ziwira finance june 2015

PRINCE OFPRINCE OFGREEN FINANCEGREEN FINANCE

INTERVIEWINTERVIEW

STOCK STOCK EXCHANGE EXCHANGE

Manoj K. Raut,Manoj K. Raut,CEO and Director of theCEO and Director of the

Institute of Directors (IOD)Institute of Directors (IOD)

United Nations United Nations Sustainable Stock Sustainable Stock

ExchangesExchanges Initiative (SSE) Initiative (SSE)

The Prince of Wales The Prince of Wales Accounting for Sustaina-Accounting for Sustaina-

bility Project (A4S)bility Project (A4S)

SUSTAINABLE

STRONG GREEN

EMERGINGECONOMIES

D i s c o v e r h o w t h e B R I C S a r e d o i n g t h e i r p a r t t o e n s u r e t h e s u s t a i n a b i l i t y o f o u r w o r l d .

B U I L D I N G T H E F U T U R E

F I N A N C E

WW

W. Z

I WI R

A. C

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June Issu

e1 2015

June Issue 1 2015w w w . z i w i r a . c o m 3 |

JUNE 2015

A fully functioning sustainable world, is about more than just recycling and eating organic. Finance plays a key role in determining the success of global functionality. A healthy economy means a healthy world. In our fi rst Finance Issue, ZIWIRA will guide you through di� erent aspects of the world of fi nance and economy, and how today, business leaders are stepping up and acknowl-edging the vital importance of implementing sustainable practices.

First of all, we present to you Corporate Knights, a Canadian based research organization who have released their annual Global 100 Most Sustainable Cor-porations list (Page 14). The number 1 spot was given to a corporation that in-tegrates sustainability into pharmaceutical engineering (Page 16).

Banks are vital to our modern existence. Learn about three banks from di� er-ent areas of the world, that are actively changing the way banking corporations are run, by supporting ethical causes and a low-carbon economy (Page 18). In addition, our cover story will introduce you to fi ve of the mightiest developing economies – often referred to as the ‘BRICS’. Learn about each of the BRICS countries, and how they are emerging as ‘green economies’ (Page 26).

Be sure to take a look at our story on the Golden Peacock Awards, with an in-sight from Manoj K. Raut, CEO and Director of the Institute of Directors (IOD). Learn about the admirable Sustainability Award (2). Furthermore, check out our ‘World Finance & Sustainability’ section – with information on how our economy grew without a rise in CO2 emissions (Page 42). Also, check out stories about aid supply to Nepal following the tragic earthquakes (Page 44), Prince Charles’ accounting and sustainability project (Page 48), and the vital importance of fi nancial aid for charities (Page 50).

In the fi nal section we introduce you to Dr. Naoko Ishii, our Green Personal-ity, the current CEO of the Global Environment Facility with a rich history in fi nance (Page 36). We also o� er an insight into green business, and opportuni-ties available to aspiring ‘green entrepreneurs’ (Page 52).

We hope you enjoy our very fi rst Finance Issue, and fi nd it informative, in-triguing, and most of all thought-provoking. We eagerly await your feedback!

EDITORIAL

C O N T E N T C O N T R I B U T O R

@ Z I W I R A

Zane Small

Publisher

Ziwira

CEO and Founder

Adam Merza

[email protected]

Editorial

Saba Khan

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Nasreen Rasool

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Zane Small

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BUILDING THE FUTURE

© Copyright 2015 Ziwira. All rights reserved.

No part of this publication can be reproduced in parts, stored in retrieval system or transmitted in

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June Issue 1 2015 w w w . z i w i r a . c o m4|

CONTENTS

DUBAI HOSTS ANNUAL INVESTMENT MEETING

The Dubai World Trade Centre was once

again host to the Annual Investment

Meeting which focused on Sustainable

Development through Foreign Direct

Investment from March 30 to April 1.

CORPORATE KNIGHTS GLOBAL 100 MOST SUSTAINABLE CORPORATIONS

Discover which corporations Toronto based

company Corporate Knights decided were

the most sustainable in 2014.

PHARMACEUTICAL CORPORATION TAKING CARE OF PEOPLE AND THE ENVIRONMENT

Biogen Idec has been ranked the number

one most sustainable corporation by

Canadian company Corporate Knights’ list

of Global 100 Most Sustainable Corporations.

BANKING EVOLUTION

Triodos Bank stands as a shining example of

how ethical banking can be conducted in a

modern world where climate change is on

the horizon.

AUSTRALIA’S SHINING EXAMPLE OF SUCCESSFUL ETHICAL BANKING

With a new Chief Executive, the world is

watching Westpac Bank to see what great

things are to come.

HSBC SUPPORTS A LOW CARBON ECONOMY

HSBC recognizes the support and move

to a low-carbon economy, which will help

to reduce climate change, and benefi t

communities in the long run.

GREEN & TRENDING

GREEN BANKING EVOLUTION

12

16

18

14

12

16

18

22

20

Biogen Idec

Number one most sustainable corporation


THE BRICS - STRONG GREEN EMERGING ECONOMIES

Large economies come at a cost – a cost to

the well-being of our fragile environment.

Discover how the BRICS are doing their part to

ensure the sustainability of our world.

GOLDEN PEACOCK AWARDS CELEBRATE CORPORATE RESPONSIBILITY

COVER STORY

INTERVIEW

As the former Minister of Finance in Japan, Dr.

Naoko Ishii has rich experience in the fi nancial

sector, as well as actively working towards a

more sustainable future for the world as the

current CEO of the Global Environment Facility.

In October, the global and national awards for

corporate sustainability will be presented at the

15th International Conference on Corporate

Governance and Sustainability in London.

Manoj K. Raut, CEO and Director of the Institute

of Directors (IOD) in New Delhi, India, spoke

to Ziwira about the Sustainability Awards, and

why it is such an important category to include.

GREEN PERSONALITY

DR. NAOKO ISHII - AMBASSADOR FOR FINANCE & BETTERMENT

24

36

32

36

24 38

40

A LEADING BUSINESS REFRESHINGLY PROMOTING SUSTAINABILITY

As one of the world’s leading technology

brands, it is refreshing to learn that Panasonic

is actively incorporating sustainability into its

business practices.

CONQUER THE WORLD WITH GREEN INNOVATION

The world is inspired not by what we

know, but by what we don’t know. There

are so many ideas out there just waiting to

be revealed in the world – all you have to

do is discover them for yourself. But fi rst,

you need to recognize an area that needs

improvement. Take the environment, for

example…

GREEN BUSINESS


ECONOMY GREW WITHOUT RISE IN CO2 LEVELS – BUT WE CAN’T CELEBRATE JUST YET

There is more carbon dioxide in the

atmosphere today than at any point in the

last 800,000 years. What’s more, 25 percent

of the carbon dioxide pollution from fossil-

fuel burning is produced by the USA alone.

However, recently there has been a new

hope.

FINANCIAL AID STATISTICS FOR THE

NEPAL EARTHQUAKE

Following the May 12, 7.3 magnitude

aftershock, Nepal was left in a truly desperate

situation. International aid is now of crucial

importance to the region.

PRINCE OF GREEN FINANCE

His Royal Highness the Prince of Wales has

managed to successfully and innovatively

combine accounting and sustainability into

one project.

WORLD FINANCE & SUSTAINABILITY

42

44

48

50

52

54

THE IMPORTANCE OF FINANCE IN CHARITY

While some people live comfortable lives,

with safe homes and plenty of food, others

do not. In some countries, particularly in

poor African countries like Malawi and

Burundi, people lack the knowledge to create

sustainable lifestyles to live comfortably.

Sometimes, all they need is a push in the

right direction. That is exactly what US

organization Heifer International is doing.

ENCOURAGING GREEN ENTREPRENEURS

Students in Vermont, United States, are being

encouraged to seize the fi nancial benefi ts of

climate change, as opposed to only seeing

the negative side of it.

WHO KNEW STOCK EXCHANGE COULD BE ETHICAL?

It is important for stock exchanges to play

a part in the sustainability of the world, as

it maintains a signifi cant amount of power

on a global scale. The Sustainable Stock

Exchanges Initiative is doing just that.

52


NEWS

Private sector fi nancing required to keep UAE green

Prince Charles encourages Sustaianble Economics

NEWSNEWSThe UAE hosted the 6th edition of the Green Economy Annual Conference under the title National Roundtable of

Financing and Investing in Green Economy Projects on May 25 in Dubai. In the UAE, private-sector environmental

initiatives are being hampered by banks’ reluctance to fi nance clean-energy enterprises. Economic development

is taking its toll on the environment even though the UAE has made progress in reducing its carbon footprint.

The UAE has lowered its annual per capita emission of greenhouse gases to 18.8 tons in 2014 from 40 tons in

2006, according to the Ministry of Environment. “Although there are some banks that have a green remit, most are

failing in their environmental concerns,” said Aisha Al Abdooli, assistant undersecretary of the Green Development

Department at the Ministry of Environment and Water. “It is not a secret that conventional banks do not see the

return on investment from green initiatives, but that is short-term thinking,” she added. “The government has

committed to making the country environmentally sustainable. The investment is already being made, we need

the private sector to join in.”

In his last stop on a goodwill tour of the United States, Britain’s

Prince Charles attended an international conference on sustainable

communities in Louisville, Kentucky, in May, and said the world faces

a historic chance for change. “If we fail here, we fail humanity,” the

Prince told a crowd of about 1,000 at the Cathedral of the Assumption

in Kentucky’s largest city. “As a grandfather, I have no intention of

failing my, or anyone else’s, grandchildren,” he said at the end of a

four-day tour with his wife, the Duchess of Cornwall. Prince Charles

encouraged public and private organizations to work toward his

vision of a sustainable future. “He’s speaking the wisdom that we

all must adopt if there’s going to be any hope for our children,”

said Gary Hirschberg, chairman of Stonyfi eld Farms, as he left the

cathedral. “I think sustainable economics, sustainable business is

really the hope for our society, and he captured it perfectly.”

Sabrin Rahman, a senior manager in HSBC’s Middle East

corporate sustainability team, said the bank recognized

the importance of supporting environmentally-friendly

businesses. “Renewable energy is a big focus, but so is

energy e� ciency, low carbon transport, and waste and

water management,” he said. Last year, HSBC helped to

fi nance wind-energy projects, energy-e� cient social

housing, water projects, biodiversity schemes and

public transport systems. Islamic fi nance is a natural fi t

for environmental initiatives, given its basic tenets of

partnerships and benefi ting society with a longer investment time frame than conventional banking, according to

experts at the round table.


AnnualSustainability Summitheld in New York

Dubai hosts World Green Economy Summit

Establishing China’s greenfi nancial system

The Conference Board’s 14th Annual

Sustainability Summit was held in

New York from 29-30 April. This year,

the summit provided a forum to hear

di� erent perspectives and strategies

from Citi, Accenture, Avaya, and HP,

3M, Lockheed Martin, Exxon Mobil,

Michelin, Veolia, Avon and many other

major corporate and fi nancial leaders.

The purpose of the summit was to

teach attendees how to successfully

instill sustainability and circular

economy thinking into all aspects

of global management systems and

corporate ethos to drive business and

gain competitive advantage. Highlight

topics at the forum included market and

investor perspectives for sustainable

operations, ethical practices and

supply chain management, as well as

integrating and communicating circular

economy thinking and sustainability.

Also mentioned at the conference was

shaping the future of mobility and

energy, and also addressing the gap in

US materials recovery.

