3rd edition of Environment Social and Governance (ESG) training for the League of East African Directors in Kampala
- 18 September 2024
- Posted by: Denis Ssemanda
- Category: energy transition
Future Energy Partners (FEP) recently hosted a comprehensive ESG (Environmental, Social, and Governance) training programme for LEAD (League of East African Directors) from 27–29 August 2024 at the Sheraton Hotel, Kampala. This prestigious event brought together CEOs, trustees, directors, and key stakeholders from the banking, financial, education, and legal sectors, both in person and virtually.
Greg Coleman, CEO of Future Energy Partners and lead trainer, welcomed everyone to the 3-day ESG training programme. He expressed his excitement at seeing so many dedicated professionals from various organisations gathered to learn and share knowledge on ESG best practices.
Over the course of the training, participants delved into the intricacies of ESG, exploring its relevance to their organisations and the importance of integrating sustainability into their core strategies. They discussed the latest trends, challenges, and opportunities in ESG, sharing practical insights and case studies to illustrate key concepts. Participants were encouraged to ask questions, share experiences, and learn from each other’s perspectives.
Develop a purpose-driven strategy that benefits all stakeholders in the organisation
LEAD’s Corporate Liaison Officer, Ivan Kalema, welcomed the delegates and highlighted that they have the opportunity to be trained by the best in the business, which was a key reason for LEAD’s decision to partner with FEP.
He noted that ESG has become a critical factor, parameter, and matrix in measuring many organisations’ ability to create and sustain long-term value in a rapidly changing world, while also managing the risks and opportunities associated with these changes.
Although ESG metrics are not part of the mandatory financial reporting requirements under International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), organisations worldwide are increasingly making disclosures in their annual reports or standalone sustainability reports. Locally, he cited the Bankers Association, among others, as entities now reporting on ESG.
LEAD acknowledges the importance of Board Members and senior management teams enhancing their skills and expertise in ESG, among other key areas.
Ivan reminded the delegates that by the end of the 3-day training, they will have gained an overview of how to:
- develop a purpose-driven strategy that benefits all stakeholders in their respective organisations
- navigate ESG reporting and communication best practices
- integrate ESG considerations into decision-making and governance
- stay ahead of the curve and join the ranks of forward-thinking leaders who are shaping the future of responsible business.
Guest speakers: learning from industry experts
The training featured an impressive lineup of international residential and non-residential trainers, renowned ESG lawyer and environmentalists. The guest speakers shared their expertise and insights, shedding light on critical ESG aspects.
Importance of geospatial data for sustainable environmental solutions
Alexis Moyer, Customer Solutions Lead from Space Intelligence Ltd, was our guest speaker on Day 1. She represents a company that utilises satellite technology and data analytics to provide insights and solutions for environmental monitoring, natural resource management, and more. During her presentation, the delegates learned how:
- Space Intelligence uses satellite technology and data analytics to support environmental monitoring, natural resource management, and sustainability efforts. Their work helps organisations globally with sustainability reporting and climate change mitigation strategies
- sustainable resources can be managed more efficiently through data-driven insights. According to Alexis Moyer, data analytics help to understand and address climate change impacts, such as sea-level rise, deforestation, and extreme weather events.
Delegates also learned that Space Intelligence is open to partnerships and collaborations in Uganda or with any of the organisations whose representatives were present, promoting the adoption of space-based solutions for sustainability.
Alexis emphasised the importance of incorporating space intelligence as a metric in data collection, highlighting its significance in ESG reporting.
Sustainability
Ian Saunders is an environmental consultant who has spent much of his life working in Africa, the Middle/Near East and Central Asia, often during periods of crisis and conflict.
As our Day 2 guest speaker, Ian concluded his presentation with a unique video showcasing his The InveSTABLE System®. The video informed delegates on how their organisations can be supported in navigating the complexities of ESG, and how improving their sustainability performance can create long-term value for stakeholders.
the InveSTABLE System®, is a phased approach designed to integrate ESG into business operations and enhance long-term investment stability. This system helps organisation build internal ESG capabilities, develop comprehensive roadmaps, and utilise ground truth data and cultural intelligence to ensure sustainable and risk-adjusted returns.
Greenwashing
Ernst Muller, Herbert Smith Freehills, was our guest speaker who featured on Day 3. He is a “Natural Scientist turned Regulatory Lawyer”.
Ernst focused primarily on greenwashing, which he described as the deceptive practice of promoting a company’s environmental credentials falsely and the severe consequences for businesses engaging in greenwashing. According to Ernst, some of the impacts of greenwashing on companies include:
- damage to reputation: the exposure of greenwashing can lead to a loss of public trust, tarnishing the company’s reputation and brand image
- financial losses: greenwashing may result in financial losses due to legal actions, fines, and compensation claims
- regulatory scrutiny: companies might face increased regulatory oversight, leading to stricter monitoring and potential penalties
- loss of customer loyalty: environmentally conscious customers may feel alienated by greenwashing, resulting in decreased sales and loyalty
- decreased investor confidence: investors may interpret greenwashing as a sign of poor management and lack of transparency, which could lead to reduced investment.
- legal consequences: companies may face legal action from regulators, customers, or NGOs for misleading environmental claims
- missed opportunities. by focusing on greenwashing rather than genuine sustainability efforts, companies may miss opportunities for innovation and growth
- long-term consequences. the effects of greenwashing can persist even after the company has corrected its practices, making it essential to prioritize transparency and authenticity.
In conclusion, to avoid these consequences, companies should prioritize genuine sustainability efforts, transparency, and accurate communication of their environmental practices.
Key takeaways by delegates after the three day impactful training
To thrive in today’s rapidly changing environment, organisations must make informed decisions based on accurate, up-to-date data. This approach requires leveraging reliable information and insights from both internal data and third-party experts. Key areas to focus on include:
- the necessity of ESG reporting: utilising various metrics to measure environmental, social, and governance performance helps ensure sustainability and accountability
- risk assessment and prioritisation: identifying and evaluating risks allows organisations to effectively prioritise actions and allocate resources
- developing an ESG Strategy: an ESG ensures consistent practices and objectives across business operations
- upholding Health, Safety, and Environment (HSE): ensuring HSE practices are embedded across all organisational levels is crucial for maintaining employee well-being and regulatory compliance
- promoting transparency for good governance: transparency is key to fostering trust and accountability, which are essential for robust corporate governance.
This ESG training programme demonstrated FEP’s dedication to empowering leaders with the knowledge and tools necessary to drive sustainable growth and responsible practices in their respective organisations.
We advise governments, investors, and businesses on environmental, social and governance issues, including alignment of objectives, compensation models, environmental and social risks and opportunities, environmental and social impact assessments as well as providing bespoke capacity building.
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Future Energy Partners provide expert service for the full upstream value chain and asset management, offering consultancy that aligns with the latest regulations and policy. In addition to a general introduction to CBAM, we can assist you with:
- digital technology to aid carbon accounting
- measuring methane emissions and flaring
- gas-to-power solutions
- carbon capture and storage assessments.
Our comprehensive expertise in the energy sector allows us to support your projects from concept to completion. To find out how we can help you navigate the evolving energy landscape and achieve your sustainability goals, contact us today.