Around its targets themed ‘Sustainable Investment: The Future for Tanzania’, the CEOrt intends to address the pressing need for sustainable development and the transition towards a low-carbon economy.
David TarimoCEOrt of Tanzania Chairman said on Tuesday evening that the CEOrt sees an essence in sustainable investment that doesn’t jeopardize the implications of climate change.
He said companies are considering investments and innovations in smart environment friendly sustainable energy sources towards reduction of carbon emissions.
Tarimo said the meeting focused on three main areas namely access to finance, access to market, and business performance.
He defended that sustainable investments, marked by financial decisions that account for environmental, social, and governance (ESG) factors, provide a promising pathway to combat the climate crisis while fostering economic growth.
“To be sustainable both the private and public sectors have to set in place strategies with the focus on climate change in relation to the operations of companies and factories. The initiatives they should take to become green companies,” said Tarimo.
He asserted that CEOrt seeks to inspire captains of industry to renew their commitment to the climate action agenda and explore diverse ways in which their organizations can contribute.
By aligning their operations with sustainable practices, he said, businesses can play an instrumental role in driving the country's sustainable future.
According to Tarimo, business operations and costs that contribute heavily to carbon emission are a great concern when it comes to climate change threats.
He said the CEOrt is much interested in seeing the world continue to be a better place for all creatures’ existence free from implication attributed to climate change as the result of human economic activities.
“Energy efficiency should go abreast with the consideration of what the world is coming to, especially when we speak about the impact of climate change on humans' life and the environment,” said Tarimo.
DevangVussonji, CEOrt Tanzania strategic consultant on economic development director and partner at Dalberg Advocates, said there are plenty of opportunities that Tanzania companies can tap into in favor of green operations.
According to him, opportunities around energy efficiency have already been recognized in Tanzania for instance in the National Energy Policy 2015 and the Energy Efficiency Action Plan 2021.
He argued that high-energy consuming companies in the manufacturing, transport and logistics sectors may benefit the most from becoming more energy efficient.
He said that one way for these companies to optimize their energy use is through energy audits.
“Experience from Tanzania shows that energy audits followed up by efficiency measures can help save up to 30 percent of energy bills. Still these audits are underutilized in Tanzania,” said Vussonji.
He argued that the CEOrt encourages business leaders to embrace the notion of responsible corporate citizenship, recognizing that sustainable businesses not only contribute to environmental preservation but also create long-term value for stakeholders.
“By integrating ESG considerations into their decision-making processes, companies can effectively address climate-related challenges and drive positive change.” he said.
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