Page 104 - WGEO PR REPORT - November-December 2022

12/16/22, 1:53 PM Climate Change and Family Business: The Tharawat Family Business Forum and AW Rostamani Group Launch Report Addressing Clima…
“Climate Change and Family Business: Action for a Sustainable Future in the MENA”
was developed with the support of the AW Rostamani Group, knowledge partner the
Global Compact Network UAE, and 12 contributing experts and business leaders.

The report is a unique publication that explores urgent questions, such as ‘Are businesses

in the MENA aware of and taking action against climate change?’. It also highlights the
latest climate developments globally and regionally, outlines the role that family firms
play in mitigating climate risks and explores ways to implement mechanisms that will
drive corporate sustainability.

At the heart of this report are the three in-depth case studies on L’Oréal, the Chalhoub

Group and the Arrigoni Group, granting a deeper understanding of how these notable
organizations have envisioned and implemented their environmental strategies. In
addition, over 20 MENA family businesses taking decisive climate action are highlighted
as champions of change throughout the report as well as a climate action checklist to
support enterprises in implementing environmental strategies and explore opportunities.

An editor’s committee with members from five different MENA countries was
established to provide oversight and guide the further development of the report.

The report was launched during a virtual session featuring experts and family business
leaders, such as Alfredo De Massis, professor of entrepreneurship & family business -

Free University of Bolzano, IMD Business School and LUMS, Italy; Dr. Basma Al Zamil,
GM, Group HR, Zamil Group – KSA; Imad Al Fadel, managing partner, ESG Integrate –
UAE; and Samar Ibrahim, associate director, EY Parthenon, MENA. Following the
launch, the partners will host further opportunities to address core matters around climate
action and climate risk throughout 2023 and leading up to COP 28 that is slated to be held
in the UAE in 2023.

Commenting on the collaboration, Farida El Agamy, General Manager of the Tharawat
Family Business Forum, said: “The science is undeniable; climate change is transforming
our natural habitats, ecosystems, and the Earth’s biodiversity, directly affecting our lives,
businesses, and economies. In light of this global environmental crisis, family enterprises
must pivot to deal with the changing world around them. While this is a sobering
prospect, it is not one without opportunities. This report explores the way forward for
family-owned companies and outlines a clear path toward a more sustainable future.”

Dr. Amina Al Rostamani, Board Member of AW Rostamani Group, said: “In 2016, the
MENA region was declared one of the world’s most vulnerable to rising sea levels. At
the same time, though the MENA region is home to 6.3% of the global population, only
1.4% have access to renewable freshwater. Saving water and energy and eliminating
single-use plastic while recycling and reducing electronic waste are just some of the

environmental initiatives being employed at the AW Rostamani Group to confront such

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