Dubai was host to the second annual World Green Economy Summit,

held under the leadership of the Dubai Supreme Council of Energy

from April 22-23. The Summit was held at the Dubai World Trade

Centre, Al Maktoum Hall, alongside WETEX, the annual Water, Energy,

Technology, and Environmental Exhibition. Saeed Mohammed Al Tayer,

Vice Chairman of the Dubai Supreme Council of Energy, and CEO of

DEWA, said, “In establishing this summit, Dubai has demonstrated its

commitment to building a green economy and sustainable development.

As a result, we wish to make the following declaration of actions, to

extend this e� ort to build on the success of the World Green Economy

Summit to showcase green economy and business for the Dubai 2020

World Expo, the 2021 UAE Vision, and to develop Dubai as the capital of

green economy.” In attendance was Kandeh Yumkella, the United Nations

special representative of the Secretary General for Sustainable Energy, as

well as many other speakers. Topics covered by the conference included

‘Dubai the capital of the green economy and the road to Paris’, ‘greening

cities’, and ‘smart cities’.

On April 22, China’s central bank, the People’s Bank of China, launched a

ground-breaking report that sets out in specifi c and practical terms an

ambitious agenda of how China can green its rapidly developing fi nancial

and capital markets. The report, entitled “Establishing China’s Green

Financial System”, is the outcome of a Green Finance Task Force which was

tasked to develop policy, regulatory and market-innovations that would

better align China’s fi nancial system with the needs of green industry

and sustainable development. The Task Force was co-convened by the

Research Bureau of the People’s Bank of China (PBC) and the United Nations

Environment Programme project Inquiry into the Design of a Sustainable

Financial System (`UNEP Inquiry`). The context of this prioritizing of

greening China’s fi nancial system is an important part of China’s roadmap

to ‘eco-civilization’, which marks a major shift in its economic strategy

towards a focus on greening the economy and broader aspects of China’s

development, after more than 30 years of rapid economic growth that has

created a legacy of environmental challenges.


Advancing Caribbean States through Green Economy

10TH Anniversary of Annual Green Economics Conference

In February, the Government of Jamaica,

in association with the United Nations

Environment Programme, held the 2015 Green

Economy Conference. The conference was a

part of a project called ‘Advancing Caribbean

States’ Sustainable Development through Green

Economy’. The conference brought together

policy makers, civil society, academia, and

the private sector to network and share ideas,

experiences and institutional innovations to

transition to a green economy at the national

and regional levels. In the Caribbean region,

many of the states have showed signifi cant

commitment to creating and investing in green

economy activities, which include Barbados,

Haiti, Jamaica, and Saint Lucia. The conference

created a way for these states to come together

and share their inspiring institutional,

investment and policy innovations, as well as

the challenges that they face, in the transition

towards greener and more inclusive economies.

Issues that were discussed at the conference

include sectorial policies and projects, public

and private investment, tari� s and trade policy,

standards and regulations, capacity building for

Green Economy, and mobilizing investments

and bilateral aid.

2015 marked the 10th anniversary of the Annual Green

Economics Conference held at Oxford University from March

22-24. This annual event has been host to major international

organizations in the past including UNEP, UNESCO, ILO, and

other signifi cant international NGO’s. Also in attendance

at the conference were members of domestic and foreign

government agencies who joined the university for several

days of lectures, debate, and innovation. The Institute stands

at the forefront of debate, developing and informing a green

perspective on current events. Every year, ideas exchanged

at this conference have been key to the transformation of

economic, social and environmental policy around the globe.

Campaigners are welcome at the event, as well as academics,

and institutional leadership, writers, journalists, university

students, and supporters. Groundbreaking research is

introduced and world-class speakers present their work, often

publishing not only in the conference proceedings, but also

in the Green Economics Institute’s books, academic journals,

and membership magazine.

NEWS

Advancing Caribbean States through Green EconomyIn February, the Government of Jamaica,

in association with the United Nations

Environment Programme, held the 2015 Green

Economy Conference. The conference was a

part of a project called ‘Advancing Caribbean

States’ Sustainable Development through Green

Economy’. The conference brought together

policy makers, civil society, academia, and

the private sector to network and share ideas,

experiences and institutional innovations to

transition to a green economy at the national

and regional levels. In the Caribbean region,

many of the states have showed signifi cant

commitment to creating and investing in green

economy activities, which include Barbados,

Haiti, Jamaica, and Saint Lucia. The conference

created a way for these states to come together

and share their inspiring institutional,

investment and policy innovations, as well as

the challenges that they face, in the transition

towards greener and more inclusive economies.

Issues that were discussed at the conference

include sectorial policies and projects, public

and private investment, tari� s and trade policy,

standards and regulations, capacity building for

Green Economy, and mobilizing investments

and bilateral aid.

June Issue 1 2015w w w . z i w i r a . c o m 11 | June Issue 1 2015w w w . z i w i r a . c o m 11 |

UNEP FI supports Bank Al Maghrib Sustainable Finance Strategy in Morocco

Third International Conference on Financing for Development

One year after Bank al Maghrib (Moroccan Central Bank) held its fi rst

convening on fi nance and sustainability issues in June 2014, the United

Nations Environment Program Finance Initiative (UNEP FI), together with

the International Finance Corporation (IFC), has lent its support to the Central

Bank. On May 19, Bank al Maghrib convened a national CEO Roundtable,

inviting all the country’s banks to establish a Sustainable Finance Strategy

for Morocco. The Roundtable was hosted by Governor Abdellatif Jouahri and

addressed by Mr. Abdelouahed Fikrat, Secretary General for the Environment,

followed by an expert panel featuring BMCE Bank, IFC, Societe Generale, and

UNEP FI. A working group co-led by Bank al Maghrib and GPBM (Moroccan

Banking Association) will now be formed to develop a roadmap for the

country’s banking sector. The roadmap is intended to contribute to achieving

Morocco’s impending National Strategy on Sustainable Development, a policy

framework that is currently being adopted in the wake of new environmental

legislation passed in 2014.

Whilst in Europe in late June, UN Secretary-General Ban Ki-moon made an o� cial visit to Luxembourg, where he met

with a number of Government o� cials, including the Prime Minister, Xavier Bettel, where he conveyed his appreciation

for Luxembourg’s important commitment to development aid and the European Union’s leadership towards reaching

a meaningful agreement on climate change in Paris. Mr. Ban also took the opportunity to emphasize the importance of

ensuring a success at the Third International Conference on Financing for Development, set to take place in Addis Ababa,

Ethiopia. The Third International Conference on Financing for Development will be held from 13-16 July, 2015.

The conference will gather high-level political representatives, including Heads of State and Government, and

Ministers of Finance, Foreign A� airs and Development Cooperation, as well as all relevant institutional stakeholders,

non-governmental organizations and business sector entities. The Conference will result in an intergovernmentally

negotiated and agreed outcome, which should constitute an important contribution to and support the implementation

of the post-2015 development agenda. The conference is expected to address new and emerging issues, including in

the context of the recent multilateral e� orts to promote international development cooperation; the current evolving

development cooperation landscape; the interrelationship of all sources of development fi nance; the synergies between

fi nancing objectives across the three dimensions of sustainable development; and the need to support the United Nations

development agenda beyond 2015. Another point to be discussed will be reinvigorating and strengthening the fi nancing

for development follow-up process.

By 2020, the Environmental Protection Agency’s (EPA) proposed Clean Power Plan will create nearly 100,000 more jobs

than are lost, according to a new report from the Economic Policy Institute, a non-partisan think tank. The report’s initial

estimates are higher than some similar studies; however, the institute found that the job impacts of the Clean Power Plan,

which limits carbon emissions from power plants, would not last, and would become “almost completely insignifi cant by

2030.” Coal mining and coal-fi red power plants will face the biggest job losses if the Clean Power Plan is implemented,

because coal-fi red power plants are responsible for 39 percent of the United States’ electricity generation and three-

quarters of the sector’s carbon emissions. But other sectors, including renewable energy, scientifi c research, and appliance

manufacturing, will all increase, at least initially, the report found. E� ciency investments, such as retrofi ts for homes

and businesses, will be a key driver in initial job growth, but will ultimately lower electricity demand, EPI said. The report

looks not only at direct employment — for instance, coal mining positions that will be lost, or solar industry jobs created

— but also at indirect employment, such as a waitressing job in a mining town or railroad jobs a� ected by decreased coal

shipping. That means the report looked at where coal miners are spending their paychecks.

By 2020, the Environmental Protection Agency’s (EPA) proposed Clean Power Plan will create nearly 100,000 more jobs

than are lost, according to a new report from the Economic Policy Institute, a non-partisan think tank. The report’s initial

estimates are higher than some similar studies; however, the institute found that the job impacts of the Clean Power Plan,

Carbon regulation could create more jobs


GREEN AND TRENDINGGREEN AND TRENDING

DUBAI HOSTS ANNUAL INVESTMENT MEETINGSustainable development is an imperative characteristic of a successful

economy. Around the world, more and more businesses and organizations

are opening up to the idea of economic growth through sustainable practices.

The Dubai World Trade Centre was once again host to the Annual Investment

Meeting which focused on Sustainable Development through Foreign Direct

Investment.

This year, the Annual Investment Meeting focused

on ‘Sustainable Development through FDI

(Foreign Direct Investment) Induced Innovation

and Technology Transfer’. The meeting was held from

30 March-1 April, at the Dubai World Trade Centre.

The occasion gathered the world’s leading academics,

experts, and practitioners, to discuss economic growth

and development, and also how FDI can contribute

to sustainable economic growth through transfer of

technology and the supportive investment policies that are

needed to attract and retain investment of the right kind.

The Annual Investment Meeting took place over two and a

half days, with interactive educational sessions at a high-

level, between delegates and panelists, which will always

be a unique and unparalleled experience for all who attend.

Those who attended the meeting included individuals and

C-level executives from the regional and international

investment and trade communities. Also in attendance

were world-renowned industrialists, investment experts,

and leading fi nancial powerhouses to discuss economic

governance, strategic expansion, and sustainability.


H.E. Sultan Bin Saeed Al Mansoori, the UAE Minister of

Economy (SEE IMAGE), remains a positive supporter of

the annual meeting. He believes that it has, “established

itself among the best events in the world as it opens the

doors wide on Foreign Direct Investment (FDI) topics and

the prospects for growth and development in emerging

markets around the world.”

The Meeting is a sourcing platform to create solid bonds

and partnerships between sustainable businesses and

potential investors. It also o� ers representatives from

foreign investment o� ces and trade agencies, the chance

to improve their country’s profi le by showcasing private

and public sector investment opportunities.

The event was held under the patronage of His Highness

Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President

and Prime Minister of the UAE and the Ruler of Dubai. The

Annual Investment Meeting is now in its 5th year, and is

an initiative by the UAE Ministry of Economy. The meeting

has been signifi cantly growing in popularity each year

with 6,070 visitors in 2013, to 11,356 visitors in 2014. Being

the world’s fi rst emerging markets FDI-focused event, the

meeting combines an exhibition with intellectual features

aimed at enriching institutional, corporate, and individual

investors with a comprehensive set of guidelines for future

investments in high-growth regions. The meeting featured

500 exhibitors from 140 countries, marking it a signifi cant

event for the world of sustainability and eco-development.


CK Capital, Corporate Knights, based in Toronto,

produces corporate rankings and research reports,

based on corporate sustainability performance.

It is well-known for its Global 100 Most Sustainable

Corporations list. The information put together by

Corporate Knights, is released annually at the World

Economic Forum in Davos, Switzerland. The companies,

with a market cap upwards of $2 billion, are evaluated

by specifi c categories which include management of

resources, employees, and fi nances. Corporate Knights

focuses on energy use, emissions, water use, and waste

generated. It also looks at fi nancial sustainability, revenue,

and ratio of CEO compensation to the average employee’s

compensation. Lastly, management practices, fatalities,

turnover, diversity in leadership, and female representation

on the board of management, is considered.

