COP27 means there is a renewed focus on the challenges of climate change. In the media – and in boardrooms, too – we’re seeing ever greater attention to the question of sustainable development. More and more business leaders are asking themselves: how can we take the critical action that’s needed to protect the planet and preserve our way of life?
This is no simple question. And today, more than ever, it can feel like climate action has to take a back seat. We’re struggling with rampant inflation, a cost of living crisis, ongoing supply chain disruption, rising interest rates… Isn’t sustainability a secondary concern? Won’t ethical business practices have to wait until things are back on a steady course?
Here at Seventy Ninth Resources, we believe that it’s now more essential than ever to reaffirm our long-term commitment to our ESG goals. It’s only by keeping to a steady course when things are at their most uncertain that we’ll succeed in beating the challenge of climate change.
My ESG mindset
My commitment to ESG is far from new. In fact, throughout my career I’ve sought to take a direct personal role in my company’s ESG aims. And this is truer than ever when it comes to my role as CEO here at Seventy Ninth Resources, as I oversee the development and rollout of our ESG policies.
At Seventy Ninth Resources, we know we’re putting in the hard work to make our company more sustainable and ethical in its operations. That’s why we’re open about the efforts we’re making to reach these goals.
Sustainability: A Journey, Not a Destination
We are proud supporters of the UN Global Compact, an initiative designed to encourage businesses to prioritise sustainable and socially responsible practices. As part of this support, we regularly report on our efforts to put the compact’s ten principles front and centre in everything we do. This includes commitments to supporting human rights, protecting the environment, and adhering to stringent labour standards.
Having said all this, I’m well aware that there is a great deal for us left to do. We are a company that is growing rapidly on a global scale, and we are actively involved in industries that have the potential to significantly damage the environment. That means we need to continue to hold ourselves accountable, identify areas for improvement, and not rest on our laurels.
Ultimately, I know that sustainability isn’t about ticking a few boxes. It’s an ongoing effort to improve the way your business operates and to minimise your impact on the planet. And I hope our own openness inspires other businesses to follow suit.
Key Lessons from COP27
So, what are the key takeaways from COP27?
As events came to a close in Sharm El Sheikh, one thing was abundantly clear: if we’re going to meet the commitments set out in 2015’s Paris Agreement, we need to make major strides very quickly. It’s clear that limiting the global temperature rise to 1.5°C is going to require enormous effort. With reports suggesting that we’re on track to hit 2.5°C of warming based on current emissions pledges, there’s certainly much more that needs to be done.
While it’s hard to overstate the extent of the difficulties we’re facing, I believe that here at Seventy Ninth Resources we’re capable of rising to the challenge. We know that, as an industry leader, it’s essential that we show the way forward for other businesses. We need to demonstrate that you can be a fast-growing, globally successful company and still make the difficult commitments that ESG goals require.
And of course, that means we need to think beyond our own aims as a company, even when we have the very best intentions. We need to engage deeply with our stakeholders to understand the impact our actions have on local communities in the areas where we work. We need to take seriously their needs and aspirations, and do our part to help realise them.
And that’s exactly what we’ve done as part of our work in the Republic of Guinea.
Making a Difference: Our Work in the Republic of Guinea
Seventy Ninth Resources holds extensive natural resource concessions in the Republic of Guinea. In fact, we manage one of the largest portfolios of natural resource concessions in West Africa. For me, that makes it particularly important that we do our part in protecting local communities in Guinea from the worst effects of rising temperatures and limited water supplies as climate change sets in.
However, I don’t think that we can simply decide based on our own experience what will most benefit those living in the region. It’s essential that we listen to those affected in order to understand the challenges they face and the kind of investment that will deliver the best results for them.
That’s why our ESG commitments in the Republic of Guinea have adopted a community-led development model. We have undertaken extensive fact-finding missions in the region, which has allowed us to develop our understanding and ensure that our approach to ESG has the greatest possible impact. Through these missions, we discovered that access to electricity, education, water, healthcare, and safe working conditions were key concerns. And so that is what our ESG initiatives in the region will focus on going forward.
Thanks to the collaborative approach we have taken, I believe we have already taken big strides in helping to improve the lives of those living near or on our concessions in the Republic of Guinea. And I’m excited to see what further steps we can take in the future.
Building a Sustainable Future: Cultivating an ESG Ecosystem
Looking ahead, we have to accept that the business landscape in the coming years is hard to predict. In the longer term, we can likely expect inflation to come down and interest rates to return to the lower levels of the past few decades. But it’s far harder to know whether we might see the kind of unexpected shocks that have marked the past few years – as well as the potential economic impact of climate change, of course.
With this in mind, it’s essential to be prepared for whatever comes. If you’re truly committed to ESG for the long-term, you need to ensure your plans are robust to any unexpected turns the global economy might take.
I hope that, by making these kinds of commitments and being transparent and honest in our approach, we can encourage others to do the same. Whether it’s our range of global partners or even our competitors, I hope that our efforts inspire widespread change across the industry.
