Focus on sustainability, minister urges business
GOVERNMENT has challenged local businesses to mainstream environmental sustainability in their operations and respond to changing market dynamics in line with the increasing consumer awareness and demand for sustainable products and services.
Speaking at a recent Diplomat Business Networking Club Breakfast Meeting, Industry and Commerce Minister, Dr Sithembiso Nyoni said collective efforts were needed in developing effective sustainability policies and practices that incentivise businesses to adopt sustainable models while ensuring competitiveness and economic growth.
The Diplomat Business Networking meeting ran under the theme: “The Role of Business in Shaping Sustainability Policy and Practice”.
The quest for sustainability has become topical in the modern world as governments and business leaders seek to collaborate on environment, social, and governance (ESG) issues, which are at the core of the drive towards Africa’s Agenda 2063 and United Nations Sustainable Development Goals (SDGs) by 2030.
As such, Dr Nyoni said Zimbabwe is committed to driving the sustainability agenda on a broader scale hence the achievement of the national vision of ‘An Empowered and Prosperous Upper Middle-Income Society by 2030’ is hinged upon paying special attention to sustainability policy and practice.
“I understand that in today’s challenging environment, businesses have to aggressively respond to changing market dynamics typified by ever-increasing consumer awareness and demand for sustainable products and services,” said the minister.
“This then calls for industry value chains to align their operations to sustainability policies and practice them in order to remain relevant in the global arena.
“May I also emphasise that clearly framed and implemented sustainability policies at industry and national level open new export markets and opportunities that then boost economic growth and development.”
For businesses to comply with sustainable policies, the minister urged companies to include sustainable reporting in their financial report following international Sustainability Reporting Standards (SRS).
Dr Nyoni said businesses could play a key role in shaping sustainability policy and practice and that the benefits of doing so are immense.
She said as Zimbabwe marches towards achieving Vision 2030, the Government has developed the National Development Strategy 1: 2021-2025 (NDS1), which is a guiding policy document that also addresses the global aspirations of the SDGs and Africa Agenda 2063.
“I would like to emphasise that in today’s business world, sustainability issues are very key in boosting local industry, jobs, and resilience at the national/community level.
“I am, therefore, imploring businesses to lead the way in implementing sustainable practices that contribute to both environmental and economic benefits,” said Dr Nyoni.
She said by implementing the ESG practices, businesses can reduce their carbon footprint, minimise waste and pollution, and conserve natural resources at the same time building a positive reputation, enhance customer loyalty, and attract a skilled workforce.
Globally, customers now prefer to buy goods from companies that comply with sustainability policies, where they want to know if the goods were produced using organic material, without exploiting other people, and child labour, as well as without damaging the environment.
Minister Nyoni also said businesses should invest in green energy solutions, such as solar or wind power, to reduce carbon emissions and energy costs, implementation of a recycling programme to minimise waste and encourage the use of reusable products and the use of sustainable materials in products and packaging to reduce the impact on the environment, among others.
Meanwhile, the minister has called upon the diplomatic community in Zimbabwe to collaborate and partner with Zimbabwe in mobilising potential investors from their respective countries, to come and explore the vast investment opportunities that Zimbabwe presents. — chronicle
