Collective action surrounding climate change in the Middle East has gained significant momentum following COP28, as regional leaders, businesses, and communities increasingly prioritize sustainability. This growing commitment to climate action reflects a broader shift toward addressing environmental challenges through collective responsibility and regional cooperation. According to a 2024 report from PwC, 80% of participant companies in the Middle East now have a formal sustainability strategy in place.

In the banking sector, the First Abu Dhabi Bank facilitated $21.2 billion in sustainable and transition projects in the first half of 2024. As of 2023, QNB Group made $3.5 billion available in green loans and was a key coordinator in Qatar’s first $2.5 billion green bond issuance in May 2024. Emirates NBD has facilitated over $20.4 billion in green, social, and sustainability-linked transactions since 2021, and Mashreq plans to facilitate $30 billion in sustainable financing by 2030. Saudi Awwal Bank aims to increase its sustainable financing and investments to $9 billion by 2025.

In the renewable energy domain, in July 2024 Saudi Arabia’s Public Investment Fund signed three joint ventures to localize renewable energy. Meanwhile, ACWA Power is leading the development of 70% of Saudi Arabia’s renewable projects, under PIF’s renewables program.
Abu Dhabi’s EWEC plans to provide 60% of the emirate’s total power demand from renewable and clean energy sources by 2035. In March 2024, Masdar acquired a 50% stake in the U.S. renewables power producer Terra-Gen.

In our second list of the Middle East’s Sustainability Leaders, we present 107 leaders across 12 sectors, and 105 companies involved in moving the region closer to achieving its sustainable agenda. The U.A.E. is home to 54 entries, followed by Saudi Arabia with 20, Egypt with 10, Qatar with eight, Bahrain and Kuwait with five each, and Oman with three.