Tinaye Agere
Michael Tome
LOCAL companies have been urged to make Environmental Social Governance (ESG) a top priority in their operational strategies, as the concept is increasingly becoming a critical factor in guiding the decision-making processes of discerning global investors.
Environment, Climate and Wildlife Minister Dr Sithembiso Nyoni made the remarks during her speech at the 8th Zimbabwe National ESG and Responsible Business Achievements Awards 2024.
According to Dr Nyoni investors are now meticulously evaluating ESG criteria before committing their financial resources to any potential investment opportunities.
This year’s awards ceremony was themed “Creating a Better Future: ESG and CSR Awards for Sustainable Business Practices,” highlighting the importance of sustainability in business.
The event brought together a diverse group of companies and individuals from various regions of Zimbabwe to celebrate and recognize the remarkable achievements of those who have shown an exceptional commitment to integrating Environmental, Social, and Governance (ESG) practices into their operations.
The awards specifically honoured individuals and organisations that have successfully balanced economic growth with social responsibility and environmental stewardship, showcasing the integral role of sustainable practices in modern business.
In her address, Dr Nyoni said companies that proactively address these issues will enhance their appeal to both domestic and international investors, who are increasingly looking to put their money into businesses that prioritize sustainability and social responsibility.
“I am elated that the business community has not waited for the Government to enact ESG legislation, but has taken it upon themselves to be responsible corporate citizens.
“I applaud your action in this regard. This is a reminder that as we work towards achieving our national vision, we should not forget the environment we live in, and the communities we live with.
“Your commitment to sustainability, social responsibility, and good governance is, indeed, inspiring. I am proud of the progress you have made in promoting CSR and ESG practices in Zimbabwe,” said Minister Nyoni.
This growing emphasis on ESG matches a broader recognition that corporate social responsibility (CSR) is not just a moral obligation but also a strategic imperative.
Companies are now expected to embrace ethical, and sustainable practices while also ensuring they deliver reasonable returns to their investors and comply with local laws and regulations.
ESG Network Zimbabwe executive director Mr. Willard Razawo echoed Dr Nyoni’s sentiments, calling for enhanced collaboration among all sectors – government, business, civil society and individual citizens in pursuing the ESG goals.
He emphasised the need to create an enabling environment that supports the implementation of effective ESG practices across the country.
“As we look to the future, I am excited about the prospects for ESG in Zimbabwe. We have a unique opportunity to leverage ESG principles to drive sustainable development, create jobs, and improve the quality of life for all Zimbabweans.
“To achieve this vision, we must continue to work together government, business, civil society, and individuals to create an enabling environment that supports ESG practices,” said Mr Razawo.
Among the notable achievements recognised at the event, ZB Financial Holdings Chief Executive Officer Shepherd Fungura was honoured with the prestigious ESG Leader of the Year Award.
Several other leaders were acknowledged for their exemplary stewardship in promoting ESG principles, including Sam Matsekete, Chief Executive Officer of Old Mutual Investment Group; Dillesh Nguwaya from Geo Pomona Waste Management; William Gambiza, Chief Executive of Hwange Colliery Company Limited; and Evans Musara of Kwekwe Polytechnic.
ESG is still an emerging concept that encourages businesses to adopt environmentally-friendly policies.
This approach contrasts sharply with traditional linear production and consumption models, which often prioritize short-term gains over long-term sustainability.
Online Reporter