Industry asked to prioritise environmental protection
Minister of Trade and Industry Sosten Gwengwe has asked industry to incorporate Environment, Social and Governance (ESG) issues in their plans to make their businesses sustainable.
Speaking during the launch of the inaugural ESG conference in Lilongwe yesterday, he said failure to incorporate ESG in business operations creates challenges, including devastating climatic shocks impacts.
Gwengwe said for long-term sustainability, companies should look beyond their profit and shareholders but also their customers, employees and their environment.
Said the minister: “By putting profit first over people and the environment, you have seen that climatic conditions have become adverse. All this has a huge cost on government.”
Standard Bank Malawi plc head of legal and governance Norah Nsanja said the bank puts ESG at the centre of its business operations.
She said: “When providing sustainable financing solutions, we look at developing products that also align with issues around climate change on top of social and governance.”
Nsanja said the bank was looking at growing renewable energy sector by financing businesses that are promoting the same.
The meeting was organised by Innotec Creative Solutions Africa, an institution that focuses on ESG in Africa.
Innotec Creative Solutions Africa director Tawanda Marongwe said the meeting was aimed at starting a conversation that will lead into positive changes in the country to allow positive changes in the sector.
