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Rise in Climate Litigation Against Companies, Report Finds

by Madaline Dunn
written by Madaline Dunn

At least 230 new climate cases were filed in 2023, with climate litigation against companies on the rise, according to a new report. The paper, produced by the Grantham Research Institute in partnership with the Sabin Center for Climate Change Law, found that the number of cases concerning ‘climate-washing’ has grown in recent years, with cases increasingly seeking to hold governments and companies accountable for climate action, or lack thereof.

In fact, 47 cases on ‘climate-washing’ were filed in 2023, bringing the recorded total to more than 140, with more than 70 per cent of completed cases decided in favour of the claimants.

Alongside ‘climate-washing’ cases, ‘polluter pays’ cases accounted for more than 30 cases, with six new ‘turning off the taps’ cases—cases that challenge the flow of finance to projects not climate-aligned—also brought forward in 2023.

The ‘Global trends in climate change litigation: 2024 snapshot’ report noted that while the US remains the country with the highest number of documented cases (1,745), climate cases are spreading to more countries, with litigation in 55 countries.

Last year, the UK followed behind the US with 24 cases, with 10 in Brazil and seven in Germany. Last year also saw cases filed in Panama and Portugal for the first time.

Cases are also increasingly emerging in the Global South, it outlined, with more than 200 climate cases recorded in the databases.

The report found that companies from many sectors are now at risk of climate litigation. Indeed, while cases against companies have traditionally been focused on the fossil fuel sector, they are now being launched across other sectors, including airlines, the food and beverage industry, e-commerce and financial services, the report notes.

Moreover, since the ratification of the Paris Agreement, around 230 strategic climate-aligned lawsuits have been initiated against companies and trade associations. More than two-thirds of these cases have emerged in the last four years.

The report also outlined that although the number of cases expanded “less rapidly” last year than previously, this could be down to suggest a consolidation and concentration of strategic litigation efforts in areas anticipated to have a high impact.

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IntelligenceSpecial Reports

2024 Global Startup Ecosystem Report (GSER)

by Madaline Dunn
written by Madaline Dunn

The Global Startup Ecosystem Report 2024 (GSER 2024) from Startup Genome and the Global Entrepreneurship Network has been published, providing a comprehensive analysis of the current state of startup ecosystems worldwide.

Now in its 12th year, the report is based on research and analysis of data from 4.5 million startups across 300 global ecosystems.

Globally, the report found that Series A funding in 2023 was down 46 per cent from the previous year, and the value of large exits ($50M+) fell 47 per cent over the same period.

However, Q1 2024 has a projected higher Series A funding amount and deal count than Q4 2023.

The number of new unicorns in 2023 was also down 58 per cent from 2022 and 87 per cent from the 2021 peak.

Further, in 2023, more than half of new unicorns were in the GenAI and Deep Tech sub-sectors, a higher rate than in 2021.

Meanwhile, late-stage Cleantech startups raised 2.5x more funding in H2 2023 than in H1 2020.

The report also found that the top ecosystems have maintained their same 2020 positions. Silicon Valley remains at the top, followed by New York City and London, which are tied for second place.

Tel Aviv moved up one place, tied with Los Angeles in fourth place.

Regionally in the MENA ecosystem, Dubai came in below Tel Aviv for the highest ecosystem value, followed by Riyadh and Cairo, with Abu Dhabi in fifth place.

However, Abu Dhabi was found to be the fastest-growing emerging ecosystem in the MENA, with a 28 per cent growth in ecosystem value.

Read the full report here.

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IntelligencePolicy & FinanceSpecial Reports

Proofpoint research: GCC banks implement DMARC protection

by Madaline Dunn
written by Madaline Dunn

Research from Proofpoint, a cyber security and compliance company, recently analysed the level of adoption of DMARC (Domain-based Message Authentication, Reporting and Conformance) by banks across the UAE, KSA, Oman, Qatar, Bahrain, and Kuwait to evaluate their email fraud prevention preparedness.

Proofpoint explained that DMARC is an email validation protocol designed to protect domain names from misuse by cybercriminals.

It works by authenticating the sender’s identity before allowing the message to reach its intended designation.

The strictest and recommended level of DMARC protection is ‘Reject,’ which is the setting and policy that proactively blocks fraudulent emails from reaching their intended target.