This year, the company to rank fi rst on the list of most

sustainable corporations, was Biogen Idec, an American

biotechnology company that has been a major contributor

to creating treatments for multiple sclerosis and other

autoimmune and neurodegenerative diseases. Biogen

Idec was closely followed by Allergen, another American

company that specializes in making Botox – achieving a

72.8% sustainability rating. Third on the list was the world

famous German sports apparel brand Adidas, which scored

a perfect score for the ratio of revenue to carbon emissions.

Coming in fourth place was Singaporean company Keppel

Land, a real estate management and development fi rm.

Fifth place went to a Finnish superstore called Kesko.

For two years in a row, the United States have topped the list

with the most sustainable companies making it on to the

list, with 20 placements including Campbell Soup, EMC,

Johnson & Johnson, General Mills, and Adobe Systems.

Canada came second, as it did in 2014, this time having

12 companies make it on to the list. Surprisingly, Australia

did not feature highly this year, after having the fi rst place

ranking last year with Westpac Bank. Newcomers to the list

in 2015, include Danske Banke, Marks & Spencer, Accenture,

BNP Paribas, and Colgate-Palmolive. When ranking the

companies, certain indicators are prioritized over others

across industries. For example, banks do not have to worry

about safety rankings, because the fi nancial sector does not

pose any physical risks, while the transportation industry

does, and physical well-being can be at stake.


There is an abundance of corporations in the world, all desperately competing

to dominate the ever changing market. However, profi tability is in some

cases becoming less important alongside the issue of business sustainability.

‘Sustainability’ is becoming a title that corporations are prepared to fi ght for, which

in the big picture, will prove to be extremely benefi cial for the world.

THE MOST SUSTAINABLE CORPORATIONS

Corporate Knights most Sustainable Corporations

1

2

3

4

5

American botox company

Allergen

German sportswear label

Adidas

Singaporean real estate fi rm

Keppel Land

Finnish superstore

Kesko

American biotechnology company

Biogen Idec



PHARMACEUTICAL CORPORATION TAKING CARE OF PEOPLE & THE ENVIRONMENT Pharmaceutical companies are one of the most important industries, as they o� er us

the chance to live long, healthy lives free from destructive diseases. Biogen Idec has

been ranked the number one most sustainable corporation by Canadian company

Corporate Knights’ list of Global 100 Most Sustainable Corporations. The company

was also ranked second place in 2014, after Westpac Bank.

Biogen Idec

Biogen Idec Incorporated is a global biotechnology

company based in Cambridge Massachusetts. The

company was fi rst founded in 1978 by a group of

the world’s most accomplished biologists, at a gathering

in Geneva, Switzerland. Their goal was to establish a

contemporary pharmaceutical company, with an emphasis

on making breakthroughs in biology. The company was

then called Biogen NV, and operated in small, separate labs

around the world. In 1980, Biogen announced its fi rst two

ground-breaking discoveries which included the expression

of biologically active human leukocyte (alpha) interferon and

biologically active human fi broblast (beta) interferon, which

would lead to the development of AVONEX (interferon beta-

1a) used to treat Multiple Sclerosis (MS).


Water is a vital part of operations at Biogen Idec.

Water is needed throughout operations, including

incorporation into products, sterilization and

cleaning of equipment, cooling towers, irrigation,

and domestic use. For this reason, Biogen has realized

the importance of making every drop of water

count, to ensure continued use of the resource. The

company now has more e� cient irrigation and water

reclamation, to optimize the water used in the cooling

towers and HVAC systems.

The company does not deny the fact that it consumes

a lot of energy through research, development,

commercial, and manufacturing operations. That

is why they are continuing to implement more

energy-e� cient technologies into their practices, by

purchasing energy credits and carbon o� sets. They

are then able to control greenhouse gas emissions,

energy use, and associated costs.

During the process of developing therapies for

biological diseases, a signifi cant amount of waste

is often produced. Biogen Idec is aware of this, and

manages the byproducts of their developments just

as seriously as creating new products. In 2012 Biogen

successfully achieved zero waste-to-landfi ll through a

range of projects that avoid, recycle and compost waste

or turn it into energy. Biogen hopes to maintain this

status going forward. For an organization that already

provides so much positive assistance to the world

through their breakthrough products that counter

serious diseases, they defi nitely deserve recognition.

They deserve recognition for not only providing

breakthrough remedies, but also for remaining true

advocates for the environment.

Water, Energy & Waste

Biogen Idec Profi ts

This year, Biogen reported fi rst quarter 2015 results, including revenues of $2.6 billion, a 20% increase compared to the fi rst quarter of 2014.Profi t margin represents the percentage of revenue that a company keeps as profi t after accounting for fi xed and variable costs. It is calculated by dividing net income by revenue. Displayed as a percentage, profi t margin can be thought as the amount of profi t that a company keeps per dollar of revenue. For example, if a company has a profi t margin of 43%, the company keeps $.43 of each dollar of revenue.

Biogen Profi t Margin (Quarterly): 32.19% for March 31, 2015

Today, patients all around the world benefi t every day from

Biogen’s leading MS products. The company is focused

on bringing new therapies to the market for patients with

neurodegenerative diseases, autoimmune disorders, and

hemophilia. The company operates in Zug, Switzerland,

with functional operations located in Research Triangle

Park, North Carolina, USA (manufacturing facility), Hillerød,

Denmark (manufacturing facility) and Maidenhead,

UK (International R&D). The company also has o� ces

throughout Europe, in Australia and New Zealand, Latin

America, and Asia, and operates a global distribution

network which covers over 70 markets.

As well as striving to provide a better lifestyle for people

a� ected by terrible diseases, Biogen Idec also signifi cantly

contributes to the well-being of the environment. The

company has ultimately rethought the way resources are

used during production. The environmental approach that

Biogen Idec takes is towards three main aspects which

include water, energy, and materials. In 2009, a long-term

goal was set to reduce the company’s overall environmental

footprint by fi fteen percent by 2015, compared to 2006

levels. The goal was reached in 2012, with environmental

footprint reduced by 18 percent – new goals have been

set to achieve by 2020. Biogen also has a greenhouse gas

intensity goal to reduce greenhouse gas emission intensity

by 80 percent by 2020 compared to 2006 baseline and

normalized by revenue. This is equivalent to maintaining

2006 levels of greenhouse gas emissions, despite estimated

business growth. Biogen also hopes to reduce the amount

of waste it produces.

People, Planet, Profi t. This is the slogan that Dutch bank Triodos operates by. It is

one of the only banks in the world that is wholeheartedly dedicated to benefi ting

the environment – from investing in renewable energies, to reducing travel

emissions. The bank stands as a shining example of how ethical banking can be

conducted in a modern world where climate change is on the horizon.

BANKING EVOLUTION

Triodos Bank

Triodos Bank is not your typical bank. It

stands out as a bank that only fi nances

companies which it believes add cultural

value, and benefi ts people and the environment.

Such companies include those associated with

homeopathy, solar energy, organic farming,

or culture. The bank uses money deposited by

100,000 savers and lends the money to hundreds

of organizations. Triodos was fi rst established in

1980. It has its roots in Zeist, Netherlands. The word

‘Triodos’ is derived from the Greek meaning “three-

way approach” (people, planet, profi t). Customers

with Triodos Bank can open conventional savings

accounts, as well as ethical funds and venture

capital. Triodos supports the developing world by

supporting microfi nance initiatives with their active

international department. It is the only bank in the

United Kingdom to provide and annual list of all the

loans the bank has made.



To begin its reign as one of the only ethical operating

banks, in 1980, Triodos Bank launched its fi rst ‘Green

Fund’, to support environmentally friendly projects, on

the Amsterdam Stock Exchange. Friends of the Earth (an

international network of environmental organizations) in

the Netherlands, claimed that transferring 10,000 euros

in savings from ABN Amro (Dutch state-owned bank) to

Triodos will e� ectively result in a carbon dioxide emissions

saving equivalent to what would be achieved by not driving

a car for six months.

Triodos Bank is a fi rm believer that in order to transition

from a carbon-based economy to a sustainable economy,

it is essential to reduce energy demand and use energy as

e� ciently as possible. The bank plans to invest in renewable

energy systems, while switching to low carbon fuels.

Triodos is planning on reducing their own CO2 emissions

in a number of ways, by printing less, and cutting down on

travel. The new Triodos buildings have been constructed

using carefully selected sustainable materials and the most

energy-e� cient lighting, heating, and cooling technology

available. All of the electricity that the bank uses comes

from renewable energy sources. Some of the energy for

the buildings located in the Netherlands, comes from wind

farms fi nanced by the bank. Any remaining CO2 emissions

created by the bank including emissions from natural gas

consumption, paper consumption, and business travel and

commuting, are compensated.

To Triodos Bank, an integrated sustainable picture means

Low-carbon emissions within the life-cycle of a project,

including the fuels and materials used, resilient in terms

of decentralized energy, fl exible demand management

and storage systems. It also means socially embedding

the idea into the minds of the people who associate with

Triodos, and encouraging participation. Furthermore,

Triodos also believes it is important to use a balanced mix

of technologies, while respecting the costs and benefi ts,

for example, more distributed local energy schemes which

combine heat and power. The bank certainly recognizes

that energy has become a signifi cant part of their business

structure, through the bank and through investment funds.

Climate change and energy demands will remain key

challenges for the next few decades. The bank wants to

connect people, and ensure that the social dimensions of

the energy they use are fully integrated.

Triodos Bank is currently involved in a sustainable project in the Dominican Republic. Conacado Agroindustrial S.A. is one of the leading producers of sustainable cocoa. The trade fi nance provided by Triodos Sustainable Trade Fund allows Conacado to pay the farmers directly upon delivery of their produce. Conacado sources, dries, ferments, and exports sustainable cocoa to areas which include Switzerland, Italy, United Kingdom and Mexico. The farmers are the direct owners of Conacada and have been involved since the start.

PEOPLE,PLANET,PROFIT.

Supporting aworthy cause

June Issue 1 201519 |


Even though it has o� cially lost the title of ‘Most Sustainable

Corporation’, Westpac Bank remains one of the world class leading

examples of high success rates and profi t, combined with a will to cater

to a more sustainable, prosperous world. With a new Chief Executive,

the world is watching Westpac to see what great things are to come.

In 2014, Westpac Banking Corporation, based in

Australia, was ranked number one in the ‘Global

100 Most Sustainable Corporations in the World’.

The ranking was placed by Corporate Knights, an

investment research company based in Toronto,

Canada. The placement was given to Westpac at

the World Economic Forum in Switzerland. Former

Westpac Chief Executive Gail Kelly was delighted that

Westpac’s sustainability e� orts were recognized on

a global scale, saying “It is wonderful recognition of

the work of our people to help create a sustainable

future and deliver long term value for our customers,

employees, shareholders and the community.” In

February, Brian Hartzer was appointed as the new

CEO of Westpac Bank.

Westpac Banking Corporation was fi rst established in

1817, and was the fi rst bank to operate in Australia. It

fi rst began trading as The Bank of New South Wales. In

1982, it merged with the Commercial Bank of Australia,

and became the Westpac Banking Corporation. In

2002, Westpac was registered as a public company

limited by shares under the Australian Corporations

Act (2001). As of today, Westpac has branches

throughout Australia, New Zealand, and the nearby

Pacifi c region, and maintains o� ces in London,

New York, Hong Kong, and Singapore. Westpac has

approximately 36,000 employees in Australia, New

Zealand, and around the world, with global assets of

AU$770.8 billion.

