Corporate leaders deliberate on strategies for net zero future

STAKEHOLDERS in the corporate world, policymakers and sustainability practitioners have converged on a summit in Accra to discuss practical ways businesses can contribute to a net zero future. 

Net zero means not adding to the total amount of greenhouse gases (methane, water vapour, nitrous oxide etc) that trap heat in the atmosphere as scientists have argued that the increased release of such gases by human activities is the cause of global warming and climate change. 

The two-day strategic Environmental, Social and Governance (ESG) and sustainability impact summit brought together sustainability leaders, government officials and policymakers, investors and financial intuitions, academia, non-profit organisations among others, was opened last Wednesday. 

The participants deliberated themes such as decarbonisation and climate resilience, sustainable finance, circular economy, social impact and governance, as well as innovation and technology. 

Jointly organised by the Institute of Corporate Responsibility and Sustainability Ghana, the conference was on the theme, “Towards a net zero future for businesses”. 

It forms part of efforts by the organisers to shape the country’s journey towards transitioning to the use of green energy sources for a sustainable and resilient future. 

Understanding 

A lecturer at the University of Mines and Technology, Isaac Mate, who is also an ESG practitioner, explained that the shift to green energy was a gradual process, requiring understanding and practical implementation strategies. 

As a first practical step towards a net zero future, he said companies could conduct energy audits to assess their energy usage and explore prospects for solar power. 

“They can start looking at how much energy they use as an organisation and if it is so much, how much will it take them to introduce solar power because not only would you save money but you also save the environment,” he said. 

He added that the use of electric cars and carpooling strategies were some practical ways to help contribute to a net zero future. 

Mr Mate further advised individuals to reduce their carbon footprints by using water dispensers against smaller bottles, while adopting energy-efficient practices. 

SMEs

For Small and medium-sized enterprises (SMEs), he said it was important for them to be educated on the benefits of green energy and energy-saving practices since they are the engine of the economy. 

“The transition to green energy should be a gradual process, starting with education and understanding long-term benefits.

“For instance, SMEs must be made aware of what is available for them and the basis for smart metering and energy-efficient gadgets can help them optimise their energy usage and save cost,” he added.

For his part, the Manager, Environment and Social Impact at the Volta River Authority, who was a panellist at the event, explained that the authority had made sustainability an innate part of the company. 

“We make sure that right from the word go, we have sustainability at the heart of what we do so before the execution of any project, we do stakeholder engagement to ensure that the community buy-in,” he said.