Manama: Sustainability Forum Middle East (SFME), a regional platform dedicated to driving net-zero and nature-positive solutions, in collaboration with Boston Consulting Group (BCG), will host a high-level roundtable on “MENA’s Economic Transition – Seizing Green Opportunities for Growth and Human Capital Development”. The event will take place on October 9, 2024, in the Kingdom of Bahrain and is part of the Forum’s “Decarbonisation Roundtable Series”, which convenes business leaders and climate and sustainability experts around the region to address issues critical to MENA’s transition to a low-carbon future.

The roundtable will explore the region’s potential to achieve ambitious climate targets while securing a successful economic transition that unlocks significant growth and opportunity. The session will focus on the role of decarbonization in driving economic diversification, job creation, and the development of human capital, as regional economies work towards their 2050/2060 net-zero targets.

According to a recent study released by the International Labour Organisation and Islamic Development Bank, the MENA region could create 10 million new jobs by 2050 through decarbonization and green industrial growth and accelerate GDP to 7.2 percent and employment to 5.3 percent in less than three decades.

Experts will discuss the vision and actions needed to realise such potential including the kinds of diversification, industrial and climate-related policies, and incentives that need to be created. They will address underlying factors that can support’s MENA’s transition and enable its economies to emerge even stronger as they decarbonise. Among these are a young, educated and tech-savvy labour force, the ability to emerge as leaders in renewable energy, with the abundance of solar, wind, and land resources, as well as comprehensive plans in many MENA countries, through various national visions and strategies, that are aggressively promoting diversification and green industry. 

Essential to harnessing growth will also be significant investments by governments and the private sector into human capital development with an emphasis on training the workforce in new sectors and technologies, as well as ensuring the effective transition and upskilling of workers in legacy industries for jobs in a green economy.

The event will kick off with a fireside chat with Group CEO of Bank ABC, Sael Al Waary, who will highlight key growth sectors and financing needs. This will be followed by a panel discussion featuring public and private sector experts from leading organisation including Mr. Alexander van Veldhoven, Group Chief Strategy Officer of Bapco Energies, Mr. Amin Sultan, Chief Power Officer of Alba, Mr. Dilip George, Group CEO of Foulath Holding, Mr. Ian McCallum, Group Chief Sustainability Officer of Bank ABC, and Ms. Zeeba Askar, Chief Investment & Sustainability Officer of Infracorp. The session will be moderated by Mr. Pablo Avogadri, Partner and Director, Energy, at BCG.

Commenting on the event, Giuseppe Bonaccorsi, Managing Director and Partner at BCG, emphasizes the pivotal role of sustainability in the Middle East's economic future:

"The Middle East, particularly Bahrain, is uniquely positioned to achieve ambitious climate targets while driving economic growth. Decarbonization not only fuels diversification and job creation but also accelerates the development of innovation ecosystems in GCC countries in line with net-zero goals. This, in turn, enhances talent attraction and upskilling, which are critical for building a circular and nature-positive economy. Collaborative efforts like the Sustainability Forum Middle East roundtable, which we are proud to play an active role in, are key to addressing the challenges and seizing the opportunities of the net-zero transition."

Adding, Ms. Laila Danesh, Managing Director of FinMark Communications, the Forum’s founder and organizer, said, "We are pleased to partner with BCG to bring together leading voices from across the region to discuss the strategies and investments necessary to fully maximise opportunities for economic growth and development that exist as the MENA region moves towards carbon neutrality.  The roundtable will provide a platform for experts to explore the innovative policies and collaborations that currently exist and those required to support the MENA region’s transition, with a focus on key actions and investments to harness and drive growth."

Supporting the Forum and its annual calendar of activities are Lead Partners: Bank ABC and Infracorp, Strategic Partners: Tamkeen, Bapco Energies, and Standard Chartered Bank, Forum Partners: APM Terminals Bahrain, Arab Shipbuilding and Repair Yard, Zu’bi & Partners, Bahrain Ship Repairing and Engineering Company and American Chamber of Commerce, Bahrain, Official Carrier: Gulf Air Group, and Media Partners: Asharq Business with Bloomberg, BFT and OGN.