LBS Sustainability Centre: Business Leaders Call For Focus On Climate Resilience, Creating Shared Value
Business leaders all over the world have been called upon to prioritise, govern and manage material, environmental, social, governance (ESG), and economic issues in a manner that builds business resilience to climate change impacts and creates shared value for shareholders and stakeholders.
The call was made at the annual dialogue-to-action forum of the International Sustainability Conference (ISC) 2023 co-convened by Lagos Business School (LBS) and IHS Towers Nigeria and delivered by the LBS Sustainability Centre (LBSSC) on Tuesday, November 7, 2023.
The virtual forum engaged over five hundred (500) participants from fifty-two (52) countries around the world.
Giving her opening remarks, the Vice Chancellor, Pan-Atlantic University, Prof Enase Okonedo, said, “The theme for this year’s conference ‘The Leadership Imperative for Sustainable Development’ was apt.
“Sustainable development is no longer a mere aspiration, it is an imperative that demands prompt and concrete action that only leadership can inspire. The urgency to transition to a more sustainable, equitable, and resilient future is underscored by a growing body of scientific evidence, environmental crises, and social disparities that have become our existential reality. Climate change, loss of biodiversity, resource depletion, and social injustices are challenges that no nation, organisation, or individual can address in isolation.”
She added “It is the duty of leadership to provide answers to the questions we seek in our businesses and communities. The first is of course to determine the trajectory of Africa and the globe we want. In doing so, I think it is best to identify the challenges and burdens we must discharge, the innovation we must leverage and the learnings we must employ to arrive at the type of world that we want, and then ask the question, how can leadership galvanise men and resources to arrive at the destination we all seek, an Africa and globe that attains the SDGs 2030 and Africa Agenda 2063.”
The virtual conference brought together stakeholders from various sectors and nationalities to dialogue on the advancement of sustainable development through business.
This year’s focus took cognisance of the crucial role leadership plays in shaping the continent’s sustainable future. By prioritising sustainability, driving change, fostering collaboration, and embracing innovation, leaders have the power to create a lasting impact and contribute to the well-being of our continent.
Goodwill remarks were delivered by Director, Global Reporting Initiative (GRI) Africa, Douglas Kativu; Board Member, Shared Value Africa Initiative (SVAI), Simbarashe Mhuriro; and Chair, Principles for Responsible Management Education (PRME) Africa Chapter, Prof Sherwat Elwan Ibrahim. Also, spotlighting best practices was a case presentation by the Tolaram group on the Lekki Free Zone.
The keynote speaker, Michael Salvatico, Head of Asia, Pacific, Middle East & Africa, ESG Solutions, S&P Global Sustainable1, indicated that galvanising leadership involves onboarding the board of directors and setting a clear strategy for management teams. He outlined all the C-suite and leadership roles that must drive sustainability. He said, “When we think about the value of an organisation, we think about brand reputation and stakeholder demands, but we can look more deeply into drivers such as investor visibility, the social licence to operate through the behaviour of the organisation, risk management, compliance to regulations, as well as identifying new opportunities”.
He called on businesses to make sustainability disclosures or lose their ability to tell their sustainability story, adding that businesses who have not infused sustainability into their business strategy, must wait no further to start their sustainability journey.
The conference also comprised panel discussions on ‘Leading for Climate Resilience Towards Business Performance’ and ‘Business Models Innovating for Shared Value’ by various industry leaders who shared learnings, insights and recommendations on how businesses can innovate to build climate resilience and create shared value with stakeholders.
Speakers and contributors included Simbarashe Mhuriro, Board Member, the Shared Value Africa Initiative; Jubril Adeojo, Founder SMEFunds Capital, Sustainable Finance Expert; Folake Odegbami, Director, Health Safety and Environment, IHS Nigeria; Margherita Barbieri, Global Standards Manager, Global Reporting Initiative (GRI); Dimeji Olaniyan, Senior Vice President, Strategy & Sustainability, Airtel Africa; Brent van Wyk, Commercial Director, S&P Global Market Intelligence; Vuyo Lutseke, Director, Shared Value Africa Initiative; Andrews Akoto-Addo, Program & Communications Officer, Reach for Change; Oludare Tunde Ogunmodede, Manager, Modede Royal Farm; Prince Agbata, Founder & CEO, Coliba Waste Management; Debra Njongi, Creative Director, Nu’ach Studios; Vishal Chandrakant Shah, Chief Sustainability Officer, Lagos Free Zone.
In his thought-provoking call to action, Dean, Lagos Business School, Professor Chris Ogbechie, highlighted the undeniable adverse impacts of climate change on our systems and survival. He emphasised the need for business leaders, especially in Africa, to recognise their contribution to greenhouse gas emissions and the effects of climate change on productivity, operating environment, and profitability. He said, “The imperative of climate resilience in business leadership is clear and undeniable. It transcends corporate interests, impacting the global community, economies, and future generations. Recognising the pivotal role of business leaders in mitigating climate change and ensuring organisational resilience is not merely a choice but a responsibility.” He added that doing this is a leadership imperative to enable businesses, economies and nations to be competitive enough to engage in the global market for inclusive and sustainable development.
Dr Emeka Azinge, Faculty, Lagos Business School conveyed the summary of learning and Oreva Atanya, Head, Sustainability, Lagos Business School delivered the vote of thanks, expressing gratitude to the organising team and partner organisations, international line-up of speakers, and participants joined from every continent on the globe. She reiterated LBS’s commitment to supporting businesses in applying sustainability principles in business and management, highlighting the benefits of sustainability in cost reduction, opportunity and wealth creation, and value addition to society in ways that are beyond just financial profits.
Lagos Business School is Africa’s leading management education institution and the LBS Sustainability Centre is a leading knowledge hub that brings together the theory and practice on business and sustainability for the advancement of performance and development outcomes. ISC is co-convened with IHS Nigeria Ltd, expert partners in communications infrastructure and an emerging markets leader with operations across Africa, Latin America and the Middle East. The supporting partners for the conference were Nestlé Nigeria, the Global Reporting Initiative (GRI), and the Shared Value Africa Initiative (SVAI).
For further inquiries, please contact sustainabilityteam@lbs.edu.ng Together we can work towards a sustainable future for Africa through Business.
