The Zimbabwe National Chamber of Commerce (ZNCC) has emphasised the significance of Environmental, Social, and Governance (ESG) concerns for Zimbabwean firms, stating that implementing ESG principles is not only a strategic differentiator, but also a must for long-term sustainability and competitiveness.
Speaking to the Environment, on the sidelines of the BIZNET B2B Linkages Platform Awareness Workshop this week, ZNCC president Tapiwa Karoro emphasised that businesses must shift their focus from monetary profits to sustainability and that by operating in an environmentally responsible and socially conscious manner, businesses can ensure their continued viability and contribute to a more sustainable future.
The Chamber also emphasised the growing worldwide emphasis on sustainability and the importance of ESG problems in the context of the African Continental Free Trade Area (AfCFTA). Businesses that fail to incorporate sustainability into their operations will struggle to compete in the regional market.
“It’s very important for Zimbabwean businesses to not only embrace but now be on the forefront of, I would term it, ESG issues, environment, social impact, and governance. And particularly because we now need to start thinking of profit, not from just a monetary point of view, but from a sustainability point of view. For businesses to be able to operate, not only now but for the future and for future generations. That’s number one.
“Number two, the whole world is driving and pushing the issue of sustainability. And I think for Zimbabwean businesses, as we also anticipate the African continental free trade area, issues of sustainability will be pertinent in terms of competitiveness. So you will not be able to talk about being competitive when you’re also not operating in a sustainable manner. So that is where the importance of being a good environmental steward comes in. But not only just the environment, and obviously its impact as far as climate change is concerned, but equally so in terms of issues of social impact and governance,” he said.
To promote ESG principles among its members, the ZNCC has designated sustainability and climate-smart business a high goal for 2024. The Chamber is fighting for regulatory changes that encourage sustainable practices and is actively exploring financing sources to assist firms in implementing ESG projects.
While the ZNCC does not provide direct financial assistance, it does provide a platform for businesses to connect with various stakeholders and access funding opportunities. By uniting the private sector and advocating for their interests, the Chamber hopes to promote sustainable business practices and contribute to Zimbabwe’s economic development.
