With every day that passes by it becomes more apparent that the Earth is deteriorating and time is running out to save it. Scientists have estimated that we have less than a decade to save the planet before it is irreversibly damaged, mainly due to climate change. 



Businesses claim the largest percentage of global emissions (at approximately 70% since 1988, according to The Guardian) which is an alarming statistic, especially in a time when the planet’s well-being is being compromised. 



Many large business corporations are hastily coming on board with operating sustainably by transforming their practices and placing business ethics at the forefront of their priorities.



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 Last week, a round table discussion was held at the Fairlawns Boutique Hotel, Sandton hosted by Environmental Resources Management (ERM) &#8211; the world’s largest sustainability consulting firm. Their aim was to discuss how imperative it is for African businesses to get on board with sustainability. 



“We have been talking about how to be
sustainable for a long time but now it is time for us to do sustainability,”
says Thapelo Letete, Technical Director of ERM. 



An engaging and thought-provoking panel
discussion ensued with representatives from ERM and mining companies, Anglo
American and Gold Fields. They emphasized the importance of sustainability
being recognized by investors, especially in mining and oil companies that rely
solely on Earth’s natural resources.



Civil society has a colossal role to play in ensuring the sustainability of businesses. Due to the law of supply and demand in production, consumers are being urged to be mindful of their buying habits and to make sustainable decisions. These are as simple as minimizing the utilization of plastic straws by replacing them with metal or paper straws and reusable shopping bags and by recycling selected items. 



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“Research
suggests that socially and environmentally responsible practices have the
potential to garner more positive consumer perceptions of (businesses), as well
as increases in profitability,” according to an entry in Sage Journals published in May. 



The advancement of science, artificial intelligence and the rapid growth of the technological industry make it an undeniable fact that the Fourth Industrial Revolution is underway. Many businesses across the globe seem to be well prepared for this change. However, businesses in Africa seem to be vulnerable.&nbsp;



“It is difficult to say that all
businesses in Africa are prepared for it. It is not a country specific thing
but it does vary across corporations. There will be businesses that are well prepared
and businesses that are not so well prepared,” says Keryn James, CEO of ERM. 



A large part of
sustainability also relies on empowerment and equality. Sub-Saharan Africa has
the highest number of female-owned businesses who contribute a large amount of
money towards their respective countries’ GDPs. However, most of these
businesses struggle with the issue of scaling. 



“Women sometimes underestimate their ability and they don’t necessarily&nbsp; have the confidence that they should have about the value that their businesses present. Women often take less risks than men,” says James.



“The issue of scaling is one that we see globally. One of the issues are access to funding to support in the investment and growth of their businesses.”



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Going forward, the availability of mentorship programmes and skills development opportunities for women, especially black women in business should be encouraged. 



According to a study done by the UN Women’s organization, an average of 3 out of 7 women score higher in performance when they are placed in senior managerial positions. Additionally, if more women work, the more countries can exponentially maximise their economic growth. 



Women will be empowered
when given the correct skills and opportunities to be able to run their own
businesses independently which would ultimately lead to the scaling of
female-owned businesses in Africa and sustainable development. 



The Nedbank Capital Sustainable Business Awards aim
to recognize the efforts of businesses that operate sustainably and to encourage
other corporations who intend to adopt more sustainable strategies into their
practices. Initiatives such as these prove that business value also depends on
how sustainable they are. 



It is clear that the prioritization of sustainability and accountability in businesses is the only way forward in the midst of this global crisis. With a combination of will and the rigorous work that African businesses have put into sustainability initiatives and strategies, it is easier to be optimistic about our planet’s wellbeing. 



-Buhle Ntusi

Tag: sustainable investment

FORBES AFRICA SOCIAL MEDIA

Businesses At The Heart Of A Greener Future