Moustafa: Sustainability reports become binding to all companies

Moustafa: Sustainability reports become binding to all companies
By Marwa Nassar - -

Hassan Moustafa, the CEO of CSR Egypt and Chairman of the 13th Corporate Social Responsibility (CSR) and Sustainable Development (13th CSR Forum), said sustainability reports became binding to all companies to protect environment.

He made the remarks on Thursday during the opening session of the 13th CSR Forum in the Red Sea resort city of Hurghada.

He said the private sector has to know the best practices and benefit from others’ expertise to prop up state efforts aiming at securing “Decent Life” for all Egyptians nationwide.

Moustafa added that the private sector has to get engaged in effective partnerships and secure needed finance to accelerate the localization of the Sustainable Development Goals (SDGs).

He also underlined the importance of creating a competitive advantage of the Egyptian governorates to enhance resilience and productivity of the Egyptian economy.

He added that attaining this goal necessitates merging sustainability concepts into the culture of work and putting into effect the standards of governance and environmental sustainability.

He noted that the 13th CSR Forum sheds light on the efforts exerted by the private sector, civil society and governmental institutions in implementing the Egypt Vision 2030.

The forum also offers a chance to stand on the best international sustainability practices as well as means of exchanging expertise, engaging in effective partnerships in order to boost institutional capabilities to act as the main catalyst for applying sustainability standards, he said.

Moustafa noted that monitoring bodies in Egypt were keen on laying down an organizational framework binding the private sector as well as banking and non-banking financial sector to merge sustainability standards into their business models.

Business communities have to upskill their workers in a more efficient way while committing to environmental standards, cutting carbon emissions and curbing the negative impact of climate change.

He said a cluster of international companies’ heads and foreign experts participate in the event to address the impact of climate change, sustainable financing and green banking.

Moustafa highlighted that this year’s forum is of special importance in view of the success of the 27th United Nations Climate Change Conference (COP27) which Egypt hosted last November in the Red Sea resort City of Sharm el Sheikh.

He noted that COP27 recommendations called for merging sustainability standards in business models, developing institutions and building capabilities.

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