AUSTRALIA’S SHINING EXAMPLE OF SUCCESSFUL ETHICAL BANKING

Westpac Banking Corporation


Westpac has been ranked number one in the ‘Global 100 Most Sustainable Corporations in the World’.

w w w . z i w i r a . c o m

Westpac as an organization, has dedicated itself to the

awareness of climate change, which they believe is not just

an environmental problem, but a fundamental economic

and social issue posing various risks to business. Westpac

has fi ve key strategies to tackle the issue of climate change.

These strategies include minimizing direct environmental

footprint, managing climate risks and building capacity,

driving positive change through products and services,

and engaging customers and the wider community with

environmental issues. Biodiversity is another issue of

importance to Westpac. The bank supports initiatives to

maintain Australia’s unique biodiversity through day to day

risk and lending policies and practices, and the volunteer

e� orts of employees. Westpac sees great potential through

the use of carbon o� setting to create additional revenue

streams for farmers, and improve local biodiversity through

reforestation. Furthermore, in late 2007, The Westpac

Group committed to the UN’s CEO Water Mandate. The

bank works with local water authorities and landlords

to implement water saving initiatives, as well as being a

participant in the Australian Banker’s Association water

security group, engaged in public policy recommendations

and contributing to the current policy debate in Australia.

Westpac Banking Corporation today, is leading the world to

a better, more sustainable way of business administration.

It has proven that with substantial success, a company such

as Westpac then has an opportunity to make a di� erence

and infl uence its customers and associates to become

more aware of the ecological needs of the world. That

being said, unfortunately Westpac lost its title as the most

sustainable corporation to Biogen Idec, which indicates

that sustainability as an issue is increasing in importance,

and is becoming a title that is worth competing for in

business.

“It is wonderful recognition of the work of our people to help create a sustainable future and deliver long term value for our customers, employees, shareholders and the community.”

– Gail Kelly Former Westpac Chief Executive.

Green Banking

Ethical Awareness


In relation to Westpac ranking number one in the Global

100 assessment by Corporate Knights, this quality is what

makes Westpac a particularly admirable organization.

Westpac provides an annual sustainability report which

summarizes operating performance including fi nancial

and non-fi nancial measures and performance. The

Westpac sustainability report is based on the Global

Reporting Initiative (GRI) G4 Guidelines. The GRI

guidelines - in the form of principles and indicators -

aim to provide comparability and consistency between

sustainability reporting worldwide. Westpac actively

reports on greenhouse gas emissions, travel performance,

resource use, and lending to the energy sector annually

through their sustainability report. Westpac has a paper

purchasing policy, where outlines have been written about

the standards Westpac expects of their paper suppliers. It

takes into consideration conservation of global resources,

and the standards of sustainable production by paper

providers to the Group. Westpac also has a Climate Change

and Environmental Position Statement & 2017 Action Plan,

as well as an Environmental Policy Statement, covering

the management of their ecological footprint, and the

incorporation of environmental considerations into their

risk management framework.


With considerable global success, HSBC Holdings plc not only operates within

80 countries with 6,600 o� ces, it also stands as a corporation that holds fi rm for

what is right, resilient, and sustainable for global well-being. The corporation

recognizes the support and move to a low-carbon economy, which will help to

reduce climate change, and benefi t communities in the long run.

HSBC SUPPORTS A LOW CARBON ECONOMY

June Issue 1 2015 22|



HSBC Holdings plc was fi rst established

in 1865, which makes it a staggering

150 years old! It began in Hong Kong

by the Hong Kong and Shanghai Banking

Corporation. Today, it is a British multinational

banking and fi nancial services company

headquartered in London, United Kingdom.

HSBC stands as the world’s third largest bank in

terms of assets. The HSBC name is derived from

the initials of the Hong Kong and Shanghai

Banking Corporation. The corporation currently

operates in 6,600 o� ces in 80 countries and

territories across Africa, Asia, Europe, North

America, South America, and Oceania. Stuart

Gulliver is the current Group CEO of HSBC. He

was included in the 50 Most Infl uential ranking

of Bloomberg Markets. He was also Co-Chair of

the World Economic Forum on East Asia in 2011

in Jakarta, Indonesia.

As a corporation with considerable infl uence,

HSBC has managed to channel this power

to actively benefi t the world. HSBC takes

important issues into consideration such

as climate change and the impact on local

communities that can arise from their fi nancing

decisions. The corporation actively helps their

customers to understand sustainability risks,

and make improvements to their sustainability

practices. HSBC is one of a number of fi nancial

institutions that is playing an important role

in shaping the fast-developing green bond

market. Green bonds are issued to fi nance

climate or environmental projects. HSBC is a

member of the International Capital Market

Association’s Executive Committee for the

Green Bond Principles, which are a set of

voluntary standards for issuers of green bonds.

The corporation also recognizes and supports

the move to a low-carbon economy, which

will held to reduce climate change and benefi t

communities. HSBC can play a role by fi nancing

climate business – the goods and services that

will thrive in and accelerate this transition to a

low-carbon future.

“By setting the highest standards of behavior, our aim is that all of our employees and customers can be proud of our business.”

– Stuart Gulliver,

HSBC Group Chief Executive.

Increasing the share of low-carbon energy

production such as bio-energy, solar, and

wind.

Improving energy e� ciency in buildings,

industry, and transport, as well as energy

storage.

Adapting to the impact of climate change,

particularly in agriculture, infrastructure, and

water and waste management.

WHO ARE

HSBC?

Exemplary Banking

These opportunities include:



For over 10 years, HSBC has worked with their business

customers to help them to understand and manage

their environmental and social impact with a focus on

certain sectors and themes. In 2014, HSBC issued new

policies on forestry, agricultural commodities, World

Heritage Sites and Ramsar Wetlands. They also have

policies covering chemicals, defense, energy, freshwater

infrastructure, mining and metals. To ensure their

sector policies are implemented, HSBC has invested in

a network of sustainability risk managers in every region

of the world. More than 3,000 colleagues have been

trained on the sustainability risk framework and policy

updates. Between 2011 and then end of 2014, almost

8,000 HSBC colleagues completed online training in

sustainability risk. The World Heritage Sites and Ramsar

Wetlands policy was designed to protect unique sites

of outstanding international signifi cance, as listed by

the UN, and wetlands of importance. The policy covers

possible adverse impacts on these sensitive sites by any

sector and relates to all business customers involved in

major projects.

HSBC Climate Businessby Sector in 2014

The HSBC Water Programme

Water is recognized by HSBC as an

increasingly scarce resource, and

therefore, the corporation has decided to

act upon the issue. Water is essential for

individuals, communities, economies,

and the environment. In 2010 nearly 800

million people were without access to safe

water, and 2.5 billion without access to

basic sanitation. As the global population

grows, and the e� ects of climate change

take hold, demand on freshwater resources

will increase. Together with three leading

NGO’s – Earth Watch, Water Aid, and WWF,

HSBC developed the following goals for

their Water Programme.

Water Aid will provide safe water to 1.1

million people and sanitation for 1.9

million people in South Asia and West

Africa.

WWF will protect freshwater eco-

systems in some of the world’s most

important river basins - the Yangtze,

Ganges, Mekong, Pantanal and

Rift Valley; help thousands of small

businesses tackle water risks and

provide 140,000 fi shermen and farmers

with improved food security.

Together with Earth Watch, 100,000

HSBC employees across four

continents will participate online in

freshwater research and learning, and

will engage HSBC employees from

all regions through one-day citizen

science program’s.

8%3%

10%

22%

28%

29%

Solar Wind

Other

Water and waste

Transport



COVER STORYCOVER STORY

STRONG GREENEMERGING ECONOMIESWith great power, comes great responsibility. Big countries have the benefi t

of large profi table economies driven by big populations. But large economies

come at a cost – a cost to the well-being of our fragile environment. Discover

how the BRICS are doing their part to ensure the sustainability of our world.


Jim O’Neil, from American multinational investment bank

Goldman Sachs, fi rst coined the term ‘BRIC’ countries in 2001, in

a paper called “The World Needs Better Economic BRIC’s”. Brazil,

Russia, India and China are the four countries that made up the BRIC’s.

All four countries cover a large landmass, and have high populations.

Together, the BRIC countries comprise more than 2.8 billion people

(40 percent of the world population), and cover more than a quarter of

the world’s landmass. Goldman Sachs predicts that by 2050, China will

be the world’s largest economy, followed by the USA, and then India.

There has been controversy surrounding Russia’s inclusion since its

population is not as large as its BRIC counterparts, however Russia’s

landmass certainly makes up for it.

There was much debate about whether this grouping made sense. At

the time, Brazil’s growth seemed too sluggish to warrant inclusion, and

China has a much higher economic growth rate than the rest. Even

so, the label proved so catchy that the foreign ministers of the BRIC

countries decided to hold a summit in New York in 2006. What began

as a hook for an investment bank’s research note, became a real political

institution. There was just one problem with the BRIC collection of

countries - no African countries were included. This was unfair and

embarrassing. Overlooking Africa suggested that the continent was an

economic irrelevance, good only for providing raw materials to the rest.

It also cast doubt on the group’s claim to speak for the emerging world.

Two African countries might have been candidates, Nigeria and South

Africa. But only one would keep the acronym intact. And so, in 2010, the

club of BRIC’s became the BRICS. Russia currently holds the chair of the

BRICS group, and will host the group’s seventh summit in July 2015.

The fi ve BRIC countries have been grouped together because they

all have the economic and demographic potential to rank among the

world’s most infl uential countries in the 21st century. However, with all

of this potential power, comes responsibility – a responsibility to create

sustainable, ecologically conscious businesses and solutions, to lead as

an example to the rest of the world. These fi ve countries have together

shown that they are becoming much more environmentally aware,

which is important because of the size and infl uence each of these

countries have.

Get to know the BRICS



Brazil has the fi fth largest population after

China, India, United States, and Indonesia,

with an annual urban growth rate of 1.8 per

cent between 2005 and 2010. It is extremely

rich in biodiversity and ecosystem services,

and possesses huge water reserves. Seeing

the potentials of this resource rich nation,

her leaders have embraced the notion of

generating growth based on the principles of

a ‘green economy’ and thereby channelizing

a sustainable environment for its citizens.

An area where the Brazilian model of a green

economy has been a success is through

the ‘Green Jobs’ initiative. The Brazilian

Government has embraced it as a core element

in its national development policy. Since 2009,

the International Labor Organization (ILO)

has been providing permanent technical

support to the conceptual development and

practical implementation of green jobs at

federal and state levels in Brazil. Such jobs are

seen in industries such as seedling production

management, forest management, recycling,

and biofuel production activities. Brazil also

proved its commitment to sustainability by

means of solar powered stadiums for the FIFA

2014 World Cup.

Green opportunitiesin Brazil

Estádio do Maracanã, BrazilSolar powered stadium for the FIFA 2014 World Cup

Yingli Solar, the world’s largest solar panel manufacturer, and a FIFA

World Cup Sponsor, provided solar panels for the Arena Pernambuco

and the Estádio do Maracanã, which generate more than 1MW per year,

and clean electricity for 25 years or more.


