Requirements for the integration of environmental concerns, human rights issues, fair labour conditions and good governance in industrial development are significantly affecting the business sectors in developing and transitioning countries. FROM the lofty towers of policymakers and implementers to the profit-driven boardrooms of corporations and conglomerates, the increasingly familiar term ‘green’ or ‘greening’ has become a buzzword. It has gained popularity and traction in both the public and business spheres, and is used interchangeably depending on the situation. It’s even made its way onto the cheeky local burger menu! It is fashionable and trendy to speak or write of ‘greening’ in mission statements and CSR programmes. The media, not to be left out of the linguistic vogue, have joined the chorus and are contributing to amplifying the voice on greening as well as broadening the public and cross-sector support for the greening narrative. However, there is a larger and more comprehensive story behind the ‘green’ or ‘greening’ movement, which frequently emerges as a daring declaration of a new civic awakening in the cause of ensuring environmental sustainability, even as we advance the rhetoric as a united campaign to counteract the greenhouse effects of climate change on our environment. Yes Minister, as we delve deeper and explore further, we would find that the much-spun narrative on environmental sustainability in our society is more complex and intriguing than a well-written treatise can explain. Let’s start by posing the following question: What does it mean to ‘green’ business, society, industry, or even human-instituted organisations? One way to achieve sustainable economic growth and support sustainable economies is through the greening of industry. It encompasses resource-efficient productivity, enhanced industrial production methods, and policymaking. Carbon neutrality by 2050 The five-year 12th Malaysia Plan (12MP), introduced by the government back in September 2021, aims to achieve economic growth and transform Malaysia into ‘a prosperous, inclusive and sustainable country’. Goals include achieving carbon neutrality by 2050, increasing the total installed capacity of renewable energy, enhancing green financing and incentives, and promoting the circular economy. Sarawak, with the passing of the Natural Resources and Environment Bill in the State Legislative Assembly (DUN) in November this year, will assume full regulatory authority over the environment. The piece of legislation reaffirms the authority and commitment of the Sarawak government to manage the environment sustainably without compromising its economic development agenda and industrial plan. Regulatory authority on the environment was transferred to Sarawak in phases since 2022. The recently-passed Bill gives Sarawak full authority over resource conservation, environmental management, pollution control and sustainable development. These provisions are intended not only to safeguard Sarawak’s natural assets but also to promote responsible development in alignment with global environmental standards. This would include determining the use of natural resources, issuing directives on environmental management practices, and setting environmental quality goals. Yes Minister, the rise in importance of environmental, social, and governance standards comes as consumers are growing more concerned about the environment and demand institutions to behave in ways that align with what they believe is socially responsible. An investing principle that prioritises social, environmental, and corporate governance is known as environmental, social and governance – or ESG. Other terms for investing with ESG considerations include impact investment or responsible investing, which is used in more aggressive circumstances. Ethical concern More and more investors are making social and environmental performance a primary factor in their selections. In recent years, ethical concern has become increasingly ‘mainstream’, even though this has played a role in ethical funding. Nowadays, requirements for the integration of environmental concerns, human rights issues, fair labour conditions and good governance in industrial development are significantly affecting the business sectors in developing and transitioning countries. This is referred to as corporate social responsibility (CSR). In this regard, the United Nations Industrial Development Organisation (UNIDO) is developing a framework for small- and medium-sized businesses (SMEs) that aids in converting CSR principles into a pertinent SME viewpoint, improving their market access and competitiveness. Through a number of research projects, global forum events, and technical assistance programmes, UNIDO provides SMEs and the organisations that support them with an easy-to-implement method of meeting the social, environmental, and productivity/quality demands of stakeholders in this field. Yes Minister, it is all well and good to have the legislation and the enforcement agencies in place to make sure that the established guidelines for the dos and don’ts related to environmental sustainability and health are not broken. More than legislation, enforcement Yes Minister, green sustainability is more than just legislation and enforcement, and it requires a variety of efforts