Sustainable business policies could unlock as much as $637 billion in economic value for firms in the Middle East and North Africa (MENA), a new study has claimed.
According to Better Business, Better World Mena, part of a series of reports first published in January this year, such policies could create as many as 12.4 million jobs by 2030.
Published by the World Economic Forum’s Business & Sustainable Development Commission, the majority of economic benefit will be achieved in the energy and materials sector with $229 billion.
This would be followed by cities with $183 billion, health and well-being with $133 billion and food and agriculture by $92 billion, the study said.
“There remains a long road for the region as a whole to become inclusive and sustainable,” said Mark Malloch-Brown, chair of the Business and Sustainable Development Commission.
The best opportunities for unlocking value from the four sectors identified by the report are improved energy efficiency in buildings ($52 billion) followed by affordable housing ($50 billion).
This was followed by circular models in the automotive industry ($37 billion), resource recovery ($33 billion), and risk pooling in healthcare ($31 billion).