Green RussianInnovation

Russia, like the whole world, is facing new

challenges nowadays. They determine the need

to modernize the economy, including innovative

development and energy e� ciency. Nature and

modernization are determined by its ultimate

goal, which, despite the importance of economic

growth, technical excellence and competitiveness,

is to improve the lives of everyone today and

to provide enabling environment for future

generations. The task for Russia is now to

provide sustainable development based on the

“green economy” principles. Magnitogorsk is an

industrial city in Chelyabinsk Oblast, Russia. For

a city so reliant upon iron and steel production, it

is great to see that an urban greenhouse is being

built with convenient access to highways and

major transport axis of the city. Basic direction

for the country development is energy. It is

necessary to ensure the safe use of traditional

resources and energy e� ciency. Realization of

great opportunities to improve energy e� ciency

involves introduction of urgent measures to

ensure the interest in energy conservation at

all levels - from the industrial development to

an individual household. Magnitogorsk relies

heavily on imported foods, so an establishment

such as this could mean less imported goods,

and more locally grown produce – a much more

sustainable solution. The greenhouse has been

specifi cally designed to cater to the whole city,

seeing as most greenhouses in Russia are out of

date, with produce that does not extend to all those

that it should. Contemporary technologies and

substrates allow to grow the most eco-friendly and

nutritious products.


In China, the country’s quantum leap in growth

has long been associated with a corresponding

degradation of the environment: Poor air quality,

poisoned water supplies, and despoiled farm land,

toxic waste belching from the countries factories

and power utilities, the list goes on. China’s air

and water pollution, dam construction, and

resource consumption have a profound impact

around the world. What China does a� ects global

climate change, ozone depletion, biodiversity

loss, desertifi cation, acid rain, commodity prices,

fi sheries, wildlife migrations, and a host of other

environmental challenges. China’s Green Great

Wall—formally known as the “Three-North Shelter

Forest Programme”, is regarded by some experts

as the largest ecological engineering project on

the planet. Since 1978, at least 100,000 square miles of

forests have been planted by Chinese citizens across

the arid north, in an e� ort to hold back the creeping

Gobi Desert. Once the project is completed in 2050, a

massive belt of trees will stretch from northwestern

China’s Xinjiang through several northern regions to

the country’s northeastern part, Heilongjiang province.

Plants play a signifi cant role in slowing down climate

change, absorbing about a quarter of the carbon dioxide

that people are putting into the air by burning fossil fuels

and other activities. It is one of the favorable outcomes

of China’s mass economic growth.

At a glance, India has a great profi le for building a

low-carbon, green economy. It is, in fact, currently

rated by Ernst & Young as the fourth most attractive

country for renewable energy investment. The

country also has the world’s second largest pool

of scientists and engineers which has instilled

confi dence in the global investors looking

for safe investment destinations. Also, India’s

achievements in information technology,

professional services, and communications in the

past decade all added to its profi le. For India, the

issue of climate change has become very important

for the continuation of its successful economic

growth. The government, like its predecessors,

has stressed its resolve to integrate environmental

concerns into the mainstream of the process of

economic growth. India simply cannot a� ord the

“grow now, pay later” model that has been adopted

by most other countries, including China and

Brazil. There is no country that faces the type of

multiple vulnerabilities to climate change, both

current and future as India does. This is because

of India’s dependence on the monsoon, and very

large population living in coastal areas who are

vulnerable to increase in mean sea levels, and its

reliance on the health of the Himalayan glaciers

for water security, and also its preponderance of

extractable natural resources like coal and iron ore

in dense forest areas (more extraction means more

deforestation that aggravates climate change).

India’s Eco Potential

China’s GrowingNatural Image



South Africa was recently admitted to the

economic coalition of Brazil, Russia, India and

China. With its new economic position, South

Africa stands as a promising emerging market.

The governments of South Africa and Russia are

cooperating for complementary diversifi cation

in areas of science, space exploration, high-

technology, gold and diamonds. In terms of

sustainability, the South African Green Economy

Modelling Report shows that investing in a

low-carbon, resource e� cient green economy

is fundamental for South Africa’s sustained

economic growth and well-being. Based on the

government’s current targets and expenditures,

the report identifi es possible opportunities for

achieving government targets in each of these

four sectors.

South Africa’s Green Economy Model

The report fi nds that a green economy approach

- such as investing in low-carbon technologies,

green buildings, and renewable energy - can

create more jobs than a business as usual

approach, while supporting the same level of

economic growth, yet with lower emissions

of greenhouse gases and less environmental

damage. The study was commissioned by UNEP

at the request of South Africa’s Department

of Environmental A� airs, with technical

assistance from the Millennium Institute and the

Sustainability Institute, in collaboration with the

Centre for Renewable and Sustainable Energy

Studies of Stellenbosch University.


INTERVIEW

To get ahead in business, it’s all about taking necessary risks, and never losing sight of

your goals. Therefore, recognition for success in business is essential – not just for those

businesses that perform well, but also for the ones that make an extra e� ort to practice

ethical corporate responsibility. In October, the global and national awards for corporate

sustainability will be presented at the 15th International Conference on Corporate

Governance and Sustainability in London.

The Golden Peacock Awards were founded in

1991, and instituted by the Institute of Directors

(IOD) in India. The awards work as a means of

recognizing businesses who have performed

exceptionally on either a global or national scale.

Clearly a highly respected, amiable association,

the Golden Peacock Awards Secretariat receives

over 1,000 entries per year, from over 25 countries

worldwide. Having been founded in India, the

awards also represent the growth and infl uence

of India on a global scale. The process of selection

is conducted by independent assessors, and

fi nally by a Grand Jury. All institutions whether

public, private, non-profi t, government, business,

manufacturing, and service are eligible to apply

for Golden Peacock Awards. However, leadership

awards are determined through nomination. The

process of selection involves an expert evaluation

committee from various sectors who are invited

to examine the applications, who are reviewed

independently, and shortlisted if successful. The

applications are assessed on an exhaustive set

of parameters. Winners of the Golden Peacocks

Awards are eligible to use the award logo on all

promotional literatures, which helps to inspire

and align the entire workforce and rapidly

accelerate the pace of system improvement.

GOLDEN PEACOCK AWARDS CELEBRATE CORPORATE RESPONSIBILITY

A Strategic Toolto lead theCompetition


– Manoj K. Raut,CEO and Director of

Institute of Directors.

The Sustainability Awards presented by Golden Peacock

directly encourage initiatives in promoting sustainable

development in business. There are two Golden Peacock

Awards for Sustainability; one global and one national.

The Global Award for Sustainability is a powerful self-

assessment process, and a way to build an organizations

brand equity on ‘sustainability’. The fee to apply for the

sustainability awards is US$1000. The sustainability

awards cover three segments which include: Corporate

Governance, Economic, and Environmental (materials,

energy use, water use, emissions, e� uents and waste,

products and services, compliance, and transport).

Other additional factors taken into consideration are

training and education, human rights, corruption,

and customer health and safety. Winners of the 2014

Sustainability Awards included KPMG International

(Consultancy), Doha Bank, Qatar, and Dubai Customs

(UAE Government). Doha Bank has impressively won

four times since 2010. The objective of the awards is to

assess the extent of:

Sustainability Awards

Dubai recently hosted an event where Golden Peacock

Awards were presented. The Dubai Global Convention,

the 25th World Congress on Leadership for Business

Excellence and Innovation was held from 20-22 April,

2015. The Institute of Directors (IOD) organized the

convention, and the prestigious Golden Peacock

Awards were presented to outstanding companies

for their performance in areas on training, quality,

business excellence, and innovative product services.

At the convention, Delhi International Airport Limited

(DIAL) was one of the winners of the National Quality

award. DIAL CEO Mr. I Prabhakara Rao said, “DIAL has

won this accolade for its commitment and focus on

making excellence the way of life, in everything that we

do.” The National Training Award was also presented,

along with the Innovative Product/Service Award,

and Business Excellence Award. His Highness Sheikh

Nahyan bin Mubarak Al Nahyan, Minister of Culture,

Youth and Community in Development Dubai said, “The

Excellence that you recognize today with the Golden

Peacock Awards is precisely the kind of excellence that

we continually seek.”

His Highness Sheikh Nahyan bin

Mubarak Al Nahyan, Lt Gen J S

Ahluwalia, President, Directors of

India; and Justice Arijit Pasayat,

co-chairman, Institue of Directors

India; presenting the Golden Peacock

Distinguished Fellow award to Saeed

Mohammed Al Tayer.

The whole world is seeing a competitiveness

challenge, which is a productivity issue,

and Responsible Competitiveness is vital.

“Responsiveness to organizational strategy, to the

needs of di� erent stakeholders.

Integration of Sustainable Development issues,

with corporate functioning.

Development of innovative partnership models, to

fulfi ll social responsibility.


INTERVIEW

An insight from the CEO and Director of the Institute of Directors (IOD)Manoj K. Raut, CEO and Director of the Institute of Directors (IOD) in New Delhi, India,

spoke to ZIWIRA about the Sustainability Awards, and why it is such an important category

to include, in order to incorporate ethical practices into business operations. Raut joined

IOD as a Management Trainee in the year 2000. He is also on the boards of the World

Environment Foundation and the International Academy of Law.

Q: Coming up in October, is the London Global

Convention 2015 incorporating the 15th

International Conference on Corporate Governance

& Sustainability. Can you tell us about the Global

and National awards for Sustainability?

A: The London Global Convention 2015 is

incorporating the 15th International Conference

on Corporate Governance & Sustainability on 7-9

October 2015, London (UK). This is one of the most

important annual programs in IOD’s calendar, where

a large number of corporate honchos and policy

makers around the globe are expected. With regard to

the Sustainability Awards, the businesses are required

to submit an application based on the prescribed

Guidelines, to the Golden Peacock Awards Secretariat,

on or before the due date. After the submission of

the applications, the Evaluation Process begins and

the applications are duly assessed and thereafter,

shortlisted. The shortlisted applications are then put

up to the Jury and the Jury takes the fi nal call and

decides the Winners.

Q: As a well-known, infl uential organization, why

do you feel that it is important to reward businesses

who are actively practicing sustainability?

Furthermore, do you agree that for the chance

to be recognized for their e� orts (for example an

award), businesses will strive harder to achieve

sustainability (incentives)?

A: It is really important to recognize the best of the

best organizations which are actively practicing

sustainability because Corporate Sustainability is a

business approach that creates long-term consumer

and employee value by creating a “green” strategy

aimed towards the natural environment and taking

into consideration every dimension of how a business

operates in the social, cultural, and economic

environment. It also formulates strategies to build a

company that fosters longevity through transparency

and proper employee development. We do believe

that Awards are the most powerful way, to motivate

and mobilize intellectual assets and spur them to

achieve greater heights in business performance. It

is a strategic tool, to lead the competition. We also

believe that businesses will strive harder to achieve

ethical corporate practices if they are recognized for

their outstanding achievements.

Q: Is the Sustainability Award a popular category

for businesses to apply for? Or do you feel that it is

slightly overshadowed by some of the other award

categories like Business Excellence and National

Quality?

A: Each award in its own business domain is popular

as the industries need a holistic transformation

by integrating the issues of quality, governance,

Environment, Innovation etc. With regard to the

Sustainability award, it is a comparatively popular

category as board members of the organizations

are directly involved for their day to day activities.

This category along with the other categories in the

Golden Peacock Awards, provides a platform to the

businesses to showcase the excellence they have been

able to achieve in their concerned fi elds.

June Issue 1 2015 w w w . z i w i r a . c o m| 34

She may not look familiar to you, but Dr. Naoko Ishii has achieved

an extraordinary amount of feats during her lifetime. As the former

Minister of Finance in Japan, she has rich experience in the fi nancial

sector, as well as actively working towards a more sustainable future

for the world as the current CEO of the Global Environment Facility.

In 2012, the Executive Director of the United

Nations Development Programme (UNEP)

announced that Dr. Naoko Ishii had succeeded

Monique Barbut as CEO and Chairperson of

the Global Environment Facility (GEF) based

in the United States. The organization was fi rst

established in 1991, and has provided $13.5

billion in grants, and leveraged $65 billion in

co-fi nancing for 3,900 environmental projects

in more than 165 developing countries.

