KPMG: Gulf businesses at high risk

By Rob Starr, Content Manager, Big4.com

In a keynote address at today’s WBCSD/ICC Global Business Day event at COP18, Doha, KPMG warned businesses in the Gulf region they face a perfect storm of climate-related risks and should be on red alert.

Calling it a “wake-up call” to businesses unaware of or not responding to the significant shifts happening in the region, Yvo de Boer, KPMG’s Special Global Advisor on Climate Change and Sustainability said KPMG found that just 11 percent of the 75 largest companies in the GGC have a sustainability strategy, policy or vision compared to 95 percent in Europe and 85 percent in America. Per capita energy consumption in the region is already high with UAE, Qatar and Kuwait among highest in the world, and predicted to double between 2008 and 2020.

Launching a KPMG International study into the unique business risks facing the GCC region entitled, Future-proofing business in the GCC – Opportunities for Sustainable Growth, de Boer said: “Maintaining business as usual is not an option if GCC goods are to remain competitive and the region’s companies are to represent attractive opportunities for global investors and business partners alike.”

Mr de Boer said he was pleased with the proactive response from GCC governments on managing energy and water demand as well as new policies on renewable energy and green building codes. He further called for both government and business action to make the region a global model for water efficient processes through its innovation on solar powered desalination plants and the development of sustainable cities.