Industry leaders have emphasised the importance of increased investment in sustainable practices for businesses to thrive in the long run.
Integrating environmental, social, and responsible governance (ESG) strategies cannot only boost profitability and resilience but also contribute to a more sustainable future.
During a discussion on the ‘ABSA Roundtable on Business Sustainability’ on Citi TV on Monday, June 3, Emmanuel Kwofie, Health, Safety, and Environment Manager at ABSA Bank, highlighted the bank’s commitment to environmental sustainability. He mentioned their initiative to transition 53 offsite ATMs to solar power, reducing dependence on traditional energy sources.
“These are the three core pillars that businesses should look at sustainability from. Specifically, for Absa on the environmental bit, what we have done over the years is to look at Energy Renewables. In that area, as a business, we have rolled out about 53 of our offsite ATMs onto solar as a backup power for the mains. There should be efficient management when it comes to power and that requires investment into energy-efficient equipment,” he stated.
Ekua Bartlett-Mingle, Head of Sustainability, Risk Management at ABSA Bank elaborated on the social and governance aspects of sustainability.
“When it comes to the two other areas of sustainability that are on the social front, there are certain initiatives that we are running as a business. We must know that the social means people, so how you treat people is also important and there is a lot that we’ve done that also extends into the CSR space,” she noted.
“Again in that space, one of the things we are very heavy on is how to improve financial inclusion within the economy. Some of the things we do are financial literacy education, recently we launched the Absa Money Matters for Young People where we are providing financial literacy training.
“…On the governance side as well, you must ensure that you have the corporate governance system in place and make sure that the right employee’s policy etc. are in place. We don’t do this by just looking at our business but also looking at our client’s business.
“Remember that as a responsible banker, when we are lending to customers, we take ESG into account to make sure that the company that you are engaging with has the right governance structure. Because at the end of the day, you are lending to the company, it’s a growing concern and you want to make sure that it has the right people to be able to repay the loan,” she added.
Additionally, Emmanuel Kwofie, acknowledged the costs associated with implementing these practices but affirmed that the long-term benefits far outweigh the initial investment.
“Business stands to gain because the business would run for a long while; it goes beyond just us now. Businesses should survive their owners so if you are able to implement these three legs of sustainability in general then you are sure that generations after you would come and still benefit from your operations.
“Of course, it comes with costs, because you are looking at attitudinal change when it comes to the environmental bit. Also, there is some cost implication in implementing all these structures but the good far outweighs the cost or the challenges so you strive to do it all the same” he added.
source: city newsroom