Naoko Ishii has an impressive background in

fi nance and sustainability. Before obtaining her

position as the CEO and Chairperson of GEF,

Dr. Ishii served as the Deputy Vice Minister of

Finance in Japan. She was responsible for the

country’s fi nancial and development policies,

and for its global policies on environmental

issues such as climate change and biodiversity.

Dr. Ishii led the Japanese delegation at the

Transition Committee for designing the Green

Climate Fund.

Her career at the Ministry of Finance began

with a focus on the international sphere,

in 1981. She predominantly focused on

development issues. She has a Bachelor of Arts

and a Ph.D. from the University of Tokyo, and

was the recipient of many prizes for numerous

papers and books she has produced. The

awards she has won are equally as impressive

as her achievements. She won the Suntory

Prize in 1990, the Okita Memorial Prize for

International Development Research in 2004,

and the Enjoji Jiro Memorial Prize in 2006.

Dr. Ishii clearly has a passion for maintaining a

healthy environment, and is a proud advocate

of sustainability. She spent time working

at the World Bank, where she was assigned

as the Country Director for Sri Lanka and

the Maldives from 2006-2010. While based

in Colombo, she managed the World Bank

program for Sri Lanka amidst the country’s

civil war confl ict by building partnerships

among key stakeholders. Dr. Ishii also served as

the country program coordinator for Vietnam

at the World Bank from 1997-2001. From 1996-

1997 she was the project manager at Harvard

Institute for International Development, and

previously worked as an economist at the

International Monetary Fund from 1992-1995

working for Africa and Asia, as well as visiting

fellow at the Centre for International A� airs at

Harvard University from 1984-1985.

AMBASSADOR FORFINANCE & BETTERMENT

Dr. Naoko Ishii– A life of Finance & Sustainablity –

GREEN PERSONALITY



The Global Environment Facility essentially unites 183

countries in partnership with international organizations,

civil society organizations (CSOs), and the private sector,

to address global environmental issues, while supporting

national sustainable development initiatives. In Sweden,

April 2014, 30 donor countries pledged US$4.43 billion for

the Global Environment Facility to support developing

countries’ e� orts over the next four years, to prevent

degradation of the global environment. Dr. Ishii was

overwhelmed and excited about the signifi cant amount of

support her organization had received. She believed that

the decision made to support the GEF was, “a powerful

signal from the global community about the importance

of urgently reversing the negative environmental trends

in order to ensure a sustainable future for everybody.”

She further went on to continue that she was, “extremely

encouraged by the broad coalition that has come together

behind the belief in GEF’s ability to play a critical role in

helping achieve this transformation.”

The funding that was given by the 30 donors, will support

projects in more than 140 countries to tackle a broad range

of threats to the global environment, including climate

change, deforestation, land degradation, extinction of

species, toxic chemicals and waste, and threats to oceans

and freshwater resources. Joachim von Amsberg, Vice

President for Concessional Finance and Global Partnerships

in the World Bank Group, felt that the GEF had successfully,

“gained the confi dence of development partners for its

strong track record in protecting the global environment

and for its sound management of development partner

funds.”

As the current head of GEF, Dr. Naoko Ishii is a shining

symbol of woman in powerful positions, as well as a

true dedicated ambassador of world sustainability. She

represents a minority of selfl ess individuals who have

dedicated their lives to their betterment of our world.

Today, GEF is developing a long-term strategy called the

GEF2020 which aims to enhance the GEF’s impact by

focusing its interventions more on the underlying drivers

of environmental degradation.

CEO of the Global Environment

Facility


Sustainable Business Practices

Panasonic is a Japanese multinational electronics

corporation headquartered in Kadoma, Osaka,

Japan. According to Markus Reichling, the

General Manager for Environmental A� airs at Panasonic,

consumers still play the main role in infl uencing new

innovative products and solutions. Without demand

for a product, there can be no further development of

it. Formulated in 1929, Panasonic still operates by its

‘Basic Management Objective’ to devote themselves to

the progress and development of society and the well-

being of people through their business activities. In

January, Panasonic was awarded with the Zayed Future

Energy Prize 2015, an award established by the United

Arab Emirates government and managed by Masdar,

for the Large Corporation category. The Zayed Future

Energy Prize, inaugurated in 2008, was presented by

His Highness General Sheikh Mohamed bin Zayed

Al Nahyan, Crown Prince of Abu Dhabi and Deputy

Supreme Commander of the UAE Armed Forces. The

award recognizes leading solutions in renewable energy

and sustainability.

Markus Reichling stresses the importance of relating

to customers, and meeting their expectations, while

o� ering solutions to increase resource e� ciency,

as the market seems to be steadily leaning towards

promoting sustainability. One of the innovative ways

that Panasonic has been able to cater to the demands

of its customers, while staying true to its eco-friendly

nature, Markus explains, is by the creation of their new

‘Nostalgic Clear’ LED light bulb. In the past, there has

been a strong demand by customers for incandescent

light bulbs, which have in fact been prohibited for sale

in Europe due to their very high power consumption.

For years, the lighting industry struggled to o� er a light

bulb that could o� er the same e� ect and design as the

incandescent bulb, while also using a limited amount

of energy. However, Panasonic has fi lled this gap with

their new light bulb creation which uses a signifi cantly

less amount of energy, as well as many other sustainable

products.

As one of the world’s leading

technology brands, it is refreshing

to learn that Panasonic is actively

incorporating sustainability into its

business practices. For its e� orts, the

Japanese brand has been recognized

for this by receiving the Zayed Future

Energy Prize by His Highness General

Sheikh Mohammed bin Zayed Al

Nahyan, Crown Prince of Abu Dhabi.

A LEADING BUSINESS REFRESHINGLY PROMOTING SUSTAINABILITY

GREEN BUSINESS


According to Markus, Panasonic remains very active in

its attempts to create as less waste as possible by recycling

unwanted materials. Often these unwanted materials end

up back in the production process, a very admirable aspect

of the business. The company has gone so far with this

sustainable solution that they have developed a machine

which e� ciently separates plastics containing critical

chemical substances from those which are allowed to be

reused for new electronic products.

Panasonic has also released their sustainability report for

2014, which describes its annual social and environmental

initiatives. It explains Panasonic’s CSR/environmental

management structures, including policies and promotion

systems, with a look at the results of fi scal 2014. As shown

in the graph, Panasonic considers the contribution in

reducing CO2 emissions through energy-saving products.

The share of air conditioners is equal to 34%, LCD TV 15%,

Plasma TV 13%, refrigerators 9% and washing machines 3%.

HH General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces (R), presents the Zayed Future Energy Prize Large Corporation award to Yoshihiko Yamada, Executive Vice President and member of the board of Panasonic.

Panasonic strives to o� er sustainable business solutions

to its investors that will o� er good fi nancial results, as well

as business forecast, business strategies, and corporate

structure. The company is also often approached by

investors with more ESG (Environmental Social and

Governance) related questions particularly from long-term

investors, such as referring to corporate governance, and

sometimes even concrete issues such as battery recycling

and confl ict minerals.

GREEN BUSINESS

The world is inspired not by what we know, but

by what we don’t know. There are so many ideas

out there just waiting to be revealed in the world

– all you have to do is discover them for yourself.

But fi rst, you need to recognize an area that needs

improvement. Take the environment, for example…

If you are thinking about starting a business, there are

obviously going to be a substantial amount of things

that you need to consider and prepare for. Something

worth considering, is making your business an eco-

friendly, sustainable operation. Any business associated

with sustainability will stand out from the rest, especially

because people and businesses alike will want to be

associated with an organization that caters to the well-

being of the environment. If you are planning on opening

an eco-friendly establishment, it pays to do your research.

However, here are some tips to get you started. Whatever

business venture you choose to pursue, be sure that it is

both innovative, benefi cial, and most of all, environmentally

sustainable. Sustainability is the only way to go in a world

that is slowly eroding before our very eyes. People don’t

want to be exposed to the same thing all the time. Use your

research skills to establish what businesses are already out

there in the market, and then consider what is missing.

The fashion industry is always hungry for

that next big label to come along with a

new trend to set o� another season. If you

have ambitions of entering the fashion

world, what can really set your label apart

from others, is using strictly sustainable

materials. Customers will love you for it,

because they will be able to tell their friends

and colleagues how they chose your brand

because it caters to the environment. You

can create ‘upcycled’ items, handbags or

accessories made from unwanted product.

Using organic materials such as hemp or

organic cotton has also been a popular

choice in the past. There is huge profi t to be

made by the person who is able to combine

popular fashion, with sustainability.

CONQUER THE WORLD WITH GREEN INNOVATION

Fashion

June Issue 1 2015 40| w w w . z i w i r a . c o m

As we all know, smartphones are taking over the world. It’s almost impossible to

walk down the street these days, and not witness someone with their eyes glued to

their smartphone screen, scouring the hundreds of apps now available to people.

You could use this popularity to your advantage, by thinking of an innovative way

to combine the use of apps to benefi t the environment. The app could focus on

recycling, green living, or energy conservation. It could be as simple as listing the

closest eco-stores available to you. Apps are becoming the most commonly used

form of communication, and being such a recent development in the modern world,

there is plenty of room to expand.

If you feel that you are considerably knowledgeable in the fi eld of sustainability,

you could consider the possibility of opening an eco-consulting company. As

an eco-consultant, you could personally advise people on how to become more

environmentally conscious, by o� ering your advice on sustainability tips for around

the house. You could create a partnership with a solar panel company, and o� er the

solution to people who want to be more energy e� cient. Particularly in the Middle

East & Africa region, solar power is increasing in popularity due to the abundance of

sunlight available.

For those of you who want a simpler way of creating revenue, but want to remain

true to your eco-friendly roots, there is a way. Farmers markets have become a very

popular community event, because of the booming popularity of buying fresh, locally

grown produce. If you have a means to grow your own fruit or vegetables, a local

farmers market is an easy, profi table way to sell it. You will not only be increasing

the money in your pocket, but will also be enhancing the lives of those buying your

produce, because of the health benefi ts.

Apps

Consulting

Fresh Food



WORLD FINANCE AND SUSTAINABILITY

ECONOMY GREW WITHOUT RISE IN CO2 EMISSIONSBUT WE CAN’T CELEBRATE JUST YET

It is incredibly important for mankind to understand the impact

that he can have on the world through CO2 emissions. There is

more carbon dioxide in the atmosphere today than at any point

in the last 800,000 years. What’s more, 25 percent of the carbon

dioxide pollution from fossil-fuel burning is produced by the

USA alone. However, recently there has been a new hope.


Energy is, and will remain, important and necessary for

infrastructure, industry, transport, and houses. If we are

unable to consistently use renewable forms of energy,

then the rise in energy consumption will no doubt lead to

increased carbon emissions, and global warming. However,

recent data shows that for the fi rst time in 40 years, the

world has experienced unchanged or decreased CO2

emissions. In 2014, CO2 emissions from the energy sector

stalled, according to a report released by the International

Energy Agency (IEA). IEA Chief Economist Faith Birol

is optimistic about the news saying, “This is both a very

welcome surprise and a signifi cant one.” She believes that

the news will provide momentum for negotiators preparing

to forge a climate deal in Paris in December - For the fi rst

time, greenhouse gas emissions are decoupling from

economic growth.

The IEA have been gathering information on emissions

for the past 40 years. Within this timeframe, they have only

recorded three other times when CO2 emissions either

stalled or decreased, compared with the previous year.

