What Tanzania must do to reduce carbon emissions

“We are all concerned about the climate risks that we are facing, and as PWC, we have found it important to talk to stakeholders about ESG issues in order to put the nation in a good position to achieve its commitment by 2030,” said Mr Benjamin Mkwizu, a Risk Assurance Associate director at PWC.

He said that the focus of international companies and institutions is currently on climate financing issues. In order for them to give loans to other companies, there will be conditions related to environmental protection that they consider.

“We need our stakeholders to be prepared as well for this global priority. Every fund that would be sought by our companies will be required to have the strategies of the relevant company to implement the ESGs,” he noted.

During COP27, more emphasis was put on moving from discussion of ESG strategy from “intent” to “implementation”, according to reports.

As a result, business leaders globally are considering ESG initiatives holistically to help fulfil their purpose, achieve their goals, and position themselves for future growth and for attracting new kinds of ‘green’ investment and finance.

“This is why we decided to just have a discussion with our partners to ensure that we are in the driving seat on this as well,” he said.

He said they felt it was very important to support the government’s efforts by ensuring that in their area and with the clients they serve, they discuss and ask themselves together how they will contribute towards 2030.

“This meeting sets a strategy to classify areas, especially in the production sector, industries, mining, and financial services (banks and insurance companies), and the things that we can do to achieve this goal,” he noted.

Recently, the Dar es Salaam Stock Exchange (DSE) took the positive step of beginning to sensitise listed companies to sustainability and the ESG agenda by requiring them to begin reporting on how they are addressing sustainability through their own strategic corporate plans and actions.

As Tanzania’s ecosystem opens for even more business and investments, experts say there’s a need for local companies to demonstrate that they too are delivering products and services that meet certain environmental and sustainability standards.

“By doing so, companies can easily convince investors, international lenders, buyers, and indeed their local stakeholders that they are improving their products and services,” Dr Hosea Mmanyi from Mzumbe University told The Citizen yesterday.

Geita Gold Mining Limited’s Vice President (Sustainability), Mr Simon Shayo, said they continued to support various environmental conservation projects within and outside the mine with meticulous focus on safety, which was part of the company’s core values.

“We have been very careful in ensuring that the people around our mine are safe by guaranteeing them a better environment. We have been rehabilitating forests, and it is difficult to detect if it is not a natural forest,” he said.

Ramla Msuya, head of Sustainability Programmes at CRDB Bank, said the bank has continued to make contributions to sustainability through its business across all markets.

“Our aspiration to be an environmental steward was made clear in 2020 when we launched a three-year afforestation campaign dubbed Pendezesha Tanzania (beautify Tanzania), aiming at championing tree planting in urban areas,” she observed.

However, they explained the importance of continuing to support the government but also ensuring that policies are developed that will support the goals and commitments that the government has made. They said the policies they propose must reach the corridors of the relevant authorities.