Bassam Hajhamad

PwC has named its refreshed global strategy as the “New Equation.” What fundamental features are involved in this initiative?

Bassam Hajhamad: PwC’s new strategy responds to fundamental changes in the world, including technological disruption, resource scarcity, demographic and social change, new economic and political dynamics, and the post-effects of COVID-19 pandemic. The New Equation focuses on two interconnected needs that clients face in the coming years. The first is building trust. Organizations increasingly need to earn trust across a wide range of topics that are important to their stakeholders. Success depends on fundamental shifts in the way executives think, organizational culture, systems, and ambition. The second is to deliver sustained outcomes in an environment where competition and the risk of disruption are more intense than ever, and societal expectations have never been greater. Businesses need to change faster and more thoroughly to attract capital, talent, and customers.

What initiatives is the company pursuing to support companies’ efforts to reduce greenhouse gas emissions from their operations?

Bassam Hajhamad: The world is at a pivotal moment to act on environmental sustainability. We work with clients to chart a course to a sustainable future, establishing holistic strategy-through-execution programs. We have built a unique set of capabilities that enable successful design and implementation of national sustainability and ESG programs, and we are currently at the forefront of adapting international frameworks for environmental solutions to the specific circumstances of the GCC. We work with government agencies to ensure that sustainability is an integral part of all sector strategies and initiatives. Our work focuses on encouraging public and state-owned enterprise decision-makers to seek opportunities for operational efficiency, cutting costs, and capturing growth created by green markets. Key focus areas include: water scarcity, circular economy, climate risk and response, green hydrogen and energy, and carbon footprints. We are also establishing an ESG center in the Middle East and globally to act as a think tank for sustainability and environmental management.