The company’s analysis found that in 2024, 96 per cent of GCC banks have published a DMARC record (Domain-based Message Authentication, Reporting & Conformance).

This is up from 94 per cent last year, but still means just 4 per cent are taking no steps to protect against misuse of their domain in email fraud.

Further, the report also revealed that 71 per cent of GCC banks have implemented the strictest and recommended level of DMARC protection (‘reject’), up from 67 per cent last year.

This means 29 per cent are still not proactively protecting customers against email impersonation and fraud.

The company noted that with the rapid digitalisation of the GCC banking sector, it is essential for banks to prioritise cybersecurity measures to safeguard against potential cyber threats.

Domain spoofing is regularly used by cybercriminals to pose as well-known organisations and companies by sending an email from a supposedly legitimate sender address.

Further, it can be almost impossible for an ordinary Internet user to identify a fake sender from a real one.

Proofpoint explained that while user awareness and education play a key role in hardening the human-centric security layer, technical controls such as DMARC are extremely important in protecting organisations against email-based attacks and fraud.

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EnvironmentIntelligenceJobsSpecial Reports

Climate Governance Initiative & Kantar: How can we advance climate action on boards?

by Madaline Dunn
written by Madaline Dunn

A new report titled, How can we advance climate action on boards?, from the non-profit Climate Governance Initiative, produced in collaboration with Kantar, presents the findings from a recent Global Impact Study. The report includes 29 one-to-one interviews and responses from 440 chairs and non-executive and independent directors across approximately 20 countries.

It notes that directors have a singularly influential role in how businesses respond to the climate challenge. As such, understanding their view on how the issue is being progressed in boardrooms around the world is crucial to learning how best to support them to accelerate the pace of change, it said.

Interestingly, the report found that 90 per cent of board directors believe it is the board’s responsibility to influence organisations’ direction on climate action, and 93 per cent believe the board is able to do so.

Further, 84 per cent are either somewhat or highly engaged with climate, and 86 per cent see climate change as a business opportunity.

However, the report also found that this isn’t necessarily translating into action. Just 40 per cent of boards are currently doing some kind of climate-related reporting and 56 per cent of board directors have no plans to publish a transition plan.

According to the report, the biggest barrier to action for board directors is a lack of prioritisation, driven by a focus on short-term thinking, followed by sustainability knowledge gaps.

Read the full report here.

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IntelligenceLatest News

Kaspersky: Over half of devices infected with data-stealing malware are corporate

by Madaline Dunn
written by Madaline Dunn

Kaspersky Digital Footprint Intelligence research has revealed that corporate devices are facing a growing threat from info-stealers. 

In fact, data extracted from data-stealing malware log files available on the dark web shows that the share of corporate users compromised with such malware has increased by 34 percentage points since 2020.

In 2023, experts concluded that every second device (53 per cent) infected with credential-stealing malware was corporate, based on data indicating that the biggest share of info-stealer infections was found in the Windows 10 Enterprise version. 

Further, 21 per cent of employees whose devices were infected ran the offending malware repeatedly. 

Noting the dangers associated with malware, Kaspersky explained that after infecting a single device, cybercriminals can gain access to all accounts – both personal and corporate. 

One log file contains credentials with a corporate email as a login to an average of 1.85 corporate web applications, including webmail applications, customer data processing systems, internal portals, and more, it shared. 

Sergey Shcherbel, an expert at Kaspersky Digital Footprint Intelligence, commented: “We were curious to know if corporate users re-open malware, thereby allowing cybercriminals to again access data collected from a previously infected device without needing to infect it again.”

Shcherbel explained that to investigate this, the team examined a sample of log-files containing data likely related to 50 banking organisations across various regions. 

“We found 21% of employees reopened the malware again, and 35% of these reinfections occurred more than three days after the initial infection. This may indicate several underlying issues, including insufficient employee awareness, ineffective incident detection and response measures, a belief that changing the password is sufficient if the account has been compromised, and a reluctance to investigate the incident,” said Shcherbel.

In order to minimise the impact of a data leak caused by info-stealer activity, Kaspersky made a number of recommendations:

  • Change passwords for compromised accounts immediately and monitor them for suspicious activity;
  • Advise potentially infected users to run antivirus scans on all devices and remove any malware;
  • Monitor dark web markets for compromised accounts to detect compromised accounts before they affect the cybersecurity of customers or employees;
  • Utilise Kaspersky Digital Footprint Intelligence to detect potential threats and take prompt action.
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FinanceIntelligenceSpecial Reports

PwC: Middle East Economy Watch

by Madaline Dunn
written by Madaline Dunn

The latest PwC Middle East Economy Watch, which assesses the current economic landscape across the Middle East, has found that the regional economy remains resilient despite challenges from oil cuts and geopolitical turbulence. 

