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All Business Stakeholders Will Benefit from Stronger ESG Policies, Says GlobalData

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The age-old view that addressing environmental, social and governance (ESG) issues will make a dent in profits is a myth, says GlobalData. The leading data and analytics company notes that businesses that embrace all three elements of ESG will actually outperform their peers.

Cyrus Mewawalla, Head of Thematic Research at GlobalData, comments: “The reluctance of many CEOs to fully engage with sustainability can be attributed to the age-old view that it will hurt profits. However, GlobalData’s research suggests the opposite: CEOs that are too slow to improve their company’s approach to ESG will see an exodus of customers and a drop in profits far sooner than they ever imagined.”

GlobalData’s latest thematic report, ‘Thematic Research: ESG – Top Trends by Sector‘, notes that, while saving the planet used to just equate to implementing sustainable practices such as ‘limiting the use of plastics’ and ‘reducing carbon footprint’, ‘sustainability’ has morphed into an umbrella term that includes all aspects of ESG issues. The company proposes an ESG framework that identifies key areas in which companies should invest. One of these is climate change.

Luke Gowland, Analyst in the Thematic team at GlobalData, comments: “With COP26 setting the agenda on climate change, companies are focusing their efforts on tackling carbon emissions by switching to renewable energy and undertaking energy efficiency projets. However, companies must excel across all three aspects of ESG, and not overlook the importance of strong social performance and having the correct governance structures in place to achieve ESG goals.”

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Citizens, governments, regulators, and the media are turning the spotlight on corporations and demanding action. Social inequality, corruption, tax avoidance, and a lack of action on climate change are all issues that companies must now address head-on, in full public view.

Since Q1 2021,GlobalData has been asking respondents to detail their company’s approach to ESG goals In Thematic Sentiment Analysis, Q3 2021, conducted in Q3 2021, nearly a quarter of respondents thought that, for most companies, ESG was just a marketing exercise.

Gowland continues: “Our latest sentiment analysis report shows that more companies have changed their behavior to meet ESG goals (33%) than not (22%). While the attitudes towards ESG are improving, there is a long way to go.”

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Former First Bank Chairman, Ibukun Awosika Joins Binance Advisory Board

A former chairman of First Bank of Nigeria, Ibukun Awosika has been appointed to the Binance Advisory Board

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Ibukun Awosika

A former chairman of First Bank of Nigeria, Ibukun Awosika has been appointed to the Binance Advisory Board. 

Investors King learnt that one of the world’s leading cryptocurrency exchange companies, Binance, has appointed Ibukun Awosika on its advisory board. Binance is believed to be the world’s largest cryptocurrency exchange by trading volume. 

The former chairman of First Bank of Nigeria was selected among other eminent people which include Max Bacus Former U.S. Ambassador to the People’s Republic of China; Hyung-Rin Bang, advisor of the Korea Presidential Committee; Bruno Bézard, managing partner at Cathay Capital, former economic advisor to the French Prime Minister and ex-head of the French Treasury; Henrique de Campos Meirelles. 

The list also includes a former president of the Central Bank of Brazil; Leslie Maasdorp, the chief financial officer of the New Development Bank; Adalberto Palma, former senior advisor to the President of Mexico; Christin Schäfer, founder of ACS Plus; Ed Vaizey, a member of the UK House of Lords; David Wright, chair of Eurofi. 

The appointment of the advisory board will help the Binance exchange to break new boundaries in the face of crypto regulation challenges. 

It should be recalled that in June 2021, the Financial Conduct Authority (FCA) ordered Binance to halt all UK-regulated activity over worries about weak consumer protection. Similarly, in May 2021, Bloomberg News reported that Binance is being investigated by the United States Department of Justice and Internal Revenue Service for money laundering and tax evasion. 

The Central Bank of Nigeria has also banned cryptocurrency-related transactions in Nigeria. In a circular released in February 2021, the Central bank reaffirm a 2017 directive to financial institutions to block any account that transacts in cryptocurrency. 