However, these other times when emissions dropped, were

at periods during history when the global economy was

not thriving, for example in 1992 after the Soviet Union

collapsed. What makes this year di� erent and something

to celebrate, is that the global economy increased from

2013-2014 by 3 percent, and the global emissions remained

unchanged at 3.2 billion tonnes.

According to the IEA, China and other members of

the Organization for the Economic Cooperation and

Development (OECD), are to thank for the shift in energy use.

China has witnessed an increase in the amount of energy it

is producing, from much more favorable renewable sources.

An example of this is solar wind, which means a decrease in

the burning of fossil fuels. Other factors which would have

infl uenced the stability of our worldwide CO2 emissions,

include warmer temperatures experienced last year, which

is then connected to less energy being used to heat homes.

Also, lower oil prices played a factor, because when the cost

of oil drops, companies preferentially use this as an energy

source over coal since it releases fewer emissions per unit

of energy produced.

Still, experts warn that we should not get too excited over

these results. Even though this data is encouraging, it

should not be an excuse to become complacent and stop

all e� orts to reduce CO2 emissions. We still have a long way

to go before we should sit back and feel satisfi ed that our

world is in good health. Instead of giving up on reducing

emissions, those who are passionate about creating a

sustainable economy, should use the fi nalized report

(which was released in June) to aid the creation of policy

measures that will help nations reach climate goals without

compromising economic growth. This new data represents

a glimpse of hope for our world and economy.

CO2 Stabilization Reaching Climate Goals without compromising Economic Growth

Total Annual World Carbon Dioxide Emissonsfrom Energy Consumption (Million Meteric Tons)


FINANCIAL AID STATISTICS FOR THE NEPAL EARTHQUAKE

The devastation of the April 25 Earthquake that struck Nepal has been felt all around the world. One of the amazing aspects of humanity, is our willingness to provide assistance to those in desperate need. Following the May 12, 7.3 magnitude aftershock, Nepal was left in a truly desperate situation. International aid is now of crucial importance to the region, and the countries that have

contributed fi nancially, deserve to be recognized for their e� orts.



Nepal is a peaceful, scenic country with very little

confl ict or issues, especially on an international

scale. Its main source of revenue is through

tourism. According to a 2012 estimate, Nepal had a

total Gross Domestic Product of US$19.921 billion.

It is therefore one of Asia’s poorest countries,

and does not have the ability to fund a major

construction e� ort without outside fi nancial help.

The Asian Development Bank estimated that it

would need to spend about four times more than it

currently does annually on infrastructure through

to 2020 to attract investment. In order to help the

impoverished nation following the earthquakes, a

numerous amount of aid funds have been set up

to raise fi nances helping to rebuild Nepal. ‘Save the

Children Federation’ has set up an online payment

system for people to donate to Nepal. ‘Global Giving’

has also set up an online payment system, as well as

‘Indiegogo’, ‘Go Fund Me’, Médecins Sans Frontières

(Doctors without Borders), and the International

Federation of Red Cross and Red Crescent Societies.

The International Red Cross made a cash donation

of $535,664, and contributed volunteers and

supplies. JP Morgan Chase and Co. donated up to

$1 million to aid Nepal. In addition, many countries

generously contributed supplies and humanitarian

aid (excluding direct cash donations). Some of the

major contributors included:

India contributed an enormous amount of aid

including 8 tons of baby food, 100 tons of medical

supplies, 200 tons of water, 43 tons of relief

material, 10 tons of blankets, and the evacuation

of 20,000 Indian citizens. Plus, an additional 16

National Disaster Response Force teams, over

1,000 personnel, search-&-rescue dogs, vehicles,

equipment, helicopters, and engineers. India also

sent a 41 member medical team from the state of

Rajasthan, 18 Indian Army Engineer Task Forces

(Indian Army Corps of Engineers), and a 39 member

Indian Army team deployed at the Mount Everest

Base Camp to search for, rescue and assist climbers.

China sent an international Search and Rescue

Team (CISAR) with 268 members, and 26 search-&-

rescue dogs.

Far south of the Nepalese Earthquake, Australia

managed to pull together an incredible amount of

aid to support the nation. They sent two Boeing

C-17 aircraft carrying 15 tons of Australian aid and

two RAAF aero medical evacuation teams. They also

sent 2 humanitarian experts and a crisis-response

team, and 70 defense personnel, immigration and

other federal government o� cials to distribute

aid and help with evacuation e� orts. New Zealand

deployed 45 urban search and rescue technicians, 2

aid workers and an engineer.

Nepal Earthquake Key Figures (May 18)

International Helping Hand

India & China

Australia & New Zealand

Number of peoplekilled (ESTIMATE)

8,604

Number of peopleinjured (ESTIMATE)

16,808

Number of IDP(Internationally

DisplacedPerson) Camps

234

Funding Received

$192.9 million


Indian soldiers arrive with supplies at the Tribhuwan International Airport a day after a massive earthquake in Kathmandu, Nepal.



The Nepal Earthquake was felt even as far as Bangladesh.

In response, the nation sent a 34-member team

of 6 military medical teams and foreign ministry

o� cials. Plus, an additional four cargo trucks carrying

approximately 25 tonnes of essential relief materials for

earthquake victims in Nepal left Dhaka. Bangladesh also

provided a BAF Lockheed C-130B aircraft with 10 tonnes

of relief materials, and at least one lakh metric ton of

rice and other relief materials including drinking water

to help the earthquake victims. Indonesia sent 2 Boeing

737-400s belonging to the Indonesian Armed Forces

and Garuda Indonesia, and fl ew 6 tons of relief supplies.

The UK was quick to rally millions of dollars’ worth of

donations, as well as sending 30 tonnes of humanitarian

aid and 8 tonnes of equipment to Nepal, along with 100

search and rescue responders, medical experts, and

disaster and rescue experts deployed by the Department

for International Development. The US deployed a

disaster response team from USAID, and the Urban

Search and Rescue Virginia Task Force 1 from Fairfax

County, Virginia was deployed to Nepal from the Dover

Air Force Base, as was the US Army Green Beret soldiers

with 100 Marines, two helicopters and four V-22 Osprey

VTOL aircraft.

Bangladesh & Indonesia

United Kingdom & United States

NEPAL AID STATISTICS

United States

Japan

United Kingdom

Canada

Norway

Australia

European Union

China

Germany

South Korea

New Zealand

Italy

Taiwan

COUNTRY HELP POPULATIONHELP PER

INHABITANTSGDP US$ GDP EU€

9,200,000€

7,310,000€

6,800,000€

3,700,000€

3,500,000€

3,400,000€

3,000,000€

3,000,000€

2,500,000€

920,000€

700,000€

300,000€

275,000€

316,128,839

127,338,621

64,106,779

35,154,279

5,080,166

23,129,300

505,700,000

1,357,380,000

80,651,873

50,219,669

4,442,100

60,233,948

23,268,087

0.0291€

0.0574€

0.1061€

0.1053€

0.6890€

0.1470€

0.0059€

0.0022€

0.0310€

0.0183€

0.1576€

0.0050€

0.0118€

15,426,652,000,000

4,525,998,059,702

2,464,178,495,852

1,680,627,077,805

471,573,991,489

1,435,542,675,275

16,521,427,446,263

8,501,048,815,883

3,431,839,725,648

1,200,189,654,701

170,924,798,524

1,977,525,755,374

450,073,200

4,919,563,108,372

2,678,454,886,796

1,826,768,562,832

512,580,425,531

1,560,372,473,125

17,958,073,311,155

9,240,270,452,047

3,730,260,571,356

1,304,553,972,501

185,787,824,483

2,149,484,516,711

489,210,000


High Royal Highness the Prince of Wales has managed to successfully and innovatively combine accounting and sustainability into one project. He has actively promoted the establishment of resilient business models to create a more sustainable future. He has reached out to accountants to spread the word and promote sustainability in business themselves.

PRINCE OFGREEN FINANCE



In 2004, His Royal Highness Charles the Prince of Wales

established the Accounting for Sustainability Project

(A4S), which recently celebrated its 10th anniversary.

The Prince of Wales has always shared his concerns

that the world we live in with all of the things we enjoy,

could soon be lost. He believes that it is important to

leave a positive legacy for the next generation, and

ensure that they live in a healthy world. Prince Charles

is particularly concerned about the current rate at which

we are using the planet’s resources.

In 2004, Prince Charles initiated the Accounting for

Sustainability Project to help and encourage businesses

and the private sector to recognize the benefi ts of

considering the environment and wider-society as part

of their everyday business decisions. In 2004, when

Charles fi rst started the project, he spoke at the launch,

claiming that he wanted to, “help ensure that we are not

battling to meet 21st Century challenges with, at best,

20th Century decision-making and reporting systems.”

Because of his substantial infl uence and power, Prince

Charles was able to establish a project to work with the

fi nance, accounting and investor community. He was

able to drive change through the demonstration of the

importance of considering the environment and wider

society in their day-to-day actions, accounting, and in

their annual report. The A4S Project also drives change

through developing systems, tools and guidance for the

accounting, fi nance and investor community to take

action and take consideration of the environment and

wider society into account. Furthermore, it creates an

‘enabling environment’ or wider economic context in

which organizations are able to function sustainably,

within a ‘bigger picture’ that supports this approach.

In December 2014, the Accounting for Sustainability

Project celebrated its 10th anniversary. Prince Charles

wanted to take this opportunity to reach out to his

followers and present to them a challenge. He reached

out to 200 senior leaders from the fi nance and

accounting community to go out, use their voice, and

convince their peers of the importance of taking action

on sustainability while they still could. At the summit

held on December 11, the Prince of Wales said:

“Go out and seek to convince your peers. In this regard,

the team of accountants at A4S has highlighted some

rather interesting numbers to me. I understand – and

I assume a team of accountants must be right! – that

if every one of you here in the room today manages

to convince just fi ve others to start accounting for

sustainability, and then each one of them engages

another fi ve each year, in fi ve years’ time we could

reach all of the three million accountants in the world!

However, I hate to tell you that for obvious reasons fi ve

years is too long – so each of you needs to rush out

and convince ten! And then accountants really will be

helping to save the world!”

Having run for ten years now, the A4S Project has had

many achievements. The Project was essentially driven

by the fi nance and accounting community to move

towards resilient business models and a sustainable

community. During its ten years, the project has formed

a Chief Financial O� cers (CFO) Leadership Network,

which over the last year has developed four practical

guides for CFOs on embedding sustainability into

key fi nance activities. The project has also formed the

Accounting Bodies Network, which reaches 2.5 million

accountants worldwide, amounting to two thirds of

the global accountancy profession. Furthermore, the

project initiated the International Integrated Reporting

Council which is leading the work to transform

corporate reporting, as well as establishing the Finance

for the Future Awards, which reward organizations that

are practicing ‘Integrated Thinking’ and embedding

environmental and social considerations into day-to-

day decisions with leadership from their fi nance teams.

The A4S Project is run by The Prince of Wales’ Charitable

Foundation, which was founded by His Royal Highness

the Prince of Wales in 1979, which has become one

of the largest independent foundations in the United

Kingdom. Profi ts generated by the sales of ‘Duchy

Originals from Waitrose’ and Highgrove (Prince’s

residence) products, and from tours of the Gardens at

Highgrove, are donated to the Foundation. Funds from

these donations help to run initiatives and projects that

fall within the Charitable Foundation’s primary areas of

interest, such as the International Sustainability Unit

and The Prince’s Accounting for Sustainability Project.

“Help ensure that we are not battling to meet 21st Century challenges

with, at best, 20th Century decision-making and reporting systems.”

– Prince of Wales.

