[ad_1]
More than three-quarters (77%) of asset-intensive companies in the Middle East believe their organizations need technology to achieve their sustainability goals, making it a top requirement for these businesses overall. Other needs identified included ‘carbon tax (34%)’ and ‘policy/legal changes (also 34%)’.
These are the key findings of a new independent study commissioned by AspenTech, which surveyed the opinions of policymakers working for asset-intensive organizations in the UAE, Qatar and Saudi Arabia.
Research shows that asset-intensive companies in the Middle East look to governments, customers and shareholders to help propel them towards sustainable growth. However, while these financial and regulatory temptations and stakeholder pressures are considered important by decision makers working for these organizations, technology is the greatest help businesses can achieve their sustainability goals.
need resources
Global demand for resources and the need to significantly reduce carbon footprints are driving industry leaders to develop innovative new solutions. The findings suggest that the latest advanced technology solutions will play an important role in strategies to reduce emissions from existing assets and in the development of new ways to achieve circular and net-zero goals.
When identifying their organization’s main barriers to achieving their sustainability goals over the next five years, 50% said: “Need to meet growing demand for natural resources” and 35% cited “lack of implementation of internal sustainability strategic funding and resources”.
It is widely recognized that software solutions need to justify themselves by improving operational and financial efficiency. Furthermore, the survey shows that the latest advanced technologies are also essential to enable companies to balance rising pressure on resources with the need for sustainability (the so-called “twin challenge”).
innovation culture
63% of executives surveyed said their organization is currently building a more innovative culture focused on problem solving in response to increasing resource and sustainability pressures, while 59% said they Investment in digitization is increasing. But a shift in focus on asset-intensive businesses may be needed as that investment plays out. Sixty-five percent of respondents listed renewable energy as their organization’s top sustainability investment priority over the next five years, with 45 percent citing energy efficiency.
While the continued migration to renewable energy and the shift to more electrification is a positive future trend, asset-intensive businesses should invest now in innovative carbon capture, utilization and storage (CCUS) technologies and digital solutions to accelerate The emergence and eventual success of the hydrogen economy.
Accomplishing all of this is critical to meeting the twin challenges and increasing efficiency and achieving the Sustainable Development Goals. — trade arab news agency
[ad_2]
Source link