However, despite the overwhelming opposition to cryptocurrency, millions of retail investors keep embracing it, especially in West Africa. 

In July 2022, the United Nations Conference on Trade and Development (UNCTAD) rated the West African country third among countries with the highest number of cryptocurrency holders in Africa. The report also stated that more than 13 million Nigerians are in possession of digital assets

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Hundreds of MSMEs And Underserved Communities to Benefit From Microsoft And ICE Power Project

Microsoft and ICE Commercial Power have entered a partnership agreement to power hundreds of Micro, Small and Medium Enterprises and underserved communities. 

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MSME

Microsoft and ICE Commercial Power have entered a partnership agreement to power hundreds of Micro, Small and Medium Enterprises and underserved communities. 

ICE is a Nigeria-based affordable and renewable energy provider that deploys microgrids to help small and medium businesses which have limited or no access to power supply. 

In a pilot programme, ICE had earlier deployed 20 solar microgrids to connect about 170 underserved small businesses across three communities in Nigeria. The pilot program was undertaken in Edo, Delta and Ondo States.

In a statement released by the company, ICE Commercial Power noted that it understood the electricity challenges of small businesses and underserved communities in Nigeria, especially at a time when the cost of energy is exorbitantly high. 

Investors King earlier reported that because of the hike in the price of diesel, the cost of doing business in Nigeria has increased by more than 50 percent in 2022. This has adversely impacted the profitability of many businesses. 

According to ICE Commercial Power, “Many of Nigeria’s SMEs rely on using generators to provide power, but these machines can be unreliable, and the fuel and maintenance costs are high”.

“The African Development Bank noted that Nigerians spend about $14bn on generators and fuel yearly in order to avoid crippling downtime for their businesses.

“SMEs play a vital role in driving economic growth and job creation on the continent. Connecting SMEs to alternative energy sources helps to minimise downtime and maximise productivity.” the statement read. 

ICE Commercial Power further stated that the power project in partnership with Microsoft will connect businesses and underserved communities to reliable and affordable clean energy. 

The company also declares that users will be able to monitor their energy usage online to have significant control over their energy consumption.

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Jumia Partners With Coca-Cola to Improve Customers Experience

Jumia, Africa’s leading e-commerce platform, has partnered with Coca-Cola Africa to offer Coca-Cola products to consumers in the comfort of their homes. 

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Coca-cola - Investors King

Jumia, Africa’s leading e-commerce platform, has partnered with Coca-Cola Africa to offer Coca-Cola products to consumers in the comfort of their homes. 

The partnership will enable Jumia to reach out to millions of Coca-Cola customers through the Jumia platform.

Both wholesale and retail consumers can get the products at an affordable price and at the fastest delivery time. 

According to Romain Christodoulou, Jumia’s Chief Commercial Officer, “We are happy to partner with Coca-Cola to meet consumer demand for everyday products at the fastest delivery time and at affordable prices.

“Coming after the launch of our Quick Commerce stores, we are happy to let our consumers know that they can expect their delivery of beverages in under 20 minutes, offering convenience at its best,”

Similarly, Coca-Cola believes the partnership will bring its products closer to the consumer, especially those who prefer to shop online. 

The company’s Vice President for Customer and Commercial Leadership, Minas Vourodimos stated that Coca-Cola is pleased with its partnership with Jumia which will make Coca-Cola directly available to consumers in their homes. 

“Through this, we will be offering an alternative for easy and fast access to Coca-Cola brands across several beverage categories”. She added.

Investors King gathered that the Jumia and Coca-Cola partnership is one of the many strategic partnerships the African e-commerce giant has made in the last nine months. 

It could be recalled that early this month, Jumia partnered with Ziplan to start using drones for delivery services. This will help Jumia to reach rural and remote areas in Africa which could be hard or impossible to reach through conventional methods.

Subsequently, shopping on Jumia will be faster, more convenient, sustainable and accessible.

When the Jumia drone delivery service becomes operational, it will give Jumia the leverage to better serve its customers and subsequently increase the company’s revenue.

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