The incorporation of Environmental, Social, and Governance (ESG) practices can assist businesses in navigating the complexities of today’s dynamic environment, driven by technological disruptions, climate concerns, consumer expectations, and global competition. A panel discussion moderated by Sanjiv Puri, Chairman & Managing Director of ITC Ltd, India, explored how embracing ESG practices can help companies identify and manage risks while building resilience.
In the realm of ESG reporting, while decarbonization has been a focal point, adaptation is also crucial. Marcelo Behar, Vice President of Sustainability & Group Affairs at Natura & Co in Brazil, emphasized the significance of addressing nature loss as a pivotal aspect among the myriad ESG standards. He suggested treating nature conservation with the same level of discipline as carbon emissions.
Brazil, having worked on ESG initiatives for over 20 years, has developed models for protecting vast areas of the Amazon. On a broader scale, different economies are tackling sustainability issues in distinct ways. For emerging economies, such as India, the question arises of whether the private sector can advance despite limited resources directed towards adaptation.
Sustainability’s progress in Saudi Arabia has encompassed environmental and governance aspects. Abdulrahman Al Fageeh-Al, CEO of SABIC, highlighted the adoption of sustainability as part of their business models and economic cases. The transition towards ESG integration is seen as an unstoppable trajectory in Australian companies, driven by capital flows, community expectations, government regulations, and investor demands. Leading companies view ESG as value creation, resilience-building, and a competitive advantage.
As businesses strive to align with ESG principles, they not only contribute to their own success but also address critical global challenges and stakeholder expectations.
By FCCT Editorial Team
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