The report explored three key themes: Oil output cuts and non-oil sector resilience, trade corridors and green financing. 

PwC noted that OPEC+ members have agreed to extend production cuts into the second quarter of this year, recognising slower growth in demand for oil, alongside the risk of increasing supply from non-OPEC+ countries. 

The production cuts mean that the oil sector will likely contract in 2024 compared to last year. 

Saudi Arabia, it shared, has also paused its plans to increase oil production capacity given supply/demand dynamics. 

However, this move will free up capital for investment in alternative energy projects, including gas and renewable energy sources, it said.

Qatar was noted for its expansion plans for its liquefied natural gas (LNG) capabilities, particularly with the introduction of the North Field West project. 

On trade corridors, the report noted that the disruption to Red Sea trade has revived discussions around the need for alternative trade corridors. 

Here, it highlighted the two major trade routes proposed in recent years: India-Middle East-Europe Economic Corridor (IMEC) and Iraq’s Development Road, with both having their challenges and advantages. 

Progress on either initiative is unlikely until the current conflict is resolved, it said. 

On green financing, growing momentum was highlighted, following COP28 and the introduction of green finance frameworks in the region.

In 2023, for example, the issuance of green bonds and sukuk in the Middle East doubled to $24bn, led by the UAE and Saudi Arabia. 

It shared that this momentum continues in 2024, with Oman publishing a Sustainable Finance Framework, and Qatar’s finance minister announcing at Davos that its debut green bond would be coming soon. 

Saudi Arabia is also considering a sovereign green issuance, in addition to the large sums raised by the PIF, it noted. 

Read the full report here.

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IntelligenceSpecial Reports

Pulse of Internal Audit Survey Report UAE

by Madaline Dunn
written by Madaline Dunn

The recently released Pulse of Internal Audit Survey Report UAE—2024 from Protiviti Member Firm for the Middle East Region and the UAE Internal Auditors Association (UAE IAA) explores how Internal Audit (IA) functions across the UAE are navigating a rapidly evolving business landscape marked by technological disruptions, sustainability imperatives, and heightened risk complexities.

According to the survey, 92 per cent of respondents recognise the value addition of Internal Audit through assurance, consulting activities, and promoting a robust governance culture within their organisations. 

The survey results also emphasize the urgent need for IA functions to bolster digital transformation and automation efforts. 

Although 76 per cent of respondents indicated Audit Committee backing for proactive innovation within IA, 47 per cent identified themselves as digital sceptics or beginners, which the report said underscores a notable deficit in digital maturity.

Another key insight from the survey is the gap between the growing emphasis on technology risks and the absence of specialised IT audit skills within organisations. 

Thirty-eight per cent of respondents indicated that 25-50 per cent of their audit plan addresses technology risks, but 52 per cent of organisations lack personnel equipped with essential IT and cybersecurity expertise within their Internal Audit function. 

On the sustainability front, Environmental, Social, and Governance (ESG) reporting is gaining traction, it was shared. 

However, while 44 per cent of IA functions play a significant role in assuring ESG reporting and associated risks, 65 per cent of respondents face challenges due to expertise gaps and a lack of relevant data. 

The report said this highlighted the necessity for organisations to invest in nurturing ESG competencies within their Internal Audit teams and establishing effective data collection mechanisms.

Further, while most organisations (71 per cent) have formal processes in place to identify and prioritise top risks, 82 per cent acknowledged the presence of unanticipated risks that require continuous management attention throughout the year. 

The full “Pulse of Internal Audit Survey Report UAE – 2024” can be found here.

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EnvironmentIntelligenceOpinion

The Chief Procurement Officer’s top five priorities for 2024 and beyond

by Madaline Dunn
written by Madaline Dunn

From national talent development to a pressing climate action agenda, to economic challenges to complex geopolitics, to fast-evolving technologies, a deluge of macro trends has meant public sector entities and businesses in the UAE are putting more focus on a role that can minimise risk and drive value creation: the Chief Procurement Officer (CPO). Once considered a back-office function, the modern CPO can make all the difference to whether a forward-thinking organisation sinks or swims in today’s turbulent marketplace.

