ICAEW leads collaborative workshop to help UAE businesses with sustainable transition plans
ICAEW, in partnership with Accounting for Sustainability, HM King Charles III’s sustainability project, and Transition Planning Taskforce, a consultancy launched by HM Treasury in the UK, delivered a strategy workshop in Dubai during Heriot-Watt University’s Climate Hub event. Held on 5 December on the sidelines of COP28, the workshop aimed to equip UAE businesses with the knowledge and tools necessary for developing and implementing effective sustainable transition plans.
With the UN revealing how little progress has been made on meeting the Sustainable Development Goals, ICAEW called on the business community to become a voice of progress and accelerate the net zero agenda by turning their sustainability aspirations into reality.
The workshop agenda focused on transforming transition plans from static documents into dynamic, strategic tools that serve more than an organisation. To drive meaningful change, companies must also contribute to a larger societal and economic realignment. Discussions highlighted the need for businesses to adopt a comprehensive approach, embracing transformative changes that extend beyond their immediate boundaries to effect industry-wide transitions.
Emphasis was placed on the need for a unified, standardised language to facilitate clear communication throughout the net zero journey. Establishing transparent dialogues about external dependencies, cost implications, and regulatory influences were identified as key elements in building trust and fostering a conducive environment for sustainable practices.
The workshop then delved into the practical aspects of crafting robust transition plans, discussing strategies that include setting ambitious, measurable five- to10-year targets aligned with the UAE’s 2050 net zero goal, and broadening the scope to encompass industry-wide transformations.
On the implementation front, the creation of cross-functional teams, integration of sustainability into overall corporate strategy and budget, and continuous skill enhancement for team and board members were highlighted. The importance of re-evaluating internal processes and incentive structures to ensure alignment with companies’ transition objectives was also stressed.
In terms of disclosures, annual reporting on progress, updating stakeholders on new developments, and transparency about external dependencies were identified as crucial.
Hanadi Khalife, Head of Middle East, ICAEW, said: “In a landscape where the demand for ESG reporting is increasing, companies face the challenge of managing fragmented and scattered data. The collaborative efforts of finance and sustainability departments are crucial for gathering comprehensive organisational data and translating it into a format that is understood by everyone. “Chartered accountants are best placed to strategically guide organisations and clients, using consistent and coherent methodologies to help all stakeholders speak the same language. This is how trust can be built to help dispel any concerns related to greenwashing or greenhushing.”
