How sustainability benefits business performance

How sustainability benefits business performance

How sustainability benefits business performance
Using renewable energy can minimize vulnerability to fluctuations in the price of fossil fuels. (Shutterstock)
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Sustainability today is a core consideration in planning for organizational success. With tightening emissions targets and rising environmental awareness, there are tremendous pressures on businesses to become more sustainable.

This transition is not solely about compliance and social responsibility, however. It is about sustainability as a performance enabler — a driver of change that unlocks competitiveness and adaptability across the value chain.

Business sustainability can thus be described as a process of managing business activities in a way that maximizes efficiency without harming future generations.

Environmental sustainability, social responsibility, and corporate financial performance can all be included in the definition of the environmental, social, and governance concept, known in common parlance as ESG.

Sustainable value generation entails those actions that create and sustain growth, profitability, and enhanced value for shareholders in the long term.

There are clear economic benefits to be gained from greater sustainability. Embracing energy efficiency and reducing waste, for instance, cuts costs in production, while using renewables can minimize vulnerability to fluctuations in the price of fossil fuels.

Sustainable businesses are also able to attract cash from investors who prefer firms with strong ESG disclosures. Other analyses have revealed that a high ESG score reduces capital costs and enhances a firm’s performance.

The strategic management of environmental impact can bring both short and long-term benefits to organizations, including customer loyalty, reduced legal risks, and reputational capital.

Corporate social responsibility refers to the responsibilities that a business has to society and the impact of its operations on communities. To meet these responsibilities, firms are encouraged to respect labor practices and use ethical sources of labor.

Sustainability can give companies a competitive edge over their rivals, while at the same time being considerate to people and the planet.

Majed Al-Qatari

Cultivating a rapport and engaging with stakeholders, including employees, customers, suppliers, and communities, is an effective way of meeting those responsibilities.

Organizations with good social performance can attract talent, encourage return custom, and stave off the possibility of boycotts. Stakeholder engagement is a key factor in this, helping firms develop a robust business model that can easily cope with social shifts.

Potential barriers to sustainability include costs, resistance to change, and difficulties evaluating social and ecological impact. But with adequate planning, stakeholder input, and the use of technology in gathering and analyzing data, these can be overcome.

Meanwhile, industrial partnerships and government subsidies can assist with financial and operational challenges, while training and education programs can help shift organizational culture in favor of greater sustainability.

The circular economy, with its emphasis on recycling, and the growth of green finance will define the future business world, while artificial intelligence and the internet of things will allow organizations to monitor the effectiveness of their sustainability initiatives.

In sum, sustainability can give companies a competitive edge over their rivals, while at the same time being considerate to people and the planet.

Every firm that dreams of a prosperous future should invest in sustainable practices, thereby guarantee lasting benefits for itself and its stakeholders.

Majed Al-Qatari is a sustainability leader, ecological engineer and UN Youth Ambassador with experience in ESG and sustainability goals in business, nonprofits and financial institutions.

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

New Zealand and Australia trade barbs over accent and language in row over Maori words

New Zealand and Australia trade barbs over accent and language in row over Maori words
Updated 4 min 50 sec ago
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New Zealand and Australia trade barbs over accent and language in row over Maori words

New Zealand and Australia trade barbs over accent and language in row over Maori words
  • Prime minister: Not a snub of the Indigenous language by New Zealand’s government
  • It instead reflects the ‘incredibly simple’ language required when speaking to Australians