to ensure a sustainable future. When environmental requirements are imposed by governments, businesses are encouraged to spend on research and development to meet them. This could lead to the development of new, environmentally friendly processes and technologies. Consumers can help by reducing waste, choosing sustainable options, and buying from local and sustainable sources. They must be encouraged and reminded to do so from time to time, with the local community leaders and the media playing an important role. Companies can assist by recognising the effects that their goods and services have on the environment and society, and by developing innovative approaches to sustainable production and consumption. To guarantee adherence to laws and regulations, government officials can step up enforcement actions. To guarantee more compliance, they can also extend guided self-regulation across industries. Beyond all the aforesaid is the pivotal importance of sustainability benchmarking. Yes Minister, sustainability benchmarking plays a crucial role in guiding companies towards more responsible and efficient operations. By comparing their ESG performance against industry standards and peers, organisations can uncover valuable insights and opportunities for improvement. Sustainability benchmarking One of the main advantages of sustainability benchmarking is the ability to pinpoint areas that require improvement. It pushes businesses to innovate and embrace best practices, which results in sustainability breakthroughs that can save expenses, boost productivity, and boost overall performance. By analysing their position in relation to their counterparts, businesses can obtain a competitive advantage through benchmarking. This information can be used to guide strategic choices, giving companies a competitive edge by showcasing their dedication to sustainability. Investors and customers are increasingly prioritising sustainability in their decision-making processes. Companies that perform well in sustainability benchmarks can attract investment and customer support by showcasing their commitment to responsible practices. Setting goals Establishing attainable, realistic sustainability targets is made easier with the use of benchmarking. Knowing where they stand allows businesses to set specific goals for improvement and track their success over time, guaranteeing ongoing development towards sustainability. Yes Minister, to enhance their ESG effect, businesses are called upon to measure sustainability performance accurately. In order to give a thorough picture of a business’s sustainability initiatives, this method uses a range of measurements and technologies. Yes Minister, the core of monitoring sustainability is Key Performance Indicators (KPIs). Metrics pertaining to energy use, greenhouse gas emissions, water use, trash management, and social aspects like community impact and staff involvement may be among them. In this sense, companies are using environmental audits – often known as green auditing – more and more to boost investor trust and satisfy other stakeholder needs. Why conduct a social and environmental audit? It is crucial because stakeholders and investors are starting to place equal weight on an organisation’s environmental impact as they do on its financial performance. Limitations and challenges Before getting entangled in the web of rhetoric and syntax, we need to define what constitutes the mandatory standards and benchmarks important to green auditing. Unlike financial audit, a lack of mandatory standards means that the value of these greening of environmental audits is disputed, but it is generally agreed that more knowledge and information on any aspect of governance is better than less. Obviously, there are challenges and limitations of environmental auditing. Lack of standardised practices and guidelines is one of the key challenges in greening audits. This can lead to inconsistencies in the assessment of environmental performance. The complex process of data collection; the limited scope of operations, the procedure, especially for multinational or multi-site businesses; the interpretation of results, which necessitates knowledge of environmental legislation; and continuous monitoring and development, are the additional challenges. An environmental audit is a continual procedure as opposed to a one-time event. In light of the audit findings, organisations need to establish mechanisms for continuous monitoring and improvement. All these point to education where people from the top and lower rungs must be trained and be instilled with the knowledge and values pertinent to ‘greening’ control. * Toman Mamora is ‘Tokoh Media Sarawak 2022’, recipient of Shell Journalism Gold Award (1996) and AZAM Best Writer Gold Award (1998). He remains true to his decades-long passion for critical writing as he seeks to gain insight into some untold stories of societal value.The world approved a bitterly negotiated climate deal Sunday but poorer nations most at the mercy of worsening disasters dismissed a $300 billion a year pledge from wealthy historic polluters as insultingly low. After two exhausting weeks of chaotic bargaining and sleepless nights, nearly 200 nations banged through the contentious finance pact in the early hours in a sports stadium in Azerbaijan.