With further uncertainties on the horizon for government leaders to navigate, here are the five key priorities for CPOs to consider in the year ahead.

  1. Investing in people

The realm of procurement is fast-changing, and national talent needs to be invested in the UAE’s future economic development. This means the CPO will need to lead their team with empathy and clear communication, with a focus on current staff becoming future leaders. On a practical front, they will set the procurement team up in good stead to adapt and evolve as procurement changes to best meet business needs. This includes quickly and decisively ascertaining what is best done internally and what capabilities are best sourced externally.

It is up to the CPO to conduct a regular review of capacity and capability, with a view to maximising opportunities and growth for Emirati talent. They should specifically communicate the tasks and competencies needed from each role and how they interact cross-functionally. In addition, it is important to be clear on future skillset needs, with a plan in place to retain your best Emirati people through structured development plans and good-quality training.

  1. Leading the climate action charge

With COP28 still fresh in government leaders’ minds, ESG will remain high on the boardroom agenda and procurement is being increasingly recognised as playing a key role in driving organisation-wide impact in this area, with supply chain emissions typically making up 40-80% of an organisation’s total carbon emissions.

To meet the ambitious targets set out in the UAE’s Net Zeo 2050 strategy, the CPO, therefore, will need to steer the ship on ESG, embedding this understanding and best practice across the function and its processes, setting clear, prioritised objectives to drive focus and promote performance. Working closely alongside ESG leadership, and in concert with the country’s sustainable development objectives, the CPO must clearly define opportunities and measurable goals. Measuring and tracking are key to showcasing improvements and will enable you to benchmark progress against meaningful metrics.

It is crucial that companies are open, honest, and realistic. They should seek to endorse their activity through a clear evidence base, ideally ratified by a recognised reporting body such as CDP, SBTi, MSCI, and Sustainalytics.

  1. Cost optimisation

Optimising spend will remain a key priority in 2024. Increasingly, government bodies need to reduce spend where they can and do more with less to navigate current economic pressures. While the CPO will need to juggle increasingly broader and more nuanced responsibilities, they must remain grounded in the reality of procurement: every penny saved adds to enterprise value.

To achieve this, the CPO must ensure a true procurement performance management culture is embedded, the right partnerships are in place, projects are tracked, and KPIs are measured consistently. Regular check-ins on performance using external benchmarks can also support this.

  1. Future-proofing against unknown risk

In an increasingly risk-filled world, the modern CPO must be equipped to deal with more than just the now. Organisational supply chains must anticipate any potential disruption on the horizon: whether it be a natural disaster or global pandemic, they must be able to pivot flexibly to help the entity survive and thrive. This is especially true for Giga and Captial projects. Given their massive scale, complex logistics and investment, the ability to deliver on time and within budget depends on the resilience of the supply chain. Therefore, de-rsiking the supply chain is of paramount importance in this context.

A good starting point for the CPO is to understand the issues faced over the past 18 months and evaluate how they have impacted operations and budgets. To prepare for what’s to come and plan for risk, the CPO should also map out the current supply chain and identify potential failure points. Then, execute a timebound plan to mitigate risks, ensuring the right team and tools are set up for continuous execution and reporting against the plan.

Building true supplier partnerships will also support this effort. Suppliers are more than just vendors; they are partners in your progress and choosing them carefully is essential to ensuring the future agility of the supply chain. Your organisation’s supplier relationships should be characterised by fact-based collaborations that foster value, improvement, growth, and innovation over the long term.

  1. Delivering value from tech investments

Investing in technology, particularly Artificial Intelligence, has been at the forefront of conversation in 2023, and this is showing no signs of slowing down for the year ahead. Staying ahead in this new digital world requires harnessing the right technology and ensuring that implementation turns into effective adoption and benefit realisation – and this depends on a well-managed change journey.

To facilitate this, the CPO must identify the exact requirements and the financial case for investment. A balance must be struck between the vision for where the organisation wants to be and the budget available to ensure there is an adequate return on investment. This will require mapping of short-, medium-, and long-term targets along with relevant implementation plans and benefits. Work closely with the CIO to understand the organisation’s tech architecture and the options available, and continuously track status, benefits, and usage.

