Al-Bahrani added that there had become a clear and compelling case for accountability in the private sector to ensure ethical and sustainable business practices and positive social contributions to Africa’s development.
“Governance, environmental impact, and social responsibility are not just slogans; they represent the pillars upon which our future prosperity rests and this is why we have convened this forum.
“The uniting of leading private sector companies is a demonstration to our collective commitment to accountability and signifies a paradigm shift in the narrative of the manufacturing industry.
“The outcomes of our discussions today will determine the legacy we leave for generations to come, shaping a world that thrives on inclusivity, equity, and resilience,” he said.
Mr Pieter Scholtz, KPMG Partner and Africa ESG Lead, highlighted the need for organisations to incorporate financial reporting and other ESG strategies into their operations.
According to Scholtz, the legislative stage is coming so it makes no sense for private sector to sit and wait but had become the duty of the sector to get their ESG strategies right.
“It has been proven that sustainability linked products grow six times faster than others while companies that employ net zero emissions are seen to reduce their operating expenses.
“Also, lots of companies are now starting to gain productivity via ESG incorporation so the private sector has to take the aggressive lead seeing that there is no logic in not embracing ESG,” he said.
Mrs Odiri Erewa-Meggison, Director, External Affairs, BAT, emphasising the importance of collaboration to drive ESG integration, said there must be joint programmes to drive innovation for its adoption.
Erwa-Meggison revealed the company’s plans to achieve net zero emissions by 2050 and to continue maintaining its zero accident and high safety portfolio across its factories.
“It is important to have an all stakeholders (inclusive of academia, manufacturing and government) fora on what must be achieved.
“Manufacturers can produce products that are eco-friendly and each part (of us) must come into the whole to achieve what we need to do,” she said.
Mr Musa Usman, the Assistant Director, Environment Quality and Technology, NASREA, called for regulations to encourage manufacturers on pollution control, low carbon emissions, improve circular economy and resource and energy efficiency.
Usman said emission targets must be set for manufacturers while compelling them to align their processes to these standards to ensure reduced carbon footprints.
“Carbon pricing and carbon tax would also compel manufacturing companies to do what’s right.
“These ESG policies must be geared towards promoting lower carbon emissions, and not seen to discourage or hinder companies,” he said.
