DSFWG Introduces New Tool to Measure Companies' ESG Maturity
The Dubai Sustainable Finance Working Group (DSFWG), established in 2019 by Dubai International Financial Centre (DIFC), has announced the introduction of a self-assessment tool formeasuring the maturity of ESG policies and practices in companies.
This is in-line with the group's efforts to raise awareness and encourage the adoption of sustainability in the UAE.
The tool was also developed in-line with the principles of the United Nations’ Sustainable Development Goals (SDGs) and the standards of the Global Reporting Initiative, which is the organisation that helps businesses and other organisations take responsibility for their impacts.
The tool has been designed using expertise from reputed entities such as Aramex, ENOC, DIFC, DFM, Dubai Islamic Bank and members of the DSFWG.
Companies will be able to assess organisational progress against SDGs and keep up with the best ESG practices in-line with globalstandards.
Completing the assessment will benchmark companies against five levels of maturity and help them have strategic conversations around how to increase their maturity in relation to ESG principle and practices in their organisations to achieve excellence status over time.
Christian Kunz, Chair of Dubai Sustainable Finance Working Group and Vice President of Strategy at DIFC, said: “The DSFWG encourages financial companies and businesses of other industries in the UAE to develop business plans in line with United Nations and UAE Sustainability Goals.
"Our new, easy to use tool for measuring ESG maturity will help companies accelerate their sustainability journey creating impact for their investors, customers, employees and the environment, and aligns perfectly with DIFC’s commitment to driving the future of finance in the region.”
While Dr. Dena Assaf, United Nations Resident Coordinator for the UAE, said: “The UAE commitment to implementing the SDGs on a national scale is reflected in the ESG Maturity Tool, which has been developed in the UAE by the DSFWG members to support businesses in adopting ESG standards.
Raji Hattar, Co-Chair of DSFWG and Chief Sustainability and Compliance Officer at Aramex, said: “As the ESG landscape continues its rapid evolution, it has become critical for businesses to have strong environmental, social and governance practices that are in-line with global best standards.
"The main goal behind developing the ESG Maturity Tool is to offer a tool that could help companies build a clear and realistic roadmap to reach their sustainability ambitions.
"By following a framework that is in-line with internationally recognised standards, companies can reinforce the credibility, comparability and scalability of their sustainability initiatives, as well as strengthen and increase the trust of their stakeholders.
"The development of the ESG Maturity Tool is aligned with our national commitment and international sustainability visions and strategies, including the UAE Net Zero by 2050 strategic initiative and the UN Sustainable Development Goals.”
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