News / National
SA-based lawyer wants proper ESG framework in Zimbabwe
03 Oct 2024 at 08:49hrs | Views
South Africa-based lawyer and researcher Edwell Maposa has highlighted that the absence of a proper framework has significantly undermined the implementation of the Environment, Social, and Governance (ESG) concept in Zimbabwe. This shortcoming, he argues, has resulted in elevated costs for local sustainability development.
Speaking at the annual two-day Sustainability Summit in Harare last week, Maposa noted that many companies, particularly unlisted firms, are being excluded from sustainability efforts.
"One of the challenges in implementing ESG in Zimbabwe is standardisation. So, as of today, we believe that sustainability needs standardisation, and I believe accountants think differently because they are gradually trying to focus on standardisation," Maposa explained.
He emphasized that many unlisted companies, although actively engaged in environmental initiatives, are not subject to financial standards due to their non-listed status. "So, we need to be inclusive when we are talking about sustainability. I think our accountants now need to think outside the box. They should not domesticate sustainability in their domain and area of practice," he added.
The summit, themed "Sustainability Beyond the Global Trilemma," was organized by the Zimbabwe Independent in collaboration with Pivot Africa, Claxon Actuaries, and the Africa Institute for Carbon Trading and Sustainability. The Zimbabwe Independent is part of the Alpha Media Holdings (AMH) group, which also publishes other leading newspapers such as NewsDay, Southern Eye, and The Standard, and operates the online broadcaster HStv.
Maposa further pointed out that several challenges in implementing ESG arise from limited resources and difficulties in engineering and training stakeholders, companies, and miners on best practices. He stressed the importance of distinguishing between ESG and sustainability, explaining that while ESG focuses on environmental, social, and governance issues, sustainability encompasses a broader range of topics, including innovation.
"Organisations should prioritise sustainability in their strategies, recognising that ESG is merely a component of the larger sustainability framework," Maposa concluded, calling for more comprehensive approaches to sustainability in Zimbabwe.
Speaking at the annual two-day Sustainability Summit in Harare last week, Maposa noted that many companies, particularly unlisted firms, are being excluded from sustainability efforts.
"One of the challenges in implementing ESG in Zimbabwe is standardisation. So, as of today, we believe that sustainability needs standardisation, and I believe accountants think differently because they are gradually trying to focus on standardisation," Maposa explained.
The summit, themed "Sustainability Beyond the Global Trilemma," was organized by the Zimbabwe Independent in collaboration with Pivot Africa, Claxon Actuaries, and the Africa Institute for Carbon Trading and Sustainability. The Zimbabwe Independent is part of the Alpha Media Holdings (AMH) group, which also publishes other leading newspapers such as NewsDay, Southern Eye, and The Standard, and operates the online broadcaster HStv.
Maposa further pointed out that several challenges in implementing ESG arise from limited resources and difficulties in engineering and training stakeholders, companies, and miners on best practices. He stressed the importance of distinguishing between ESG and sustainability, explaining that while ESG focuses on environmental, social, and governance issues, sustainability encompasses a broader range of topics, including innovation.
"Organisations should prioritise sustainability in their strategies, recognising that ESG is merely a component of the larger sustainability framework," Maposa concluded, calling for more comprehensive approaches to sustainability in Zimbabwe.
Source - newsday
