Experts at the Discovery Leadership Masterclass have stressed the importance for businesses to make deliberate investments and adhere to the Environmental, Social, and Governance (ESG) principles to contribute their fair share to combatting climate change.
They highlighted the need for everyone, particularly leaders of these organisations, to tackle environmental crises which confront and threaten survival and sustainability.
Speaking on the topic ‘The role of leadership in leading business transitions and change, adaptability and coping, for sustainability through ESG framework’, a sustainability leadership expert, Dr. Victor Abbey, said promoting a learning culture within organisatons where innovation and creativity toward sustainable operations are encouraged and celebrated is key.
He urged businesses to adopt and use environmentally friendly technologies in order to protect the environment, adding that there is a need to also enhance the capabilities of all stakeholders with regard to ESG.
Chief Executive Officer of the Environmental Protection Agency (EPA), Henry Kwabena Kokofu, noted that all organisations need to inculcate ESG – especially since Climate Change is not just an environmental issue but an all-encompassing threat to the very existence of socio-economic aspects of life.
“Developing countries like Ghana are suffering disproportionately; and if the global community continues at this pace of implementing climate actions, then the incidences of extreme rainfall patterns, flooding and excessive drought are going to escalate,” he said – stressing why it is important for all, especially business, to play a role in combatting climate change.
“Climate change is seen as a central pillar of ESG. ESG investment is an effective tool to address climate change. ESG investment helps to promote a healthy environment, social responsibility, and good governance. This may include investments that will reduce a company’s greenhouse gas (GHG) emissions; one of the main causes of climate change,” he added.
Mr. Kokofu said large businesses that are listed on public investment exchanges or require funding from institutional investors have a greater need for ESG.
For his part, financial analyst Dr. Patrick Baah-Acquah indicated that the current state of affairs calls for businesses and economies to spearhead responsible operations to ensure sustainability while impacting society positively and promoting ethical leadership.
“If you are an organisation and you are generating all the profits but your operations are causing havoc to the society, then you are not being responsible. With ESG, you ought to be socially and ethically responsible. Also, you have to organise your operations such that you do not cause havoc in the environment. Furthermore, it is crucial to consider and prioritise your clients’ health when conducting your businesses,” he said.
They urged businesses to work toward embracing the ESG sustainability framework as a new norm going forward
Held on the theme ‘Building Sustainability, Corporate Resilience and Strong Financial performance through ESG compliance framework’, the Discovery ESG Compliance and Sustainability Leadership Summit is a flagship Discovery Leadership Programme aimed at impacting knowledge about the balance of business with strict regard to environmental and social principles.
