Wednesday 29 March 2023

Yasir Ahmad

EY launches Mena’s first Climate Change Readiness Index

DUBAI, January 25, 2023

EY has launched its Middle East and North Africa (Mena) Climate Change Readiness Index (CCRI), a pioneering tool designed to help countries in the region assess and improve their resilience to the impacts of climate change. 
The Index measures the readiness of the six members of the GCC as well as Egypt and Jordan across several areas such as the effectiveness of their adaptation and mitigation strategies and their ability to finance and implement these strategies. 
It provides scorecards that can assist governments, investors, and citizens in tracking the performance of the included countries compared to global benchmarks on 37 quantitative and qualitative indicators of climate change readiness. 
Comprehensive overview
The Index also offers a comprehensive overview of the regional and global context in which these countries operate, including the economic, political, and social factors that can influence their outcomes.
The EY Mena CCRI highlights the UAE’s remarkable efforts in combating climate change, including pursuing a pathway to net zero emissions by 2050 as the first country in the region. It also ranks the nation highly on indicators such as government policy, societal and private sector readiness, policy landscape and achievements. 
Prior to that in 2013, the UAE opened a $600 million concentrated solar power (CSP) plant, Masdar, to utilise the sun rays to increase energy generation. The Index also highlights the UAE’s dedication towards making a change and ensuring they have the human capital with scientific understanding to continue the momentum.
Yasir Ahmad, EY Mena Climate Change and Sustainability Services Leader, says: "Climate change is a global challenge and addressing it requires collective action. To support these efforts, we are delighted to launch the Mena region’s first Climate Change Readiness Index that will serve as a valuable tool for governments, businesses, and civil society organisations as they work to evaluate and enhance their readiness to tackle environmental challenges and impacts. The index is designed to be flexible, responsive, and personalised, allowing countries to monitor their progress over time and identify areas for improvement."
The CCRI is based on two pillars:
Adaptation: Adjustments made in response to existing climate change impacts; for example, building environments that are flood-resistant or can withstand higher temperatures.
Mitigation: Steps taken to curb future emissions; for example, reducing energy consumption and adopting renewables.
Mena region reduces per capita emissions
The CCRI shows that almost all participating countries have substantially reduced their per capita emissions from 2015 levels as they continue to fulfill their ambitions to diversify their economies away from fossil fuels through large capital investment. The carbon capture and renewables revolution has complemented this trend, with nearly every country in the region introducing a long-term net-zero strategy. 
Richard Paton, EY-Parthenon Mena Leader, says: “The Mena region is already a global leader in carbon capture utilisation and storage (CCUS) and planning for the future of circular economies. Together, with the leadership the region is taking in Energy Transition, the use of renewables, and development of hydrogen, Mena is on track to become a forerunner in the development of a low carbon economy.”
The index is based on a robust and transparent methodology, developed using data from reliable, validated international sources, such as those compiled by the UN system, the World Bank (WB), the International Monetary Fund (IMF) and other data aggregators, to ensure a uniform methodology and data collection process.
EY is committed to working with governments, businesses, and civil society organisations in the Mena region to support the transition to a more sustainable and resilient future. The launch of the Mena CCRI marks an important milestone on this journey that will help to drive the necessary action and collaboration.-- TradeArabia News Service


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