WELLINGTON: The removal of basic Maori phrases meaning “hello” and “New Zealand” from a Maori lunar new year invitation to an Australian official was not a snub of the Indigenous language by New Zealand’s government, Prime Minister Christopher Luxon said Wednesday, seemingly joking that it instead reflected the “incredibly simple” language required when speaking to Australians.
Luxon’s defense in Parliament of the lawmaker who ordered the removal of the Maori words from an invitation sent to Australia’s arts minister was an attempt to rebuff criticism that his government is anti-Maori, as it seeks to reverse policies favoring Indigenous people and language.
The prime minister appeared to indulge in a favorite pastime of New Zealanders, who enjoy a friendly rivalry with their closest neighbor: calling Australians stupid.
“In my dealings with Australians, it always pays to be incredibly simple and clear and use English,” Luxon said, referring to the invitation sent to Tony Burke.
Ripostes between lawmakers across the Tasman have precedent. In the most famous example, a New Zealand leader, Rob Muldoon, quipped in the 1980s that New Zealanders who migrate to Australia “raise the IQ of both countries.”
On Thursday, a smiling Australian Prime Minister Anthony Albanese responded to Luxon with a favorite Australian joke — that no one can understand the New Zealand accent.
He said that at times interpreters were needed, perhaps diplomatically adding that he had sometimes “missed” things said by Luxon’s predecessors too.
“Look, we’re great friends and we’re great mates,” the Australian leader said. “Sometimes though we do speak a different language and that’s when we both think we’re speaking English.”
The exchange offered a diversion in an otherwise tense session of New Zealand’s Parliament, which has been roiled by accusations of bullying, racism and insults in recent weeks, with lawmakers in tears and the prime minister urging “all political leaders to watch their rhetoric.”
During Question Time, Luxon was asked by opposition leader Chris Hipkins about a series of inflammatory remarks he said lawmakers had recently made.
Among them was the report that New Zealand’s arts, culture and heritage minister, Paul Goldsmith — who signed off on the new year invitation — had directed officials to remove some Maori phrases from the materials, according to documents divulged by 1News.
They included “tena koe” — a formal way to say hello, learned by New Zealand children in their first year of elementary school — and “Aotearoa,” a commonplace Maori name for New Zealand.
“I just didn’t think it needed a lot of te reo in it,” Goldsmith told 1News, using a phrase meaning the Maori language, an official one of New Zealand. The language was once close to dying out, but activists provoked a revival over several decades, and common Maori words or phrases are now in everyday use among all New Zealanders.
The same movement prompted a revival of Matariki, the Maori lunar new year, which was established as a nationwide public holiday in 2020.
Since assuming office after the 2023 election, Luxon’s coalition government has prompted fraught public debates about race. One was over a return to English names for government agencies, many of which had assumed Maori titles in recent years.
Another was over ending initiatives that offer priority to Maori, who lag behind other New Zealanders in most health, economic and justice statistics.
Protesters gathered outside Parliament in the capital, Wellington, this week to oppose the government’s plans to repeal a clause requiring recognition of children’s Maori heritage from the law governing the child protection system.
A spokesperson for Burke, the Australian recipient of the controversial invitation, said on Thursday that he had known the meaning of the word Aotearoa since 1982, when it was referenced in the lyrics of a popular song by the New Zealand band Split Enz.


Bangladesh awaits installation of interim government after weeks of strife

Bangladesh awaits installation of interim government after weeks of strife
Updated 16 min 48 sec ago
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Bangladesh awaits installation of interim government after weeks of strife

Bangladesh awaits installation of interim government after weeks of strife
  • Nobel laureate Muhammad Yunus expected to be sworn in as chief adviser along with a team of advisers later on Thursday
  • Sheikh Hasina’s dramatic exit on Monday triggered jubilation and violence across Bangladesh

DHAKA: Bangladesh is set to get a new, interim government headed by Nobel Peace Prize-winning economist Muhammad Yunus on Thursday, after weeks of tumultuous student protests forced Prime Minister Sheikh Hasina to resign and flee to India.
Yunus, 84, Bangladesh’s only Nobel laureate and a harsh critic of Hasina, was recommended for the job by the student protesters who led the campaign against Hasina.
He was expected to be sworn in as chief adviser along with a team of advisers later on Thursday in an interim government which the army chief said may include 15 members, although discussions on the names continued till late on Wednesday.
Hasina’s Awami League party was not involved in all-party discussions led by army chief General Waker-Uz-Zaman, who announced Hasina’s resignation on Monday.
Her son Sajeeb Wazed Joy said in a Facebook post late on Wednesday that the party had not given up yet and was ready to hold talks with opponents and the administration.
“I had said my family will no longer be involved in politics but the way our party leaders and workers are being attacked, we cannot give up,” Joy said.
Yunus is known as the ‘banker to the poor’ and was awarded the 2006 Nobel Peace Prize for founding a bank that pioneered fighting poverty with small loans to needy borrowers.
He is due to arrive in the capital Dhaka from Paris on Thursday, where he had been receiving medical treatment.
“I’m looking forward to going back home and see what’s happening there and how we can organize ourselves to get out of the trouble that we’re in,” Yunus said before he boarded a flight on Wednesday evening.
Hasina’s dramatic exit on Monday from the country she ruled for four terms — and was reelected to a fifth in January — triggered jubilation and violence across Bangladesh, as crowds stormed and ransacked her official residence unopposed.
She fled to neighboring India where she is taking shelter at an air base near the capital New Delhi.
Student protests against quotas for government jobs spiralled in July, killing about 300 people and injuring thousands, as demonstrations were met with a violent crackdown that was criticized internationally although the government denied using excessive force.
The protests were fueled by tough economic conditions and political repression as well.
After years of strong growth as the garment industry expanded, the $450 billion economy struggled with costly imports, inflation and unemployment and the government had sought a bailout from the International Monetary Fund.
Yunus and the Bangladesh Nationalist Party (BNP), Hasina’s main political opponent, called for calm and an end to violence on Wednesday.
“No destruction, revenge or vengeance,” said Hasina’s arch rival and BNP leader Khaleda Zia, 78, in a video address from her hospital bed to hundreds of her supporters at a rally in Dhaka on Wednesday.
Zia, who was released from house arrest on Tuesday, and her exiled son Tarique Rahman, addressed the rally and called for national elections to be held within three months.
On Wednesday, a court overturned Yunus’ conviction in a labor case in which he was handed a six-month jail sentence in January. Yunus had called his prosecution political, part of a campaign by Hasina to quash dissent.
“Let us make the best use of our new victory,” Yunus said.


