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During the Oman Sustainability Week 2023, held in the Sultanate of Oman earlier in March 2023, several Omani companies from all sectors were recognized for a second consecutive year for their exceptional sustainability efforts at the prestigious event Oman Sustainability Week Awards.
These awards serve as a commendation to top-performing companies in implementing sustainable practices pertaining to environmental, social, and governance (ESG) factors, which align with Oman Vision 2040 objectives. The Oman Sustainability Index which is the framework behind the awards, was developed by the Center for Sustainability and Excellence (CSE) at the invitation of Government entity Beah in Oman.
The Oman Sustainability Index
This tool – which is based on the internationally recognized GRI standard – offers the ability to Government, large and SMES located in Oman to hold an ESG assessment and get ratings on their progress on Sustainable Development. In addition, companies gain the ability to design integrated strategies, set long-term and measurable goals, demonstrating in practice their commitment to Sustainability, taking under consideration the most important ESG criteria and standards (e.g GRI, SASB).
Furthermore, the Oman Sustainability Index has been meticulously categorized into various sections, highlighting the country efforts towards sustainable practices in environmental, social, governance and human resources domains. The assessment was based on key performance indicators such as the governance criteria, encompassing the organization vision, anti-corruption policies, sustainability goals, stakeholder engagement and sustainability reporting.
The Oman Sustainability Index criteria
The social practices criteria focus on evaluating the organization social impact, contribution to local communities and effective supply chain management. The environmental criteria examine the efficiency of the organization environmental management system, energy consumption, waste management, and emission reduction. Additionally, the human resources criteria assess the organization performance in ensuring employees’ health, safety, training and education and providing job opportunities for the community.
It should be notted that this year, the Oman Sustainability Week Awards added new categories, including government, academia, small businesses in addition to the medium-large businesses category. 19 organizations participated in total, which marks an increase of more than 50% from 2022 participation. You can watch a short video with highlights of the event here.
The Center for Sustainability (CSE), collaborates with major international organizations (ESG Ratings Agencies) and government agencies and provides specialized business consulting services to improve ESG Ratings and Sustainable Development strategies and facilitate investment by strategic investors.
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