As we near the next Budget Speech by the Hon. Minister of Finance, Economic Planning and Development, our community of solvers at PwC are heedful. At a time when the world is being re-invented and where governments, businesses and communities are accelerating the movement to live, work and give back differently, we think that the Mauritius National Budget has the potential to reshape our nation for the next generation.
The 2018 World Risk Report ranked Mauritius 16th among the highest disaster risk countries out of 172 countries. Some beaches receding by more than 10 metres in a single decade, a pandemic cutting off revenue streams from tourism for two years (24.3% of Mauritius's GDP in 2019), and weather hazards like Cyclone Gelena that displaced 259 persons in Rodrigues (February 2019), Mauritius is, slowly but surely, experiencing the dire impact of climate change. This article reveals how CEOs around the world recognise the dangers of our changing climate, but most fail to make the desired change in their business strategy and operation. It’s the choice of the business leaders in Mauritius to decide which side of the aisle they would like to see themselves standing.
At PwC, we believe that sustainability and climate change should be at the heart of every business. The effects of climate change and the transition to a low carbon economy are already having a significant impact on the financial services sector.
We’re at a turning point. Financial factors are no longer viewed as the pre-eminent drivers of value, and sustainability has become strategic - a board and CEO level issue. To succeed, businesses have to respond to important issues facing the world today.
Environmental: carbon emissions, water and waste management, raw material sourcing, climate change vulnerability
Social: diversity, equity and inclusion, labor management, data privacy and security, community relations
Governance: board governance, business ethics, intellectual property protection
Description: Societal need and business opportunity are coming together to transform the way companies approach strategy, drive performance, and report results. The management implications are significant - as is the potential for bold leaders to reinvent and inspire their organisations.
The tone at the top can make the difference between a company landing at the front or back of the ESG pack. Boards can lead the way by understanding the what, why, and how of effective ESG oversight. And we have a guide for that!
Leaders must tackle reporting, strategy, and transformation to holistically integrate ESG into their business.
Beyond compliance: Consumers and employees want business to do more on ESG.