Canada to pull children of diplomats out of Israel, Canadian Press reports

Canada to pull children of diplomats out of Israel, Canadian Press reports
Updated 55 min 17 sec ago
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Canada to pull children of diplomats out of Israel, Canadian Press reports

Canada to pull children of diplomats out of Israel, Canadian Press reports
  • Global Affairs Canada said it has approved the temporary relocation of the diplomats’ children and their guardians to a safe third country
  • Canada on Saturday warned citizens to avoid all travel to Israel, citing the ongoing regional conflict and unpredictable security situation

The Canadian government said on Wednesday it has decided to pull the children and guardians of its diplomats out of Israel, amid fears of a widened conflict in the Middle East, the Canadian Press reported.
Israel’s tensions with Iran and Hezbollah have fanned fears of a broader conflict in a region already on edge amid Israel’s assault on Gaza which has killed tens of thousands and caused a humanitarian crisis, including widespread hunger.
There has been an increased risk of escalation into a broader Middle East war after the killings of Palestinian Islamist group Hamas’ leader Ismail Haniyeh in Iran and of Hezbollah military commander Fuad Shukr in Beirut drew threats of retaliation against Israel.
Global Affairs Canada, in a statement cited in the Canadian Press, said it has approved the temporary relocation of the diplomats’ children and their guardians to a safe third country. It added that diplomats stationed in Ramallah in the West Bank and in Beirut do not have dependents living with them.
Canada on Saturday warned citizens to avoid all travel to Israel, citing the ongoing regional conflict and unpredictable security situation. It also urges its citizens to not travel to Gaza and the West Bank.
The embassies in Tel Aviv and Beirut and the representative office to the Palestinian Authority in the West Bank “all remain fully operational and continue to provide essential services to Canadians,” the Canadian government said in the statement cited by the Canadian Press.
The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered on Oct. 7 when Palestinian Islamist group Hamas attacked Israel, killing 1,200 and taking about 250 hostages, according to Israeli tallies.
The Gaza health ministry says that since then Israel’s military assault on the Hamas-governed enclave has killed nearly 40,000 Palestinians while also displacing nearly the entire population of 2.3 million and leading to genocide accusations that Israel denies.

 


Former Pakistani lawmaker, Imran Khan loyalist released from jail after over a year

Former Pakistani lawmaker, Imran Khan loyalist released from jail after over a year
Updated 08 August 2024
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Former Pakistani lawmaker, Imran Khan loyalist released from jail after over a year

Former Pakistani lawmaker, Imran Khan loyalist released from jail after over a year
  • Aliya Hamza was among thousands of Khan supporters arrested for protesting on May 9 last year
  • Khan says “politically motivated” cases against him, loyalists are designed to keep him away from power

ISLAMABAD: After spending over a year in custody, former Pakistan parliamentarian and ex-PM Imran Khan loyalist Aliya Hamza was released from prison this week on a high court’s directives. 

Hamza was among hundreds of Khan supporters who poured onto Pakistan’s streets to protest their leader’s arrest in a graft case on May 9, 2023. Protesters ransacked military and government properties, which included the house of a senior military official in the eastern city of Lahore. 

Hamza was arrested in the aftermath of the protests and booked under various charges of rioting on May 9. Other supporters of Khan’s Pakistan Tehreek-e-Insaf (PTI) party were tried by military courts after authorities promised to bring the perpetrators of the violence to justice.

The former parliamentarian’s husband, Hamza Jamil Malik, had petitioned the Lahore High Court (LHC) against his wife’s detention. Malik’s counsel told the court on Tuesday she had been imprisoned at the Gujranwala Central Jail despite being granted bail in all cases against her. He petitioned the court for her release, asking it to stop authorities from shifting Hamza to another province from the jail. 

On Wednesday, the LHC ordered authorities to release Hamza from prison. 

“By the grace of god, I have returned [from jail] with respect,” Hamza said in a video message shortly after her release, adding that she had been in custody for 15 months and four days. 

“God willing, Khan and his wife will be with us soon.”

