Muhammad Wasif Ijlal
Partner, Advisory Services - KSA, MCA Gulf - Audit, Tax, Consulting & Corporate Services, KSA
Muhammad Wasif Ijlal is a senior executive with 28 years of experience across financial services, private equity, investment management, urban mobility, and sustainability. He has held leadership roles in the public and private sectors and served on boards in the GCC, Pakistan, China, Turkey, and Singapore.
He has led major M&A deals, managed a $1.5B investment portfolio, and delivered South Asia’s first waste-to-fuel urban mobility project. As a trusted advisor to boards and governments, he supports strategic transformation, ESG integration, and carbon monetization.
Qualifications: MBA (University of Bath, Chevening Scholar), MBA (IBA Karachi), Certified Director (PICG), and Certified Carbon Literate professional.
Expertise: Private Equity, M&A, Corporate Restructuring, Sustainability, Carbon Markets, Infrastructure, Public-Private Partnerships, Board Advisory.
1. How are global companies embedding net-zero goals into their core business strategies not just CSR initiatives?
I believe that most leading global companies have recognised that a commitment to net zero must extend beyond simple CSR initiatives. There is a growing understanding among the world’s most valuable brands that sustainability is now inextricably linked to the public's perception of their overall ESG performance, particularly their carbon footprint. The commitment to net zero is now moving to the top of the board agenda as it’s a major driver in impacting the share price.
If you look at global companies, the most obvious example is Tesla whose entire business model is built around a net-zero concept. Tesla has been a true market disruptor; from displacing fossil fuel consumption in private transport to spearheading innovations in battery storage, Tesla’s core operations are geared towards accelerating the transition to a sustainable energy future for the public at large.
Another example is Apple and its well-published goal of Apple 2030 which aims to achieve carbon neutrality across its entire business, manufacturing supply chain, and product life cycle by 2030. This can only be achieved by fundamentally altering their supply chain management, product design, manufacturing processes, and energy sourcing and hence a re-imagining of Apple’s entire business strategy.
IKEA is another company where a circular business model is now a core principle of their business and not something peripheral. IKEA procures a major portion of its wood from sustainable foresters and invests heavily in renewable energy to power its stores. The drive to be carbon neutral has become central to their business strategy, influencing everything from product design to customer engagement.
2. What lessons can we learn from countries or corporations that are ahead in their carbon reduction journeys?
Many lessons can be learned from high-emitting countries and how they have bent their emissions curve. Take the UK as an example, where the carbon emissions have been on a downward trajectory for nearly 50 years. The UK achieved this by moving its dependency away from coal as the primary energy source and moving to renewable energy. Consumer products have become more energy efficient, homes are insulated better, and people are switching to more environmentally friendly modes of transportation like cycles and EVs. As a result, emissions in the UK have reduced in half since 1990.
Then you have Sweden, a country outpacing every other country on the planet in terms of how early they started the journey. The country drove significant decarbonization in its heating and electricity sectors while maintaining economic growth throughout its journey. In essence, it decoupled emissions from economic growth. At first glance, Sweden comes across as an Outlier but study its journey and there is no silver bullet, but a well thought out plan of long-term policy, technological shifts, and systemic changes which started in the 90s.
Sweden was one of the first countries to implement a carbon tax, way back in 1991. The tax has been gradually increased over time. By making fossil fuels dearer to consumers, it created a clear economic incentive for everyone to reduce fuel consumption and switch to energy-efficient sources.
Sweden also invested heavily in sustainable power generation, whether it was hydropower or bioenergy, by taking advantage of its moving water resources and biomass. Concurrently, it expanded its wind and solar projects.
The country backed this with a strong policy framework like its Climate Act and Policy Council that independently assesses progress and sets ambitious national goals, such as a specific target to reduce emissions from the transport sector by 70% by 2030, compared to 2010 levels.
If you look at the two examples and research about other similar journeys by countries, there are common critical success factors such as:
Technology advancements in renewable energy which makes it cheaper for people to move away from fossil fuels
Prioritizing high-impact systematic changes in sectors such as energy, transport and heavy industries
Using strong and effective policy frameworks and regulations as a key enabler to steer industries towards lower carbon pathways