In addition, the CPO will be responsible for arming their team with fit-for-purpose tools that yield high-quality data and insights that can be relied on for decision-making. The CPO should begin by clarifying what questions the data needs to answer. Once this has been established, it is important to assess the quality and completeness of the existing data, making sure the team understands how to use it effectively.

A CPO with a vision…

The above are just some of the top priorities for the UAE’s CPOs this year: the CPO’s role and responsibilities extend far beyond this.

The CPO must ultimately articulate a bold vision, secure a strong exec mandate to deliver, and rally the team with a united purpose that propels the organisation’s teams beyond convention. This includes articulating the function’s strategy, as well as risks and opportunities, to all stakeholders, engaging them through strong communication, robust measurement, and performance.

By David Mooney, Vice President and MENA lead at Efficio

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IntelligenceSpecial Reports

PwC Middle East’s report – Navigating the path back: Women returners in MENA

by Madaline Dunn
written by Madaline Dunn

PwC Middle East has released its report, Navigating the path back: Women returners in MENA, the first in its ‘The case for diversity’ series. 

The report gathered responses from over 1,200 women in the UAE, Saudi Arabia, Qatar, Egypt, Bahrain, Jordan, Kuwait, Lebanon, and Oman, including perspectives from leading CEOs in the region.

The survey results revealed that 44 per cent of women in the MENA have taken a career break at some point, largely driven by family and caregiving responsibilities. 

Results showed that two-thirds (68%) of these women have experience beyond entry level. 

Eighty-two per cent of women who have returned to work following career breaks believe they can progress to the top levels of their organisations. 

Forty-nine, however, have had their job applications rejected due to gaps in their resumes.

When rejoining the workforce, women highlighted several challenges, including:

  • Employer stigma, 
  • Lack of flexible working arrangements to manage work along with other responsibilities,
  • The risk of being subject to slower career advancement and
  • Reduced earnings compared to peers due to being “mommy tracked.”

The survey results also suggest that the longer time spent out of work, the more challenging it is to return.

The report recommends alternative work models, such as flexi- or remote working. 

It also suggests introducing models that allow women to work additional hours, which it said could result in GDP gains of up to US$4.3 billion across the nine countries in the study.

Other recommendations include: 

  • Equitable parental leave policies, 
  • Returnship programs, 
  • Action to address unconscious bias by implementing inclusive workplace,
  • Policies and training for teams, leaders, and talent acquisition,
  • Providing effective mentorship and sponsorship programs.

Read the full report here. 

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IntelligenceSpecial Reports

Cisco: AI Readiness Index in Saudi Arabia 

by Madaline Dunn
written by Madaline Dunn

Cisco’s AI Readiness Index in Saudi Arabia has been released, developed in response to the accelerated adoption of AI. 

The Index was based on a double-blind survey of 8,161 private sector business and IT leaders across 30 markets, and conducted by an independent third-party surveying respondents from companies with 500 or more employees. 

It assessed respondents’ AI readiness across six key pillars: 

  • Strategy, 
  • Infrastructure, 
  • Data, 
  • Talent, 
  • Governance, and 
  • Culture.

Companies were examined across 49 different metrics under these six pillars to determine a readiness score for each and an overall readiness score for the respondents’ organisation. 

Each indicator was assigned an individual weightage based on its relative importance to achieving readiness for the applicable pillar. 

Based on their overall score, Cisco has identified four groups at different levels of organisational readiness – Pacesetters (fully prepared), Chasers (moderately prepared), Followers (limited preparedness), and Laggards (unprepared). 

While the report found that 93 per cent of organisations in KSA have an AI strategy in place or under development, just 8 per cent consider themselves fully prepared to deploy and leverage AI.

The Index found that the top outcomes companies are looking to drive through the adoption of AI are increasing efficiency and productivity.

Opening new revenue streams was the lowest on the list of expectations, as ranked by 30 per cent of respondents.

Elsewhere, 31 per cent of KSA respondents ranked comprehension and proficiency of AI tools and technologies as the primary skill gap. 

However, 82 per cent say they are investing in training employees in this area.

Likewise, on infrastructure, the survey shows that just 12 per cent of local organisations in KSA have networks that are fully flexible to handle the complexity of AI workloads. 

Cybersecurity also needs increased focus, it was shared, with 70 per cent of respondents falling short of being “fully equipped” to detect and prevent adversarial attacks on AI models.

Read the full report here.

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