GCC Cross-National Comparative Study on Environmental, Social, and Governance (ESG) Metrics Performance and Its Direct Implications for Economic Development Outcomes

This study offers an in-depth examination of the Environmental, Social, and Governance (ESG) practices in the Gulf Cooperation Council (GCC) countries, assessing their impact on economic development, utilizing the ESG Database from the world economics emissions index, world economics social index, and world economic governance. It examines a data set encompassing GCC countries for the year 2023. This dataset serves as the foundational sample for the construction of a comprehensive ESG index. The study found that except for UAE, most GCC nations score low in environmental aspects, indicating significant issues like high carbon and methane emissions, poor air quality, and scarce clean water resources, pointing to a pressing need for environmentally focused policy changes. The research also underscores the importance of enhancing governance, including efforts to fight corruption, fortify the rule of law, and uphold media and political freedoms. Concluding with suggestions for future research, the paper emphasizes the necessity of longitudinal ESG impact studies, international comparisons, sector-specific inquiries, and detailed policy analysis, all crucial for equipping stakeholders with practical insights and aiding GCC countries in balancing economic growth with social and environmental responsibilities.