African Governments urged to build sustainable economies
African Governments urged to build sustainable economies
Investors bullish on the U.K. pound have gotten used to brushing off concerns about Covid-19 infections and the post-Brexit future. Now, a sudden rethink on the global recovery is bringing those worries back into focus.
Sterling is on course for its first back-to-back monthly declines versus the dollar since March 2020 — when the coronavirus became a pandemic and spurred turbulence in markets worldwide — and only its second month of losses versus the euro in almost a year.
Businesses operating within Africa are at the brink of precipice due to the impact of the Covid-19 pandemic, a report has said.
A recent Oxford study found that only $368-billion of the $14.6-trillion in recovery spending during 2020 was green, with one study author saying the findings are “a wake-up call.
Cathy Smith, Managing Director at SAP Africa, who was speaking on the report, said, businesses and countries across the continent are attempting to rebuild following the devastating economic impact of the pandemic.
Smith said, “Africa is expected to be one of the hardest-hit continents in terms of climate change. Reliance on agriculture, outdated or lacking infrastructure and low levels of development leave the continent more vulnerable than many of the more developed regions.”
“It is perhaps an opportune time to take stock of whether we are rebuilding in a way that will ensure our sustainability in the long term, both economically and environmentally,” she said, adding, “When economic activity tapered down in 2020 due to the lockdowns implemented around the world to curb the spread of the coronavirus, researchers noted a drop in global emissions. For a moment, it appeared that the pandemic would be a catalyst for a more sustainable and less environmentally harmful global economy.”
“Recent data indicates that the volume of greenhouse gas emissions will continue to grow unless there is a change in policy and, critically, a change in business practices. So far, we have not risen to the occasion with commendable urgency.
In the mid-2000s, as digital technologies and social media started entering the mainstream, analysts and industry experts dedicated vast amounts of column-inches to predicting which products and business models would not survive the digital revolution. One article from 2007, for example, predicted the demise of several types of businesses, including record stores and newspapers.
“The point of the predictions was that, barring some miracle intervention, these business models would go extinct due to a combination of technology, innovation and changing consumer habits. Bear in mind that these predictions were made during a period of relative calm, before the global financial crisis of 2008.”
Raising some posers, she asked, “How can we as a business community respond to the dual challenge of economic and environmental sustainability? As we collectively try to build back following the devastation of the pandemic, do we risk losing sight of our longer-term priorities, and could we be sacrificing sustainability at the altar of short-term profit?”
Business leaders, she maintained, “should define a clear purpose and ensure that the purpose transcends narrow, short-term interest in favour of longer-term success. Develop a compelling vision – or reason-to-believe – around the purpose and bring it to life in all aspects of the business.”
Nation/Hauwa Abu
