The urgency to address the impacts of greenhouse gas emissions and climate change is at an all-time high

In his address at the 2^nd Environmental, Social, and Governance (ESG) Summit in Mauritius, Mr. Mark Watkinson, Chairperson of the Mauritius Institute of Directors (MIoD), highlighted the crucial role of ESG principles in addressing the climate crisis.

“ESG principles have moved to the forefront of corporate governance, gaining widespread attention and adoption,” he began. “The urgency of embedding these principles into our corporate strategies has never been clearer.”

As a small island-developing state, Mauritius faces a unique set of environmental challenges. Rising temperatures, increasing sea levels, coastal erosion, flash floods, and coral bleaching are not distant threats, but immediate realities impacting the country’s economy and people’s wellbeing.

“These are not just environmental issues that we can overlook. They have profound socio-economic implications that board directors cannot ignore,” Mr. Watkinson stressed. He lauded the government’s commitment to achieving a 60% green energy mix by 2030 and phasing out coal and electricity generation, but emphasized that tackling climate change requires a collective effort.

Mr. Watkinson drew attention to the Global Risk Report 2024 by the World Economic Forum, which highlights extreme weather conditions as the number one global risk for 2024. The report also identifies extreme weather events among the top five risks for Mauritius.

“The urgency to address the impacts of greenhouse gas emissions and climate change at large is at an all-time high,” he declared. “Under nearly all of the intergovernmental panel on climate change scenarios, the 1.5-degree Celsius threshold could be crossed in the early 2030s.”

The consequences of this, according to Mr. Watkinson, could be catastrophic, leading to the loss of low-latitude hot reefs, rising sea levels due to the collapse of the Greenland and West Antarctic ice sheets, and the disappearance of forests, mangroves, and seagrass meadows.

“Rising temperatures, increasing sea levels, coastal erosion, flash floods, and coral bleaching are not distant threats, but immediate realities impacting the country’s economy and people’s wellbeing.”

“In the face of such adversity, it is important that we take action now,” he urged. “Through cooperative efforts and with a strong resolve, Mauritius can and must lead by example, not only regionally, but on the global stage.”

Mr. Watkinson underscored the MIoD’s role in providing platforms like the ESG Summit to initiate conversations and share best practices for effective climate governance. He emphasized the need for a multifaceted response, incorporating robust climate risk management and decision-making aligned with ESG principles.

“We cannot be only mere participants in addressing this global issue, but rather active contributors in shaping a better tomorrow for the generation to come,” he concluded. This powerful call to arms underlines the vital importance of ESG principles in our collective fight against climate change.