Jimmy Carter: A brief bioWriter Sharmistha Mukherjee , daughter of former President Pranab Mukherjee , on Saturday, said that she felt bad when Congress did not call a CWC meeting to formally pay condolences to his father during his demise. ET Year-end Special Reads Take That: The gamechanger weapon's India acquired in 2024 10 big-bang policy moves Modi government made in 2024 How governments tried to rein in the social media beast "When Baba died, I was in active politics and part of the Congress. I was shocked that no formal CWC was called and no condolence resolution was passed. As far as I have the idea, it was in Congress' convention. Sonia Gandhi personally sent me a letter but as an institution, no condolences were passed. Before president, he was a stalwart Congress leader for 45 years. He was associated with CWC for 30 years," Mukherjee told ANI. "Someone told me that the president is above party lines so this was not followed but after Baba's death, I was reading his diaries and I came to know that when former president KR Narayan died, then a CWC condolence meeting was called; my father drafted the message," she said. Mukherjee also urged the central government to make a memorial in the name of former Prime Minister Dr Manmohan Singh , who passed away on Thursday. "My father always used to say he is a true gentleman. It is a great loss to the nation; my deepest condolences to his family and friends," she said. 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More or less, there is a tradition that memorials were made for our former prime ministers. P. V. Narasimha Rao was an exception. Looking at the stellar contribution of Manmohan Singh, there should be no controversy. He should also get the Bharat Ratna," she added. "I want to request the government that a memorial should be made," she reiterated. Reacting to the issue, BJP leader and grandson of former Prime Minister PV Narasimha Rao, NV Subhash also alleged that the party had disrespected the former PM after his death "Congress disrespected Narasimha Rao after his demise... The Congress party persuaded us to move his mortal remains to Hyderabad and assured us that a memorial site would be built for him in Hyderabad even though he had spent most of his life in Delhi... Today, the Congress party's hypocrisy has been exposed. They ill-treated their leaders... The Cabinet has clearly approved (Congress' demand) ... They are playing petty politics on the whims and fancies of the dynastic rule of the Congress party," he said. Earlier, Congress had demanded a funeral in a place where a memorial to Singh could be built. However, the Centre said land for a memorial would be earmarked in the next few days. But it would not be the place where the funeral took place. The Congress called it a "deliberate insult to the first Sikh Prime Minister of India." "Earlier this morning, the Congress President had written to the Prime Minister, suggesting that the cremation of the former Prime Minister, Dr. Manmohan Singh, take place at a location where a memorial could be built to honour his legacy. The people of our country are simply unable to understand why the Government of India could not find a location for his cremation and memorial that is befitting of his global stature, the record of outstanding achievements, and exemplary service to the nation for decades. This is nothing but a deliberate insult to the first Sikh Prime Minister of India, Dr. Manmohan Singh," Jairam Ramesh posted on X on Friday. Manmohan Singh was accorded a state funeral with full military honours at the Nigam Bodh Ghat, a public cremation ground in north Delhi, on Saturday. (You can now subscribe to our Economic Times WhatsApp channel )'We are on it': US official seeks to allay drone sighting concerns
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Suriname's government announced Saturday that the small South American nation will not hold a state funeral for its ex-president Desi Bouterse, who this week died a fugitive from justice aged 79. Current President Chan Santokhi "has decided, based on his powers and advice received, that there will be no state funeral... No period of national mourning," Foreign Minister Albert Ramdin told a press conference. Bouterse was a former military man who twice mounted coups, in 1980 and again in 1990, to take charge as a dictator. He eventually returned to power after being elected president in 2010 and governed for a decade. He died Tuesday in the unknown location where he had been holed up as a fugitive, with in-absentia convictions for cocaine trafficking and murder. Bouterse's body was dropped off at his residence in the capital Paramaribo. An autopsy was ordered, though police said there were "no signs of criminal activity." Bouterse had been sentenced to 20 years in prison in December 2023 for the 1982 execution of political opponents, including lawyers, journalists, businessmen and military prisoners. He remained a popular figure with the poor and working class in the former Dutch colony. The foreign minister said that, out of respect for Bouterse's status as an elected former president, flags would be flown at half-staff on government buildings on the day of his funeral, whose date has not yet been given. str-jt/rmb/acb
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