International Conference on ESG and Climate Governance 2023

Regional Summary: Middle East

28 June 2023

With COP28 taking place in the Middle East in December 2023, there has been a sharp increase in climate-related commitments in the region. A key priority is to diversify the local economy to reduce reliance on oil and gas. Start-ups and family-owned businesses are benefitting with many choosing to go public to access finance – a move which is accompanied by increased ESG reporting requirements and new responsibilities for board directors. More →

Regional Summary: Africa 

28 June 2023

Pressure to act on climate change is moving up the corporate agenda in Africa. However with social issues representing a significant challenge in many parts of the region, climate action must support the transition to a fairer and more balanced economy. Board directors need to quickly get up to speed with growing reporting requirements and consider how  the organisation’s environmental and social sustainability strategy aligns, or is integrated, with the overall company strategy.   More →

Regional Summary: Europe

28 June 2023

High-level net zero ambition has resulted in rapid, and sometimes piecemeal, regulatory development in Europe, which looks set to continue for many years to come. The impacts of regulation are also being felt increasingly beyond the continent’s boundaries. This makes Europe a complex environment in which to operate, requiring directors to continually engage and educate themselves on climate risks and opportunities, and the associated responsibilities of the board and individual board directors. More →

Regional Summary: Asia-Pacific

28 June 2023

The incredible diversity of political regimes and legal frameworks across Asia-Pacific, coupled with varied levels of economic development, have resulted in a complex patchwork of sustainability regulation in the region. Requirements are increasingly mandatory, with potentially tough penalties for directors, though the enforcement landscape is still unclear.  More →

Regional Summary: Americas 

28 June 2023

The Inflation Reduction Act (IRA)[1] in the US is expected to clarify the regulatory framework and provide a similar stimulus to development of renewables and other green sectors after years of stalled progress. US companies are well-placed with some of the largest sustainability teams and most experienced directors on ESG issues. But growing climate litigation is bringing new risks. More →

Speaker Summary: Cristián Rodríguez-Chiffelle

28 June 2023

Cristian Rodriguez Chiffelle, resident visiting scholar and Luksic Fellow at Harvard University’s David Rockefeller Center for Latin American Studies , delved into Emerging Markets (EMs) and the contribution of green investment to overcome environmental, social and governance (ESG) challenges. Policy, scientific advancements and shareholder activism all play a significant role in shaping climate action and investment within business. Responsibilities of the Board of Directors are now considered to include assessment of climate risk and climate disclosure. More →

Speaker Summary: Professor Enase Okonedo

28 June 2023

Professor Enase Okonedo, from Pan-Atlantic University, discussed the varying levels of ESG (Environmental, Social, Governance) awareness and implementation in Africa. Despite Africa’s vulnerability to climate change, local progress has been held back by economic development concerns and the region’s reliance on extractive industries. Recent progress has been driven by financial pressure, though ESG efforts lack a unified approach and there is a need for ESG standards to be adapted to regional and local contexts. More →

Speaker Summary: Professor Rajiv Lall

28 June 2023

Rajiv Lall, Professorial Research Fellow at the Singapore Green Finance Centre, spoke about practical implications of climate liability drawing on his research experience and on years working at international financial institutions. The presentation explored the links between climate change law and broader behavioural changes on boards, and the need to consider corporate pathways to net zero within a wider context. More →

Speaker Summary: Professor Umakanth Varottil

28 June 2023

Umakanth Varottil, Associate Professor at the National University of Singapore Faculty of Law, outlined how climate change liability is, and will, be impacting board directors in Asia. The presentation made clear that Asian countries take a diverse range of approaches to climate governance which directors should bear in mind when considering their own liability. Across the region, there has been a growth in substantive laws relating to climate change that has not yet been matched by strong enforcement mechanisms. More →

Speaker Summary: Professor Sherwat Elwan Ibrahim

28 June 2023

Professor Sherwat Elwan Ibrahim, from the American University in Cairo, presented key insights into the evolving landscape of ESG within supply chain management and outsourcing. She discussed the decoupling of finance from innovation and the changing nature of business models, which should direct the way business is taught in higher education. More →