The Prince’s Accounting for Sustainablity Project


THE IMPORTANCE OF FINANCE IN CHARITYWe live in a terribly unbalanced world. While some people live comfortable lives, with safe homes and plenty of food, others do not. In some countries, particularly in poor African countries like Malawi and Burundi, people lack the knowledge to create sustainable lifestyles to live comfortably. Sometimes, all they need is a push in the right direction. That is exactly what US organization Heifer International is doing.

Heifer International is an organization that strives to target

the issue of world hunger and poverty. The initiative which

has 41 known celebrity supporters, including Bill Clinton

and Kirsten Dunst, does not simply give goods away to

those who need them, because that is only a temporary

solution. Rather, its main operation is giving livestock to

families in need, so that they can continuously live o� the

produce created by the animal.

Dan West was inspired to create Heifer International when

he left his profession as a farmer in the American Midwest,

to work as an aid worker during the Spanish Civil War. He

soon discovered that the small cup of milk that each person

was given, was simply not enough. He had a thought –

what if a person was given a cow, then they could produce

all the milk they could ever need. Thus, the idea for Heifer

International was born, adopting the ‘teach a man to fi sh’

philosophy. 70 years on, the legacy is still alive, as one of the

top sustainable charity organizations in the world.

Heifer International is a business that is run by donations

which are given to the Heifer Foundation and are invested

in endowments which are funds that provide operating

income and program revenue every year in the future.

Heifer International

Bill & Melinda Gates

I WANT

I DESERVE

I CAN

I AM


June Issue 1 2015w w w . z i w i r a . c o m 51 | June Issue 1 2015w w w . z i w i r a . c o m 51 |

The fl ourishing organization has successfully set 22.6

million families, and 114.9 million individuals on a path

towards prosperity by giving them the training and means

to have a reliable and consistent source of food, and often

income. Heifer sent 17 young cows to Puerto Rico to enable

the futures of a substantial amount of families.

With the animals that are gifted to families or individuals,

those who received the animal agree to pass on the

o� spring of the animal to another family who is in need.

This creates a cycle of giving within communities, which is

an important aspect of community success. In some places,

22 generations of Heifer animals can be traced. On average,

Passing on the Gift lasts for at least nine generations. Heifer

also helps with, and encourages farming, as farming has

always been the foundation of thriving civilizations and

societies. This increased knowledge o� ers people the

chance to develop a means to create income to look after

their families.

Giving the gift of livestock, or money to start a harvest, will

benefi t a family in need for years, if not generations, because

it gives them the head start they need that is so hard to get.

Once the knowledge of how to run a farm has been passed

down, it will remain in the family as a precious treasure that

cannot be stolen. Heifer International has built a bridge

between poverty, and a healthy existence, by eliminating

the main problem: Lack of knowledge.

Achievements

Endowment funds are carefully managed to protect the

principal, which grows over time, to make increasing

payouts to the Heifer mission of ending hunger and

poverty. The company received a four-year $42.8 million

grant from the Bill & Melinda Gates Foundation to fund a

project to help poor rural farmers in East Africa double their

incomes by increasing their production of high quality raw

milk to sell to dairies. It is the largest single grant Heifer has

ever received.

The Heifer International website has an option to donate

specifi c animals to families or individuals in need. For

US$120, people can donate a goat, or a water bu� alo for

US$250, or a Heifer for US$500. To promote women’s

empowerment, people can donate money to launch a small

business, or give the gift of clean water. What particularly

stands out, is that people can also give the gift of a bountiful

harvest for only US$70, a gift that when made the most of, is

worth so much more.


How important it is to weatherize, install solar, get

o� oil and become energy independent.

– Vermont GovernorPeter Shumlin. Governor Peter Shumlin, speaking

at Climate Economy Summit

“ “WORLD FINANCE AND SUSTAINABILITY


ENCOURAGING GREEN ENTREPRENEURSStudents in Vermont, United States, are being encouraged to seize the fi nancial benefi ts of climate change, as opposed to only seeing the negative side of it. There are new opportunities emerging from the need to be sustainable, and these ideas were shared at the Vermont Climate Economy Summit held in February.

Vermont College of Fine Arts, situated in Montpelier, Vermont, has found a way to encourage people of the

fi nancial benefi ts of tackling climate change, as opposed to ignoring it. The college which opened in 2008,

held a summit in February which drew more than 400 Vermonters, including business leaders, policy-makers,

and entrepreneurs. Paul Costello, the Vermont Council Rural Development Executive Director, felt very positive

about the event, claiming that there is “really good work going on in Vermont relating to climate change.”

Costello, among other speakers at the summit, emphasized Vermont’s opportunity to really seize the moment

and position itself as a beacon for green business, investors, and advocates. One of the speakers Governor Peter

Shumlin, shared his views on creating prosperity and opportunities confronting climate change, pointing out

that there were fi ve times more solar jobs in Vermont today than when he took o� ce in 2011. He highlighted

how there’s a reason for optimism with Vermont leading the nation in the following ways moving towards a

sustainable energy independent economy:

Another speaker, Jigar Shah, the founder and former CEO of Sun Edison and author of ‘Climate Change Wealth’,

addressed the crowd by stressing that, “the resource revolution represents the largest wealth creation opportunity

of our generation.” Shah currently runs the green economy specialty fi nance company Generate Capital. He

urged Vermont to push for large scale, systematic innovations that would position the state to emerge at the

forefront of the climate change movement, touching on the way policies that incentivize resource e� ciency can

mean scalable profi ts for businesses and therefore signifi cant investment.

Throughout the summit, thirteen di� erent sessions focused on initiatives that ranged from innovation in

transportation, renewable energy, and recycling, to adapting Vermont’s tourism industry, to changing weather

patterns, and to branding Vermont as an innovative hub for young environmentally-minded entrepreneurs.

One of the fi nal topics that was discussed at the summit, was the need for Vermont College to establish itself

as a brand leader in the climate change economy, by exploring the need for public relations initiatives. An idea

was even suggested to host a similar climate change summit on a national scale. By emerging as a leader in this

industry, Vermont could attract more young people to the state, a perennial challenge. The Vermont Climate

Change Economy Council will develop the strategies and ideas discussed at the summit and present them to

the Vermont legislature, the Governor, and the public in January 2016. It is encouraging to see leaders inspiring

the younger generation to embrace the reality of climate change, rather than pretending it doesn’t exist. If more

young business entrepreneurs are able to see the benefi ts of climate change in relation to business and profi t,

then the world will be much better o� .

15,000 jobs in a renewably focused green economy

Highest per capita solar jobs in the nation

Real movement towards a micro-grid dominated utility grid with support

Substantive e� orts in weatherization and energy e� ciency improvements in commercial and

residential buildings around the state.


WHO KNEW STOCK EXCHANGE COULD BE ETHICAL? The stock exchange is a vital part of business and economy. For one, it is a reliable barometer to measure the economic condition of a country. The stock market plays a pivotal role in the growth of the industry and commerce of a country that eventually a� ects the economy of a country to a great extent. However, it is important for stock exchanges to play a part in the sustainability of the world, as it maintains a signifi cant amount of power on a global scale. The Sustainable Stock Exchanges Initiative is doing just that.

The Sustainable Stock Exchanges Initiative

Stock exchanges and other fi nancial

bodies and institutions have a key role to

play. Many of you have taken important

steps to advance this agenda. I welcome

your e� orts to incorporate ESG

considerations into new stock indexes,

listing rules and regulatory frameworks.

– BAN KI-MOONUN Secretary-General Sustainable Stock

Exchanges Launch, 2009.

“ “Bucharest Stock Exchange

Bombay Stock Exchange

Borsa Istanbul

Colombian Securities Exchange

Deutsche Börse

Egyptian Exchange

Jamaica Stock Exchange

Johannesburg Stock Exchange

Lima Stock Exchange

London Stock Exchange

Mexican Stock Exchange

Nasdaq

Nairobi Securities Exchange

Nigerian Stock Exchange

New York Stock Exchange

Santiago Stock Exchange

Stock Exchange of Thailand

Warsaw Stock Exchange

Stock Exchanges who have made the Commitment

The Sustainable Stock Exchanges Initiative


Stock exchanges have a vital role to play in advancing

sustainability in capital markets. Created by the United

Nations, the Sustainable Stock Exchanges (SSE) initiative,

provides an e� ective platform for exchanges to engage with

the UN, investors, companies, and regulators. By exploring

how exchanges can work with these actors, the SSE works to

create more sustainable capital markets. The SSE initiative

invites exchanges globally to become Partner Exchanges by

making a voluntary commitment to advance sustainability

in the market. They also welcome participation from

securities regulators, investors, companies, and other key

stakeholders. In 2009 SSE was named by Forbes magazine

as one of the “World’s Best Sustainability Ideas”.

The SSE initiative o� ers a global platform for exchanges

to demonstrate leadership and understanding of the

sustainability-related opportunities and challenges facing

the capital markets today. Sharing a common commitment

to encourage responsible investment and enhanced ESG

(Environmental, Social, and Governance) disclosure and

performance among listed companies, Partner Exchanges

utilize the SSE to discuss best practices and to learn from

their peers and other strategic stakeholders. As the SSE

o� ers a unique platform for multi-stakeholder dialogue,

exchanges have an opportunity to take a leading role in

creating a more sustainable and inclusive economy. All

stock exchanges are invited to make a public commitment to

promote sustainability in their markets, thereby becoming a

Partner Exchange.


Partner Exchanges of the United Nations SSE initiative

have begun publishing a Communication to Stakeholders

to engage capital market participants in a dialogue on

responsible investment and sustainable business practices.

The Communication explains each exchange’s approach to

promoting sustainability among investors and companies.

These are the fi rst such disclosures done by exchanges

through the SSE, which is convened by the PRI and three

UN partners.

“In addition to promoting transparency with external

stakeholders, the Communication to Stakeholders

document is a very e� ective tool for engaging internal

stakeholders including the board of directors, senior leaders,

and employees,” said Gavin Power, Deputy Director, UN

Global Compact (April 15, Geneva). “Our Partner Exchanges

are already using it to start an internal conversation about

their role in sustainable development and sustainable

capital markets.” The Communication to Stakeholders

includes questions such as:

Every two years the SSE initiative hosts a Global Dialogue,

which brings together leaders from exchanges, regulators,

investors and companies to share best practices, and

releases the SSE Report on Progress to coincide with the

event. The report is designed to measure progress, while

underlining challenges and opportunities ahead. On

Monday 18 May, the 2015 Sustainable Stock Exchanges

Regional Dialogue Southeast Asia took place in Bangkok,

Thailand. The SSE Regional Dialogue, the fi rst of its kind in

Southeast Asia, o� ered a unique platform for CEO’s of stock

exchanges, listed companies, and institutional investors,

alongside high-level policy makers and regulators,

to demonstrate leadership and understanding of the

sustainable development opportunities and challenges

facing capital markets today. Questions addressed at the

SSE Regional Dialogue included:

Regional Dialogue 2015: Southeast Asia

How does your exchange defi ne and view the

rationale for corporate sustainability and the

exchange’s role in promoting it?

What objectives does your exchange have in regards

to advancing sustainability in your market?

How do you track sustainability reporting of your

listed companies?

What incentives and/or sanctions do you have in

place to encourage environmental, social, and

governance (ESG) disclosure and discourage non-

compliance?

How has your exchange supported the development

of fi nancial products that address sustainability-

related issues?

What role can stock exchanges, regulators and

investors play to improve the environmental, social

and governance performance of companies? What

are the experiences of listed companies?

What are the main challenges and opportunities

for promoting sustainable development through

capital markets?

What next steps can be taken by policy makers,

regulators, investors, companies and exchanges

collectively in the region? What are the key roles for

each actor?

What regional and national policy options are

available to reinforce existing best practices?
