Sustainability has become a very prominent concept in business for organizations to fantasize about, faculties to teach and non-profits to spend fortunes researching on in the recent past.
Governments, societies and stakeholders have placed emphasis on business practices that do not just address the bottom line but also the needs of the people and most importantly, the environment.
Sustainable economic growth is no longer just a business publicity gimmick to look cool but a critical process for our future.
The United Nations has set an urgent agenda for sustainable development for all countries to achieve by 2030 and is made up of 17 sections.
The Sustainable Development Goals address a myriad of issues touching on the environment, social and governance practices that affect different countries uniquely.
The environmental aspect is very critical to the realization and sustainability of the economic growth so much pursued by developing nations.
Consequently, countries and regional blocks sprang into action. The European Commission created the EU Green Bonds Standard (GBS) in 2019 to encourage investors to take part in green projects and sustainable initiatives.
In addition to that, in the European Green Deal, the Commission planned to fund similar projects with more than a trillion euros and to always consider sustainability when making investment decisions.
While there has been slow progress from developing countries on climate action, partly because of the argument that developed countries have contributed a lot to the environmental challenges and need to do more, it is of utmost importance that developing countries pursue sustainable development for the sake of future generations.
The earth may not survive another industrial growth powered by fossil fuels and deforestation by the many developing nations.
The face of our planet is literally shifting as a result of climate change.
Droughts, food insecurity, and rising temperatures have a domino effect on the environment that impacts multiple sectors of the economy.
The developing economies arguably experience the adverse effects of this shift.
Tasking developing countries with much responsibility towards this end is not because they contribute much to environmental degradation but because they stand a better chance at achieving industrial success with minimal negative effects on the environment.
The industrial revolution witnessed an aggressive pursuit of development that set the stage for the climatic challenges we are experiencing today and it is not an exaggeration that a similar trend would end the planet.
The shifts in weather patterns and temperatures since the 1800s mainly resulting from human activities have been the main driver of climate change.
The burning of fossil fuels like coal, oil and gas, which produces heat-trapping gases, drove the major industrial revolutions in the 18th, 19th and 20th centuries.
Developing countries must take advantage of the opportunities presented in the fourth industrial revolution inspired by the internet and renewable energy to spur their growth.
The UN Commission on Science and Technology for Development (CSTD) agrees that developing economies are more agile in adopting technologies presented in the fourth industrial revolution at lower costs and avoiding risks associated with experimentation, research and development, and slow initial uptake experienced by advanced economies.
Provided they put in place robust and sound national policies and pursue mutual international partnerships, the developing countries can bolster their role in greening global value chains as well as diversifying and moving towards more sustainable economic sectors.
For instance, Egypt enacted a renewable energy law in 2014 that has enabled the private sector to partner with the government to produce electricity from renewables.
Other developing countries such as Chile, Panama and South Africa already have advanced green hydrogen strategies consistent with sustainable development.
The governments of developing nations must incorporate all stakeholders within their economy to commit to eliminating and offset greenhouse gas emissions, encouraging green energy, eliminating toxic hazards, reusing or recycling materials, managing waste and reducing carbon footprint throughout the value chain.
This is probably why we need to incorporate sustainable development in our curriculum at all levels of education as was once done with HIV/Aids.
This will help generations appreciate the efforts of combating climate change and take action in their own individual capacities.
The governments must task the corporate world, especially the private sector, to incorporate the Ten Principles of the UN Global Compact into strategies, policies and procedures, and establish a culture of environmental integrity within their structure and operations.
This way, companies are not only setting the stage for long-term success in supporting the economy but also upholding their basic responsibilities to people and most importantly, the planet.
This would also mean enforcing policies and even legislation that would guide businesses to operate in ways that, at a minimum, instil fundamental responsibilities in meeting global standards for environmental integrity and creating long-term value.
The Global Risk Report 2020 ranked environmental risk from climate action failure as first among other societal risks with a projection that the effects of inaction may have up to ten times the impact of the Covid-19 pandemic. Therefore, developing nations can no longer afford to sleep on taking action to address climate risks at all levels of the economy in their development plans.
The author is a Strategic Communication and International Affairs Professional in Nairobi.
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