Speaker Summary: Dr Emily Webster(†)

28 June 2023

Dr Emily Webster, Assistant Professor in Environmental Law at the Department of Land Economy, University of Cambridge, discussed the uncertainties and inconsistencies in the regulatory and policy landscape and how these can act as a barrier to board-level action on climate change. These barriers exist both within and across jurisdictions. For example, the landscape for mandatory disclosure has evolved rapidly in recent years, and indications are that it will continue to do so. Greater clarity on directors’ duties to take substantive action on climate change is needed if this is to be a significant driver for board-level action going forward. More →

Speaker Summary: Professor Simon Learmount

28 June 2023

Simon Learmount, Associate Professor from the University of Cambridge, explored the feelings in European boardrooms regarding ESG: it is here to stay. With the mindset that ‘what gets measured gets done’, ESG has fundamentally changed the attitudes of companies, and specifically boards, towards environmental stewardship. The complex, and rapidly evolving, regulatory landscape for ESG across Europe is driving important shifts in corporate strategy and governance, with company directors feeling increasing personal responsibility for the risks that their organisations bear. More →

Speaker Summary: Dr Fay Abdulla al Khalifa

28 June 2023

Dr Fay Abdulla al Khalifa, from the University of Bahrain, highlighted the need to adapt ESG (Environmental, Social, Governance) frameworks to the hydrocarbon-based economies of the Gulf Cooperation Council (GCC) region. ESG challenges in the region include the need for economic diversification away from oil and gas, greater proactive stakeholder engagement at the board level, and a need to balance the historical context of oil and gas development with the current climate crisis, while maintaining socio-economic stability and well-governed systems in the region. Dr Abdulla al Khalifa suggested two solutions to these challenges: practical education for board members and incorporation of academic and scientific expertise into board thinking to enhance development of ESG strategy. More →

Speaker Summary: Professor Ivan Diaz-Rainey

28 June 2023

In this presentation, Ivan Diaz-Raney, Professor of Finance at Griffith University, explained how carbon metrics impact businesses, and how this links to climate risks and opportunities. Professor Diaz-Raney explained some difficulties in emissions reporting and net zero commitments and whether they fully capture corporate climate strategy. Risks and opportunities were another key theme, as directors must understand both sides of the coin when navigating their business through the climate crisis.   More →

Speaker Summary: Professor Cintia Külzer-Sacilotto

28 June 2023

Cintia Külzer-Sacilotto, Assistant Professor at the United Arab Emirates University, discussed the growing role of ESG (Environmental, Social, Governance) practices in the Middle East. She highlighted the increasing momentum in the region for net-zero commitments, increased green bond investments, and adoption of ESG strategies among companies. Despite high emissions per capita and carbon intensity, Middle East businesses aim to diversify their economic sectors away from oil and gas. More →

Speaker Summary: Julia Qian Mao

28 June 2023

Julia Qian Mao, Director of International Cooperation at the International Institute of Green Finance (IIGF), explored the perceptions that China has of sustainability. Specifically, she discussed how ESG (Environmental, Social and Governance), climate finance, and green finance concepts are understood, and how relevant activities are led by different ministries and other stakeholders. The current focus of ESG is mostly on corporate disclosure, with increasing requirements from the State-owned Asset and Administration Commission (SASAC) and National Administration of Financial Regulation (NAFR), previously known as the CBIRC (China Banking and Insurance Regulatory Commission). Most green finance related work, i.e. green finance pilots, are driven by China’s central bank, the People’s Bank of China (PBoC). More →

Speaker Summary: Mumbi Maria Wachira

28 June 2023

Dr Mumbi Maria Wachira, an academic from Strathmore University Business School in Nairobi, shared her insights regarding the complex context of ESG (Environmental, Social, and Governance) considerations in Africa. The central themes include the contextual nature of ESG, where the social aspect is a priority and framed under a just transition. There is an acknowledgement that financial institutions are driving ESG movement in Africa, and also a recognition of the need to adapt international ESG frameworks to the local context to be effective. More →