In a pioneering effort to enhance environmental, social, and governance (ESG) awareness among Tanzanian businesses, the Confederation of Tanzania Industries (CTI), with the support of Danish Industry (DI), hosted a two-day ESG awareness training session aimed at equipping businessmen and manufacturers with crucial knowledge on the importance of ESG principles.
The event, which took place at the Holiday Inn Hotel from 14th to 15th November 2023, attracted a diverse group of industry stakeholders, including corporate sustainability officers and business owners. DI brought in an incredible teacher/facilitator, Mr. Enock Nyachae, who guided participants through an overview of ESG principles, familiarizing them with the growing importance of ESG in global business practices, the benefits of adopting ESG standards, and the role it plays in attracting both local and international investments.
One of the highlights of the training was a detailed case study featuring Tanzania Breweries Limited (TBL), one of the largest and most influential companies in the country. Representing TBL at the event was Ms. Siya Mbuya, the company’s Sustainability Projects Manager, who shared valuable insights into how her company has integrated ESG principles into its operations.
Ms. Mbuya, a key advocate for ESG initiatives at TBL, emphasized how essential ESG has become to the company's long-term sustainability. She discussed how TBL’s commitment to responsible business practices has not only helped them minimize environmental impact but has also played a vital role in improving social conditions and promoting good governance within the company. According to her, TBL’s dedication to sustainability aligns with global best practices, reflecting the company's understanding that a focus on ESG factors can create significant value for both the business and its stakeholders.
“Adopting a robust ESG framework is no longer just a corporate responsibility but a competitive advantage,” said Ms. Mbuya. “At TBL, we’ve seen firsthand how integrating these principles into our operations leads to long-term financial success, stronger stakeholder relationships, and enhanced brand reputation. Tanzanian businesses must understand that sustainability isn’t just about doing the right thing; it is also about positioning your company for future growth.”
The second part of the session featured a presentation from ICRA, a prominent credit rating agency. Mr. Sixtus Kamanda shed light on the growing importance of ESG ratings. The ICRA representative explained how ESG ratings are becoming an increasingly important tool for investors seeking to make informed and responsible investment decisions. By adopting ESG standards and showcasing strong ESG ratings, companies can attract more investors, enhance access to capital, and mitigate risks associated with environmental and social factors.
Throughout the two-day workshop, participants engaged in interactive discussions and practical exercises aimed at helping businesses develop actionable ESG strategies tailored to their specific needs and challenges. The training also offered invaluable networking opportunities, enabling attendees to collaborate with industry peers and ESG experts.
For many businesses in Tanzania, adopting ESG principles can seem daunting. However, the event served as a reminder that ESG is not just a compliance requirement but a strategic opportunity to drive positive change while securing the long-term sustainability of their businesses.
In closing, the training underscored that ESG awareness and adoption are vital for the future of Tanzania’s business community. With insights shared by TBL's Ms. Mbuya and ICRA's Mr. Sixtus Kamanda, it is clear that integrating ESG practices into business operations is more than just a trend it is an essential component of corporate responsibility that can lead to tangible benefits for both businesses and society at large.
Thanks to DI for these amazing opportunities that have helped open the minds of businessmen across Tanzania.
CTI and DI Host a Two-Day ESG Training for Tanzanian Industries!