Corporates embark on climate change mitigation measures

SEVERAL corporates are fast embarking on renewable energy projects and infusing various climate change mitigation measures in their business models as efforts to have sustainable energy sources.

Added to that, they seek to lower their carbon footprint and reduce the negative repercussions of climate change while fostering sustainable development initiatives.

In recent weeks, listed entities detailed action strategies in their financial reports for reducing carbon emissions and turning more to solar energy.

Climate adaptation, particularly in the critical areas of energy, agriculture and infrastructure as well as the new area of interest, Environmental Social Governance (ESG) is now gaining traction.

ESG analysis has become an increasingly important part of the investment process.

Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities.

ESG metrics are not commonly part of mandatory financial reporting, though companies are increasingly making disclosures in their annual report or in a standalone sustainability report.

In its reviewed interim consolidated financials for the half year ended 30 June 2023, CBZ noted that increased focus on climate change adaptation and mitigation coupled with intermittent power shortages is also expected to stimulate further investment in green energy and the related technologies.

“The Group has already made inroads into the renewable energy sector, and it will continue to mobilise resources to meet and support its client’s growing demands in this space,” it said.

FBC Holdings Group also indicated that as part of its energy management, it plans to roll out renewable energy solutions across all branches and foster sustainable development initiatives.

The financial institution said it managed to reduce paper and electricity consumption by 12,5 percent and 8,99 percent respectively compared to the first half of 2022.

“During the period under review, the Group managed to reduce paper and electricity consumption by 12,5 percent and 8,99 percent respectively compared to the first half of 2022.

“FBC Holdings is making concerted efforts towards a paperless experience for its valued customers. In terms of energy management, our strategy is to roll out renewable energy solutions across all branches.”

It added that it stands ready to reduce the negative repercussions of climate change while fostering sustainable development initiatives to support the communities we serve as well as our customers.

“The Group is now actively tracking climate change-related, sustainable development metrics and this information will be key as we implement our strategic initiatives going forward.”

Bindura Nickel Corporation noted that it was committed to reducing its environmental impact and contributing to a low-carbon future and closely monitors local and global developments on improving climate change mitigation.

The business prioritised energy efficiency and savings and tree planting as its contribution to climate change mitigation, it said.

“Our mining operations release significant amounts of emissions which contribute to global warming and climate change. We are committed to reducing our carbon footprint and investing in clean energy solutions.

“We set ambitious targets for lowering our emissions and improving our efficiency. We believe that our greenhouse gas emissions management is not only a responsibility, but an opportunity for contributing to climate change mitigation,” it said.

On the other hand, Econet Wireless Zimbabwe said addressing climate change and its consequences is one of the most pressing issues confronting the world today, and it is one for which global bodies, national governments, and the private sector must accept responsibility and show leadership.

“Our Econet Wireless carbon footprint reduction strategy is to reduce both direct and indirect emissions in line with the Paris Agreement’s ambitions of limiting global warming to 1,5 Degrees Celsius compared to pre-industrial times.

“The Company’s ESG Policy is the foundation for Econet Wireless’s approach to environmental sustainability to ensure that Econet aligns business strategy with its climate change strategy, a draft standalone climate change policy was developed during the reporting period.”

The telecommunications firm said it is exploring the development of tree seedling nurseries with an initial capacity of 20 000 to 50 000 seedlings that will be used for future staff tree-planting initiatives, carbon credit programmes, and income generation.

First Mutual Properties said it will continue to run its operations sustainably in line with the environmental, social and governance (ESG) requirements.

“The adoption of ‘green’ operations including investing in a solar power plant, energy efficient operations and waste management initiatives remain key to the Group’s strategy. We will continue to enhance the Group’s ESG framework in line with the global trends.”-chronicle