Reimagining our Region - December Issue

A round-up of our latest news, insights, and industry reports on hot topics from the region.

#PwCatCOP28

Last week was everything we hoped for at COP28 UAE ! For the second time in a row this conference was held in the Middle East and this year, Dubai’s Expo site was repurposed to help the attendees get the most out of their experience and their sustainability journey! 

Our COP28 Ambassadors, team, and Global and Middle East leaders were on the ground at COP and our Dubai Experience Centre. Our week was full of panels, sessions, and events that revolved around the biggest challenges we are facing with climate change and how we can tackle them, especially in our region. 

The combination of the voices of our youth and leaders reminded us that we can’t do it alone; we need to all come together and offer listening ears and open minds to help solve this global issue. COP is still going strong, stay tuned for our coverage on the ground on all our social media platforms.

Future50

Twelve months ago we set ourselves a mission. To find innovators who are building technology that will reduce emissions and accelerate decarbonisation - right here in the Middle East.

During COP27 we kicked off our PwC Net Zero Future50 initiative as a call for nominations to regional climate tech innovators, to provide them a platform for growth and to showcase their capabilities within climate technology.

The response was phenomenal. More than 500 businesses operating across the region came forward - and now, after a year of assessments, interviews, and choosing finalists, we have chosen our ‘Future50’. We launched our report a few days ahead of COP28 highlighting the 50 innovators we feel are pioneering advanced technologies to make a significant impact in decarbonisation in the region. 

Meet our 50 innovators, and explore PwC Net Zero Future50 - Middle East report. Here’s to a sustainable future for all!

Accelerating renewable energy investment in West Africa - a whitepaper in collaboration with Masdar

During Abu Dhabi Finance Week, we partnered with Masdar (Abu Dhabi Future Energy Company) to launch the latest whitepaper on ‘‘Accelerating renewable energy investment in West Africa’. This report highlights the renewable energy potential of the region and the necessary reforms to increase private sector investment. 

Did you know that by 2030, emerging markets and developing economies will need more than seven times the current level of annual investment in renewable energy to reach a global net-zero greenhouse gas emissions target in 2050 and meet energy needs?

West Africa has a potential renewable energy capacity of 2,000 Gigawatts (GW), which could meet the basic energy needs of its population. Yet, according to a 2023 World Bank report, the region currently has one of the lowest electrification rates, with 220 million people living without access to power, coupled with some of the highest electricity costs in sub-Saharan Africa. 

For investors, this amounts to a paradox: West Africa should be an obvious candidate for renewable energy investment, yet local and international market conditions have effectively made the renewable energy sector close to ‘unbankable’.

Read more from this collaboration here

Sustainability in the built environment: Seizing the Middle East’s US$2 trillion opportunity

We’re proud to collaborate with Dar/ Sidara on the release of our latest report ‘ Sustainability in the built environment’ which explores the massive construction boom in the MENA region, and the growth of cities and buildings across the region. Across the MENA region, primarily in Gulf Cooperation Council (GCC) countries, plans are coming together to invest US$2 trillion in construction projects by 2035.

At a time when governments across the Middle East have made ambitious commitments to reduce emissions and develop more sustainable sources of energy, the construction boom thus offers an extraordinary opportunity for the region to become a pioneer in the development and use of sustainable technologies and techniques for the built environment.

Driving innovation in this space could significantly contribute to the region’s efforts to reach net-zero emissions of greenhouse gases (GHGs): We estimate that the reduction in life-cycle emissions for urban development could contribute more than half of the total emissions reduction efforts required.

Explore here

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