Khan’s PTI says it has been facing a crackdown and mass arrests of its members for standing by Khan, who has been in jail since August last year. Pakistani authorities deny the allegations.

Last month, Khan and his wife, Bushra Bibi, were arrested by Pakistani authorities in a case involving the illegal sale of state gifts, after a court accepted their appeals against a ruling that they had violated the country’s marriage law and ordered their immediate release.

Khan and his wife were sentenced to seven years in prison and fined in February by a court that ruled their 2018 marriage broke the law. Bibi was accused of not completing the waiting period mandated by Islam, called “Iddat,” after divorcing her previous husband and marrying Khan.

The ex-premier has been in jail after being convicted in four cases since last August. Two of the cases have since been suspended and he was acquitted in a third, so the Iddat case was the only one keeping him in prison.

Arguably Pakistan’s most popular politician, Khan says the cases against him are “politically motivated,” aimed at keeping him from returning to power. Pakistani authorities deny this.
 


Trump praised Minnesota Gov. Walz in 2020 for response to unrest over Floyd’s murder, audio shows

Trump praised Minnesota Gov. Walz in 2020 for response to unrest over Floyd’s murder, audio shows
Updated 08 August 2024
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Trump praised Minnesota Gov. Walz in 2020 for response to unrest over Floyd’s murder, audio shows

Trump praised Minnesota Gov. Walz in 2020 for response to unrest over Floyd’s murder, audio shows
  • “What they did in Minneapolis was incredible. They went in and dominated, and it happened immediately,” Trump told Walz and other governors and officials in a phone call on June 1, 2020
  • Protests erupted in Minneapolis and around the world after Floyd was murdered by Derek Chauvin, a white former officer who knelt on the Black man’s neck on May 25, 2020

MINNEAPOLIS: While former President Donald Trump and running mate JD Vance have been hammering Minnesota Gov. Tim Walz over his response to the violence that erupted after George Floyd’s murder, Trump told the governor at the time that he fully agreed with how Walz handled it.
“What they did in Minneapolis was incredible. They went in and dominated, and it happened immediately,” Trump told Walz and other governors and officials in a phone call on June 1, 2020. The Associated Press on Wednesday obtained an audio recording of the call, which has taken on new significance now that Walz has been tapped as Vice President Kamala Harris’ running mate against Trump and Vance.
Other administration officials on the call included Defense Secretary Mark Esper; Army Gen. Mark Milley, chairman of the Joint Chiefs of Staff; and Attorney General William Barr.
ABC News reported on the call earlier Wednesday, a day after Harris introduced Walz as her vice presidential pick. CNN posted a transcript of the call back in 2020.

George Floyd died after being restrained by police in Minneapolis. (AFP/File)

Protests erupted in Minneapolis and around the world after Floyd was murdered by Derek Chauvin, a white former officer who knelt on the Black man’s neck for nearly 9 1/2 minutes, on May 25, 2020. A bystander video captured Floyd’s fading cries of “I can’t breathe.” His death forced a reckoning with police brutality and racism. Some of the protests turned violent.
Walz mobilized the Minnesota National Guard three days later to help restore order to Minneapolis after rioting that included the burning of a police station and numerous businesses. Trump offered federal help to Walz later that day, but the governor did not take him up on it.
During a May 2024 fundraiser in St. Paul, Trump repeated a claim he had been making lately that he was responsible for deploying the National Guard. “The entire city was burning down. ... If you didn’t have me as president, you wouldn’t have Minneapolis today,” Trump told a Republican audience. Trump made similar claims at a rally in St. Cloud last month.
It was actually Walz who gave the mobilization order in response to requests from the mayors of Minneapolis and St. Paul. Although Walz came under criticism at the time for not moving faster. There was finger-pointing between Minneapolis Mayor Jacob Frey and Walz on who bore responsibility for the delays.
Trump, in the June 1, 2020, call, described Walz as “an excellent guy” and later said: “I don’t blame you. I blame the mayor.” The president didn’t criticize the governor at the time.
“Tim, you called up big numbers and the big numbers knocked them out so fast, it was like bowling pins,” Trump said.
But Trump campaign spokesperson Karoline Leavitt put a different spin on the call in a statement to the AP on Wednesday.
“Governor Walz allowed Minneapolis to burn for days, despite President Trump’s offer to deploy soldiers and cries for help from the liberal Mayor of Minneapolis,” Leavitt said. “In this daily briefing phone call with Governors on June 1, days after the riots began, President Trump acknowledged Governor Walz for FINALLY taking action to deploy the National Guard to end the violence in the city.”
Walz did thank Trump on the call, as well as Esper and Milley, “for your strategic guidance, very helpful. ... Yeah, our city is grieving and in pain.”