Fatma Al Bastaki
Assistant Director – MENA Business Sustainability and Corporate Responsibility EY, UAE
Fatma Al Bastaki has over eight years of experience in managing various projects in Corporate Social Responsibility (CSR), Sustainability and Environmental, Social and Governance (ESG). Her experience involves working closely with the business community in MENA to help them in advancing their CSR, Sustainability and ESG knowledge and providing the needed advisory to support their work in the given areas.
Fatma is also experienced in establishing and leading sustainability within global firms and building corporate environmental systems. She has conducted research on the perception and latest trends in various environmental topics, CSR and ESG in the UAE business community as well as published several toolkits and publications to promote CSR practices in businesses. Her current role is Assistant Director in the MENA Business Sustainability and Corporate Responsibility at EY, and prior to that she was a Project Manager in CSR/ESG at Dubai Chamber of Commerce.
Fatma also serves in boards and leadership teams in local environmental NGOs. Fatma is a qualified Environmental Management and Sustainability expert holding a BSc and MSc. She is also the first Emirati to receive a Diploma in ESG from The Corporate Governance Institute in the United Kingdom, the world’s first credit-rated diploma by Glasgow Caledonian University.
1.How are organizations globally assessing and quantifying climate-related physical and transition risks?
Organizations are paying more attention to climate-related risks, including but not limited to physical and transition risks.
The key to assessment is by first identifying risks in close connection with material issues to the organization’s business. A double materiality assessment is helpful in identifying material issues and analyzing the relevant risks.
Second, creating scenario analysis for the identified risks would help in understanding not only the direct impact on the business and the community it operates in, but also the financial impact. A scenario analysis needs to reflect not only the negative but also the positive case.
Third, developing mitigation and adaptation plans for the different scenarios is a necessity to ensure organizational readiness. By following this broad plan and tailoring it to specific organizational needs, businesses can assess, quantify and prepare for climate-related risks.
2.What adaptation measures are most relevant for regional risks such as heat, water scarcity, flooding, and sea-level rise?
Adaptation measures vary depending on the nature of business. Prioritizing regional risks for a business in terms of likelihood and probability is a preliminary step. Establishing risk and emergency preparedness plans, ensuring the right awareness among employees, and investing and equipping the organization and its workforce with the right technological tools are considered good adaptation measures in general.
Contingency plans as part of emergency preparedness play a significant role. For example, an adaption plan for a flooding scenario that could affect a manufacturing company may include potentially shifting manufacturing plants to areas less likely to be disturbed by floods, creating a business contingency plan and educating all employees about it, investing in the right technology and AI that could short-term substitute the non-availability of human workforce during flooding and keep the business running, and ensuring all employees are aware of how to act during and after flooding to prevent casualties and prioritize human and environmental safety.
3. How can public–private collaboration supports resilient infrastructure, climate adaptation financing, and regional resilience planning?
Public-private collaboration provides a platform for engaging stakeholders and developing the needed plans to face climate change repercussions. Both sectors cannot operate in silo therefore emerges a need for strong collaboration. This collaboration combines governance, policies and regulations as well as financing from the public sector with the knowledge, expertise and implementation plans from the private sector.
Non-government organizations (NGO’s) also play an important role by working with both public and private sectors and supporting environmental causes. A successful collaboration will provide proper climate resilience through enhancing infrastructure and preparedness for climate risks, and providing the right financing solutions. Collaboration between governments at a regional level that are facing similar climate risks will also support in expanding solutions to benefit bigger markets and communities.