Launch: Climate Change and Family Business Report
Climate Change and Family Business: The Tharawat Family Business Forum and AW Rostamani Group launch report addressing climate action for family enterprises
The Tharawat Family Business Forum, in collaboration with the AW Rostamani Group and knowledge partner Global Compact Network UAE, launched a report outlining climate risks and action for family businesses in the MENA and featuring case studies across Chalhoub Group, L’Oréal and the Arrigoni Group.
On 6th December 2022, the Tharawat Family Business Forum launched a first-of-its-kind report to address the realities of climate change and environmental sustainability in the MENA and explore the role family-owned companies will play in building a more sustainable future. The report “Climate Change and Family Business: Action for a Sustainable Future in the MENA” was developed with the support of the AW Rostamani Group, knowledge partner the Global Compact Network UAE, and 12 contributing experts and business leaders.
The report is a unique publication that explores urgent questions, such as ‘Are businesses in the MENA aware of and taking action against climate change?’. It also highlights the latest climate developments globally and regionally, outlines the role that family firms play in mitigating climate risks and explores ways to implement mechanisms that will drive corporate sustainability.
At the heart of this report are the three in-depth case studies on L’Oréal, the Chalhoub Group and the Arrigoni Group, granting a deeper understanding of how these notable organizations have envisioned and implemented their environmental strategies. In addition, over 20 MENA family businesses taking decisive climate action are highlighted as champions of change throughout the report as well as a climate action checklist to support enterprises in implementing environmental strategies and explore opportunities.
An editor’s committee with members from five different MENA countries was established to provide oversight and guide the further development of the report.
The report was launched during a virtual session featuring experts and family business leaders, such as Alfredo De Massis, professor of entrepreneurship & family business – Free University of Bolzano, IMD Business School and LUMS, Italy; Dr. Basma Al Zamil, GM, Group HR, Zamil Group – KSA; Imad Al Fadel, managing partner, ESG Integrate – UAE; and Samar Ibrahim, associate director, EY Parthenon, MENA. Following the launch, the partners will host further opportunities to address core matters around climate action and climate risk throughout 2023 and leading up to COP 28 that is slated to be held in the UAE in 2023.
Commenting on the collaboration, Farida El Agamy, General Manager of the Tharawat Family Business Forum, said: “The science is undeniable; climate change is transforming our natural habitats, ecosystems, and the Earth’s biodiversity, directly affecting our lives, businesses, and economies. In light of this global environmental crisis, family enterprises must pivot to deal with the changing world around them. While this is a sobering prospect, it is not one without opportunities. This report explores the way forward for family-owned companies and outlines a clear path toward a more sustainable future.”
Dr. Amina Al Rostamani, Board Member of AW Rostamani Group, said: “In 2016, the MENA region was declared one of the world’s most vulnerable to rising sea levels. At the same time, though the MENA region is home to 6.3% of the global population, only 1.4% have access to renewable freshwater. Saving water and energy and eliminating single-use plastic while recycling and reducing electronic waste are just some of the environmental initiatives being employed at the AW Rostamani Group to confront such issues. With resources to help support family businesses identify environmental solutions to benefit them, their employees, their communities and the planet, this report represents a critical piece of the climate change puzzle.”
Eng. Waleed Salman, Chairman, Global Compact Network UAE, hosted by the World Green Economy Organization, said: “Ahead of Net-Zero Initiatives launched in several countries regionally and in the lead up to COP 28, climate ambition is key to engaging with the private sector to support the climate agenda regionally and globally, representing a fantastic opportunity for our participating organizations to become regional and international leaders at the forefront of the climate movement. I invite all organizations, regardless of their level of engagement with climate action, to take steps towards decarbonization.”
For a full copy* of the report, kindly visit: https://tharawat.org/climate-change-family-business-report/
*Arabic edition coming soon.
About AW Rostamani
AW Rostamani Group (AWR), founded in 1954 in Dubai, UAE, is one of the Middle East’s leading and most reputable conglomerates, with 4,000 employees, a turnover of over $2 billion, and a presence in the UAE, India and the United Kingdom. Its subsidiaries work across a diverse range of sectors including automotive, real estate, retail, lighting solutions, travel and logistics. Arabian Automobiles, an internationally renowned business of AWR, is the exclusive distributor of Nissan, Infiniti, and Renault across Dubai and the Northern Emirates. AWR continues to enrich customer’s lives through the introduction of innovative and sustainable products, services and solutions into the marketplace.
About Tharawat Family Business Forum
The Tharawat Family Business Forum is an independent, membership network dedicated to the sustainability, innovation, and growth of MENA family businesses. The organisation was founded in 2006 by leading family-owned companies from across the Middle East, who shared a vision to build a strong peer community and platform for family businesses. Today, Tharawat plays an instrumental role in developing knowledge and expertise around family businesses in the region and beyond.
About the Global Compact Network UAE
The Global Compact Network UAE (GCN UAE) is the official Local Chapter of the UN Global Compact (UNGC), largest corporate sustainability initiative around the World. Hosted by the World Green Economy Organization (WGEO), the GCN UAE adopts a localized approach to drive private sector engagement with the Ten Principles of responsible conduct and the 17 Sustainable Development Goals (SDGs) by providing opportunities for capacity building, learning, knowledge sharing, policy dialogue, and multi-stakeholder partnerships.
© 2022 Tharawat Family Business Forum
For questions about the project, contact us at [email protected].