Dubai, United Arab Emirates: Deloitte Middle East presented the key findings of its 2024 CxO Sustainability Report at a special roundtable during the second edition of the Future Sustainability Forum, held at Madinat Jumeirah on December 4 and 5.
As a Platinum Sponsor of the Forum, Deloitte played a central role in the event, which brought together visionaries, innovators, and change-makers from around the world to address pressing environmental challenges under the theme “Shaping Greener Economies.” Organized by Dubai International Financial Centre (DIFC), the Forum served as a platform for exploring sustainability solutions, including renewable energy, circular economy practices, and climate resilience.
During the roundtable, Deloitte leaders joined other key stakeholders to discuss actionable strategies for achieving Net-Zero goals by 2050 and highlighted the importance of collaboration between governments, businesses, and communities to drive meaningful impact.
Key findings from the report
The report, based on a survey of over 2,100 C-suite executives across 27 countries – including CEOs, CSOs, CFOs, CTOs and other CxOs – highlights a significant shift in corporate priorities. Notably, 92% of global executives believe their companies can achieve growth while reducing greenhouse gas emissions, signaling a widespread recognition of the alignment between business success and climate action.
Middle Eastern businesses are leading the way in climate action, with 54% reporting a complete transformation of their business models to embed sustainability into their core strategy, surpassing the global average of 45%.
A remarkable 85% of global CxOs reported an increase in sustainability investments, up from 75% last year. In the Middle East, 66% of organizations have slightly increased their investments, with 19% significantly boosting their sustainability budgets by 20% or more, outpacing the global trend.
The report reveals that climate change remains a top priority for CxOs, with 70% expecting it to significantly impact their strategies and operations over the next three years. In the Middle East, this figure rises to 73%, reflecting a heightened awareness of climate-related challenges in the region. Additionally, 43% of Middle Eastern executives ranked climate change as one of the top three most pressing issues for the upcoming year, surpassing the global average of 37%.
Sixty-seven percent of Middle Eastern executives also emphasize the importance of climate equity in their sustainability efforts, focusing on workforce retraining for green jobs and engaging vulnerable communities.
Innovation, including artificial intelligence (AI), ranks as the most pressing challenge for CxOs, with 38% listing it among their top three concerns. The report highlights that 50% of CxOs have already implemented technology solutions to achieve environmental goals, with another 42% planning to do so within two years. Among leading organizations, 85% are developing new climate-friendly products or services, emphasizing the link between innovation and climate action.
Despite recognizing the looming impact of climate change, 27% of organizations have taken minimal or no “needle-moving” actions towards sustainability. The report identifies key barriers, including increased insurance costs, lack of sustainable solutions, and stakeholder alignment challenges. However, the benefits of climate action are becoming more tangible beyond reputation, with Middle Eastern companies reporting employee morale (43%), talent retention (41%), and operational resilience (36%) among the top benefits.
Daniel Gribbin, Sustainability Growth Lead at Deloitte Middle East, emphasized the urgency of action at the roundtable, saying: “The findings of our report demonstrate a clear shift in the overall corporate mindset — climate action is no longer just about compliance or a moral imperative, but also a driver of innovation, resilience, and long-term growth for companies. Platforms like the Future Sustainability Forum foster the collaboration needed to address the environmental challenges we face, allowing us to engage with decision-makers to drive meaningful actions towards building a sustainable future.”
The roundtable also featured insights from several business leaders, namely Farrukh Shad, Head of Sustainability Business APAC & MEA at Schneider Electric; Keiichi Aritomo, Executive Director and Co-founder of FinCity Tokyo; and Janka O’Brien, Director of Sustainability and Decarbonization at Emerson. With Danielle Bistacchi, Senior Sustainability Consultant at Emperor serving as moderator, Gribbin and the other panelists addressed the opportunities and challenges organizations face in adapting to the low-emissions economy.
As a Platinum Sponsor of the Future Sustainability Forum, Deloitte reaffirmed its role in shaping sustainability conversations globally and regionally. “Sustainability is not a solo endeavor,” added Gribbin. “It’s the collective commitment of governments, businesses, and communities that will pave the path to greener economies.”
For more information and to view the full results of Deloitte’s CxO Sustainability Report 2024, please click here.
© 2024 Deloitte & Touche (M.E.). All rights reserved.
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms. The information contained in this press release is correct at the time of going to press.
About Deloitte & Touche (M.E.) LLP:
Deloitte & Touche (M.E.) LLP (“DME”) is the affiliate for the territories of the Middle East and Cyprus of Deloitte NSE LLP (“NSE”), a UK limited liability partnership and member firms of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”).
DME is a leading professional services organization established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities, which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.
DME provides audit and assurance, consulting, financial advisory, risk advisory and tax, and legal services through 23 offices in 15 countries with more than 7,000 partners, directors and staff.
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm sand related entity is liable only for its own acts and omissions, and not those of each other. DTTL, NSE and DME do not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 457,000 people worldwide make an impact that matters at www.deloitte.com.
The information contained in this press release is correct at the time of going to press.
To no longer receive emails, please send a return email to the sender with the word “Unsubscribe” in the subject line.
Contact:
Bassel Barakat
External Communications |PR and Media Lead
Deloitte Middle East
Email: bbarakat@deloitte.com
