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Share Facebook Twitter LinkedIn WhatsApp Facebook Messenger Email Dr Axel Kravatzky is the managing partner of TT-based Syntegra-360 Ltd, vice-chair of ISO/TC309 Governance of Organizations and president of EUROCHAMTT. He enables companies to flourish, helping them increase the sustainable value they generate through integrated governance, certified management systems, and transformational leadership. The United Nations' Agenda 2030, adopted in 2015, with its ambitious set of 17 Sustainable Development Goals (SDGs) and 169 targets, was agreed to by all governments. Across the Caribbean and other parts of the world, transformation is underway. In 2023, we have reached the halfway mark and can look back at what we have achieved. The Economic Commission for Latin America and the Caribbean (ECLAC) reports that the situation in the Caribbean is not too dissimilar from that of the rest of the world: 23% of our goals are reported to be on track after 50% of our allocated time has passed. In some areas, we have even moved away from the target. The disconnect between aspirations and commitment, from action and achievement, has become apparent. The Current Challenges in Achieving Sustainability The traditional "business as usual" model is ineffective in addressing our current sustainability crises. Despite widespread acknowledgement of the need for change, progress in achieving the SDGs is far too slow. Some have put their hope in the new global consensus Environmental, Social, and Governance (ESG) frameworks - within the Caribbean, mainly the International Sustainability Standards Board (ISSB) standards published this year because they will likely be adopted within the Caribbean in the coming years. However, these ESG frameworks, while valuable in promoting awareness and transparency, predominantly focus on how sustainability issues impact the company rather than how the company impacts sustainability issues. Even those that incorporate double materiality - considering outcomes for people and the planet as well as the financial impact on the firm, as is the case with the European Sustainability Reporting Standards (ESRS) - focus primarily on reporting and not decision-making processes that prioritize well-being and real impact. A telling indicator of this discrepancy is the rise in ESG-branded funds, which has not corresponded with equivalent progress in achieving the SDGs. This situation suggests a decoupling of investment growth from actual sustainable development, highlighting the shortcomings of current approaches. The Need for a Transformative Pivot in Business Sustainability To address these shortcomings, there is a pressing need for businesses to pivot towards a new vision of sustainability. This transformation involves shifting: From profit-only focus to financial and non-financial value creation From short term to long-term decision making From sustainability as an add-on to a core feature of how all business gets done From shareholder-only value to multistakeholder value From SDG alignment to SDG action From measurement and reporting to strategizing, managing, and decision-making for impact From financial risk management to value creation and innovation Introducing the SDG Impact Standards To help businesses achieve this transformation, the United Nations Development Programme (UNDP) developed the SDG Impact Standards, a transformational decision-making tool. These standards represent more than guidelines; they enable a fundamental shift in the business approach to sustainability. They aim to integrate sustainable practices into businesses' core operations, allowing them to effectively manage and improve the company's contribution to sustainable development and the achievement of the SDG targets. The SDG Impact Standards are unique in several respects: Holistic Strategy Integration: Encouraging businesses to embed sustainability and the SDGs into their core purpose and strategy, emphasizing long-term value creation for both the business and society. Emphasis on Impact Management: Advocating for an approach beyond reporting, focusing on assessing, managing, and optimizing the social and environmental impact of business decisions. Governance and Transparency: Enhancing governance structures that ensure sustainable practices are enacted, not just promised. Transparency is vital in communicating actions and impacts to stakeholders. Practical Decision-Making Tools: Providing tools and guidelines for making decisions aligned with the SDGs, including setting targets, measuring impact, and improving practices. The New Normal and the Role of the Private Sector The adoption of the SDG Impact Standards signifies the new normal for the private sector's role in sustainable development. They enable businesses to actively make decisions, develop strategies, and drive investment to make measurable and auditable progress towards the specific SDG targets and the sustainability goals. The private sector's involvement is crucial for several reasons: Innovation and Economic Activity: As engines of innovation and economic growth, businesses can drive significant positive change and avoid profiting from creating harm. Resource Mobilization: Businesses can mobilize resources and expertise to develop sustainable solutions. Stakeholder Engagement: By engaging with a broad range of stakeholders, businesses can ensure that their actions consider the voices of those affected by their operations. The SDG Impact Seal: A New Benchmark for Sustainable Excellence and Credibility To promote trust and credibility, UNDP is also developing the possibility for companies to attain the SDG Impact Seal through the SDG Impact Assurance Scheme. The Assurance Scheme sets its minimum requirements at an accessible level. This approach enables organizations to strive towards best sustainability practices progressively. The scheme will serve as a beacon of international credibility as it will adhere to the rigorous standards of ISO 17065. The SDG Impact Seal is a crucial element of this initiative and a distinct marker. It identifies and celebrates organizations genuinely committed to sustainable operations and impactful contributions to the SDGs. In this way, the Seal becomes more than a symbol; it becomes a testament to an organization's dedication to making an authentically sustainable difference. Share Facebook Twitter LinkedIn WhatsApp Facebook Messenger Email

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13.01.24 03:39

by thevoiceslu.com

Sandals Executive Chairman Speaks on the Success of Caribbean Tourism with Futur...

Share Facebook Twitter LinkedIn WhatsApp Facebook Messenger Email Adam Stewart, Executive Chairman of Sandals Resorts International, joined a diverse group of hospitality professionals at Florida International University (FIU) where he delivered the keynote address to some 400 students as well as faculty and industry stakeholders during the 29th Annual Graduate Student Research Conference at the Chaplin School of Hospitality and Tourism Management. Stewart, the head of the only super brand to have ever originated from the Caribbean, captivated the audience as he shared perspectives on hospitality leadership, Sandals' journey in reframing luxury all-inclusive travel and the exciting future of Caribbean tourism. The Executive Chairman's address also explored themes of empowerment through the Sandals Corporate University, the impact of the Sandals Foundation across the region and also touched on the value of vision and ideas of courage in the face of risk. "My job every day is that we want to share the best of the four corners of the Caribbean with the world. We've not only elevated the all-inclusive concept but also debunked myths about the potential of our region. The all-inclusive segment, spearheaded by us, is thriving and transforming the leisure industry." He further elaborated on how the industry is contributing to the growth and transformation of people and the Caribbean, "it is important to highlight that while we have the capability to innovate the all-inclusive experience and enhance the tourism industry with an exceptional product, our primary focus remains on making a genuine community impact. This commitment to people goes beyond business, this aligns with the core values of Sandals and Beaches. We don't just build resorts; we are creating change. As we expand to new destinations like Saint Vincent and the Grenadines, our goal is not just to build resorts, but to create a soulful, energy-infused environment. We're more than a brand; we're ambassadors for the Caribbean, inspiring airlines to increase airlift, connecting our islands with the world. Our success is rooted in agility, creativity, innovation, and, most importantly, our people. Our mission extends to addressing fundamental societal challenges and proactively engaging with governments to shape policies that uplift communities and bridge gaps." With 98% of the almost 20,000 people who work within Sandals being Caribbean nationals, Stewart also placed emphasis on the importance of job creation among other key factors, "employment is the first thing. Taxes are the second thing. But the big ones are supply and consumption. So support local farmers. Find a way through this hospitality world that we live in to change people's lives. Be emotionally connected to what you do. Working side by side, give them a product that's bulletproof, give them a product that when the customer comes, you win every time because it's that good." Stewart concluded with a reminder to the audience to embrace the powers within them, pay i...