sum game.
“The technology that can eliminate all the obstacles to ESG efforts is now available, and organizations that get this right can not only support their communities and the environment, but also realize significant revenue gains, cost savings, and other benefits that impact the bottom-line.”
Apart from respondents in the UAE, the Oracle findings polled those in 14 other countries, including Saudi Arabia. It surveyed more than 11,000 people on their sentiments towards sustainability. It was conducted by Oracle and Pamela Rucker, CIO Advisor and Instructor for Harvard Professional Development.
Business leaders sure get the message, and they are hoping technology can help shorten the sustainability gaps. According to the Oracle survey,
“While there are challenges to tackling these issues, businesses have an immense opportunity to change the world for the better,” said Pamela Rucker, CIO Advisor and Instructor for Harvard Professional Development. “This is an opportune moment. While thinking has evolved, technology has as well, and it can play a key role in overcoming many of the obstacles that have held progress back.”
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