A recent study prepared by AspenTech, a leading global company in the field of industrial software, stated that 77% of companies in Qatar, the UAE and Saudi Arabia see technology as a key to sustainability, and that technology is the main nerve in their organization to help achieve their sustainability goals, making it the first requirement. And basic to this business in general.
The study also found other needs to achieve sustainability, represented by the need for a “tax on carbon emissions” and changes in sustainability policies and laws, and this was confirmed by 34% of the participants.
These were among the main findings of a study prepared by AspenTech, which surveyed decision makers in asset-intensive organizations in the United Arab Emirates, Qatar and Saudi Arabia.
The research findings indicate that asset-intensive companies across the Middle East expect government, customers and shareholders to help drive the drive towards sustainability the most. However, these financial and regulatory temptations, along with increasing pressure from shareholders, are seen by decision-makers in these organizations as an important component, as technology is the biggest supporter of companies in achieving their sustainability goals.
The urgent global need to increase resources along with significantly reducing carbon emissions is driving industry leaders to develop new and innovative solutions. This is confirmed by the results of this study, that the latest advanced technology solutions will play a major role in strategies to reduce emissions from existing assets, with the development of new approaches that meet the objectives of the circular economy and achieve net zero emissions.
When asked about identifying a major obstacle that their organization faces that prevents them from achieving sustainability goals during the next five years, 50% of the respondents answered the need to meet the growing demand for natural resources, while 35% indicated that lack of funds and resources prevents the implementation of internal sustainability strategies. There is an urgent need for software solutions to prove themselves by increasing operational and financial efficiencies.
Moreover, the study indicates that the latest digital technologies will be of crucial importance in enabling companies to balance the growing demand for natural resources with the urgent need to achieve sustainability goals, which is known as the concept of the “Dual Challenge”.
