OICCI hosted an insightful session on “Sustainability and Business – The Future and The Now” with Chun Wee Chiew, Lead for Policy & Insights, Asia Pacific at ACCA. During the session, Chiew addressed the urgency for businesses to proactively address climate change, integrate sustainability into core operations, and adopt global frameworks such as the IFRS sustainability standards.
He noted that 55% of global GDP depends on natural resources, yet only half of companies have set clear transition plans, urging them to establish net-zero targets to remain competitive. Highlighting Pakistan's climate risks, including extreme weather and water scarcity, Chiew stressed the need for businesses in Pakistan to adopt sustainable practices and align with global standards to mitigate these risks and seize growth opportunities.
In their closing remarks, Assad Hameed Khan, Head of ACCA Pakistan, and OICCI Executive Director Kashif Shafi emphasized the importance of awareness-building and innovation, highlighting OICCI's efforts and asserting the need for continued collaboration with all stakeholders to advance sustainability.
𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀:
➡ 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗥𝗼𝗹𝗲 𝗶𝗻 𝗦𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆: Businesses must integrate environmental, social, and governance (ESG) principles into their strategy, addressing both climate and transition risks.
➡ 𝗜𝗙𝗥𝗦 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 𝗮𝗻𝗱 𝗔𝘀𝘀𝘂𝗿𝗮𝗻𝗰𝗲: The IFRS sustainability standards provide a universal language for sustainability reporting, enabling transparent and reliable reporting across industries.
➡ 𝗜𝗺𝗽𝗮𝗰𝘁 𝗼𝗳 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗖𝗵𝗮𝗻𝗴𝗲 𝗼𝗻 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: Industries like automotive, which rely on natural resources, face high risks from environmental degradation; planning for sustainable sourcing is essential.
➡ 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗘𝗦𝗚 𝗝𝗼𝘂𝗿𝗻𝗲𝘆: As Pakistan’s regulatory framework evolves, there is a growing emphasis on the need for local businesses to align with global sustainability standards.
➡ 𝗔𝗰𝘁𝗶𝗼𝗻 𝗼𝗻 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗥𝗶𝘀𝗸𝘀 𝗮𝗻𝗱 𝗢𝗽𝗽𝗼𝗿𝘁𝘂𝗻𝗶𝘁𝗶𝗲𝘀: Companies must anticipate climate risks to build resilience and adapt to emerging market and regulatory demands.
