On Wednesday 17th April in the vibrant setting of Abu Dhabi National Exhibition Centre, the World Future Energy Summit gathered a distinguished panel to dissect and elevate the standards of Environmental, Social, and Governance (ESG) data dilemma for compliance.
The panel looked at ways to improve the transparency, accuracy, reliability, and completeness of Environmental, Social, and Governance (ESG) data within the Middle East.
The session, expertly moderated by Dr. Jelena Janjusevic of Heriot-Watt University Dubai, brought together an eclectic group of leaders:
- Wassim Merheby, CEO & Co-Founder, Verofax
- Anne Marie Thodsen, Managing Director, The Umbrella Institute
- Vash Singh, Sustainability Director, KEO Sustainability + Environment
- Lisa Knudsen, Vice President & Head of ESG, RAKBank
- Anna Jakobsen, EMEA Leader – Sustainability & Commercial Advisory, GHD
Their diverse backgrounds promised a comprehensive exploration of ESG challenges and innovations across various sectors.
The panelists discussed obstacles in achieving high-quality ESG reporting, highlighting regional challenges, the necessity for cross-sector transparency, and the integration of consistent reporting standards.
Wassim Merheby emphasized the role of technology, notably MRV systems for Carbon Compliance, in enhancing the accuracy and reliability of ESG data.
“Digital MRV is set to revolutionize industry emission compliance! Traditional approaches for measuring, reporting, and verifying emission reductions are often expensive and inefficient, heavily dependent on manual procedures.
Integrating digital technologies, MRV processes can be significantly optimized by automating data collection, processing, and quality reporting for seamless verification.
the adoption of innovative tools such as smart sensors, satellites, drones, cloud computing, artificial intelligence, and blockchain encryption to facilitate this transformation.
MRV system advancement aids industries in lowering both the costs and the time and business risk associated with Carbon Tax.
Lisa Knudsen and Anna Jakobsen shared insights into the incorporation of ESG data into strategic frameworks, stressing the importance of adapting global standards to regional realities. This session underscored the critical role of aligning ESG strategies with business objectives to foster sustainable growth.
In anticipating future ESG trends, the panelists discussed the strategic importance of staying ahead of regulatory curves and investor expectations.
Wassim Merheby’s projection on the integration of blockchain technology for traceability highlighted a key role in ESG reporting.
A significant takeaway was the potential of blockchain technology in enhancing ESG transparency, particularly in verifying compliance and increasing market access to ESG-sensitive regions like Europe.
This innovative approach promises to revolutionize ESG compliance, offering greater integrity and traceability in data management.
Leaders and organizations must view ESG compliance as an opportunity to innovate and differentiate themselves in a competitive market. By leveraging technologies like blockchain and embracing collaborative approaches, businesses can achieve not only compliance but also lead in sustainability and social responsibility.
The World Future Energy Summit’s panel on ESG data quality not only highlighted the current landscape but also charted a course for future strategic initiatives. Businesses are encouraged to adopt advanced technologies and foster collaborative relationships to enhance their ESG frameworks. As illustrated by the discussions, proactive adaptation to ESG standards is not just a regulatory compliance issue but a strategic imperative that enhances corporate reputation and investor appeal.
The insights from the summit serve as a guide for those committed to making a meaningful impact on global sustainability practices.
About Verofax MRV Solution for Carbon Tax Compliance
Verofax is an award-winning MRV technology provider that specializes in GHG emission reporting and Validation. Verofax technology is validated by Microsoft, received awards from Emirates Global Aluminum and Top 50 future tech Companies by PwC Middle East.
Verofax MRV system significantly enhances system accuracy by preventing double counting and ensuring data precision and security by applying blockchain, artificial intelligence, Internet of things, computer vision and IoT sensors across the supply chain,
Verofax patented smart solutions are available across multiple cloud environments for seamless integration with over 130 ERP to boost business growth by enabling clients to trace, measure, mitigate, and offset GHG emissions in compliance with international laws and standards.
Verofax’s MRV solution enables industries to reap the benefits of their sustainability efforts and generate a profitable return on investment, allowing frictionless Measurement, Reporting and Verification (MRV) of enterprises’ inventories lifecycle with real-time data on the immutable ledger and intelligent dashboard for seamless compliance with evolving regulated markets, obtaining sustainability certification, and ensuring transparency, auditability, and trust for authorities, enterprises, customs and buyers alike.
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