How sustainability benefits business performance

How sustainability benefits business performance

How sustainability benefits business performance
Using renewable energy can minimize vulnerability to fluctuations in the price of fossil fuels. (Shutterstock)
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Sustainability today is a core consideration in planning for organizational success. With tightening emissions targets and rising environmental awareness, there are tremendous pressures on businesses to become more sustainable.

This transition is not solely about compliance and social responsibility, however. It is about sustainability as a performance enabler — a driver of change that unlocks competitiveness and adaptability across the value chain.

Business sustainability can thus be described as a process of managing business activities in a way that maximizes efficiency without harming future generations.

Environmental sustainability, social responsibility, and corporate financial performance can all be included in the definition of the environmental, social, and governance concept, known in common parlance as ESG.

Sustainable value generation entails those actions that create and sustain growth, profitability, and enhanced value for shareholders in the long term.

There are clear economic benefits to be gained from greater sustainability. Embracing energy efficiency and reducing waste, for instance, cuts costs in production, while using renewables can minimize vulnerability to fluctuations in the price of fossil fuels.

Sustainable businesses are also able to attract cash from investors who prefer firms with strong ESG disclosures. Other analyses have revealed that a high ESG score reduces capital costs and enhances a firm’s performance.

The strategic management of environmental impact can bring both short and long-term benefits to organizations, including customer loyalty, reduced legal risks, and reputational capital.

Corporate social responsibility refers to the responsibilities that a business has to society and the impact of its operations on communities. To meet these responsibilities, firms are encouraged to respect labor practices and use ethical sources of labor.

Sustainability can give companies a competitive edge over their rivals, while at the same time being considerate to people and the planet.

Majed Al-Qatari

Cultivating a rapport and engaging with stakeholders, including employees, customers, suppliers, and communities, is an effective way of meeting those responsibilities.

Organizations with good social performance can attract talent, encourage return custom, and stave off the possibility of boycotts. Stakeholder engagement is a key factor in this, helping firms develop a robust business model that can easily cope with social shifts.

Potential barriers to sustainability include costs, resistance to change, and difficulties evaluating social and ecological impact. But with adequate planning, stakeholder input, and the use of technology in gathering and analyzing data, these can be overcome.

Meanwhile, industrial partnerships and government subsidies can assist with financial and operational challenges, while training and education programs can help shift organizational culture in favor of greater sustainability.

The circular economy, with its emphasis on recycling, and the growth of green finance will define the future business world, while artificial intelligence and the internet of things will allow organizations to monitor the effectiveness of their sustainability initiatives.

In sum, sustainability can give companies a competitive edge over their rivals, while at the same time being considerate to people and the planet.

Every firm that dreams of a prosperous future should invest in sustainable practices, thereby guarantee lasting benefits for itself and its stakeholders.

Majed Al-Qatari is a sustainability leader, ecological engineer and UN Youth Ambassador with experience in ESG and sustainability goals in business, nonprofits and financial institutions.

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Israeli West Bank offensives displace thousands: officials

Israeli West Bank offensives displace thousands: officials
Updated 52 sec ago
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Israeli West Bank offensives displace thousands: officials

Israeli West Bank offensives displace thousands: officials
  • Jonathan Fowler, UNRWA spokesman, said an estimated 2,450 to 3,000 families have been displaced from the Tulkarem refugee camp
  • Faisal Salama, head of the camp’s popular committee, estimated that 80 percent of the camp’s 15,000 residents have been displaced

RAMALLAH: Israeli military offensives in two West Bank refugee camps have displaced nearly 5,500 Palestinian families since December, local and UN officials said Tuesday, amid escalating violence in the occupied territory.
The Israeli military describes its ongoing operations as “counterterrorism” efforts aimed at rooting out Palestinian militancy.
Jonathan Fowler, spokesman for the UN agency for Palestinian refugees (UNRWA), said an estimated 2,450 to 3,000 families have been displaced from the Tulkarem refugee camp.
Faisal Salama, head of the camp’s popular committee, estimated that 80 percent of the camp’s 15,000 residents have been displaced.
Both Salama and Fowler said that obtaining precise figures is challenging because of the security situation within the camp and its fluctuating population.
“The displaced people from the camp are scattered in the suburbs and in the city of Tulkarem itself,” Salama told AFP.
He said that six people had been killed and dozens wounded since the offensive began on January 25.
“The bombing of residential homes in the camp continues, along with destruction and bulldozing of everything.”
Salama also reported that the violence has severely restricted the movement of goods into the camp.
“There is a shortage of water, no electricity, no communication and a lack of essential supplies such as milk for children, diapers, and medicine,” he added.
Displacement has also been severe in Jenin, also in the northern West Bank, where the military launched an intensive assault it dubbed “Iron Wall” on January 21.
Fowler reported that 3,000 families — around 15,000 people — have fled Jenin refugee camp since December, initially when Palestinian security forces staged their own operation against militants and then later because of the Israeli offensive.
Displacement has surged in recent days after the military assault inflicted further destruction on the camp.
On Sunday, Israeli media and the Palestinian news agency Wafa reported that Israeli forces had demolished 20 buildings in a single coordinated detonation in the camp.
Both the Tulkarem and Jenin refugee camps are known strongholds of Palestinian militancy.
A gunman attacked an Israeli military checkpoint in the northern West Bank at Tayasir on Tuesday, fatally wounding two soldiers before troops shot him dead, the military said.
The Palestinian health ministry reported on Tuesday that 70 people had been killed by Israeli forces in the West Bank this year, 38 of them in Jenin.
Israel’s military says its forces had killed “approximately 55 terrorists” across the West Bank in January, without specifying the locations.
Its West Bank operations intensified following a ceasefire in the Israel-Hamas war in the Gaza Strip on January 19.
The Palestinian health ministry says Israeli troops and settlers have killed at least 884 Palestinians, including many militants, in the West Bank since the Gaza war began on October 7, 2023.
Over the same period, at least 32 Israelis have been killed in Palestinian attacks or during Israeli military raids in the territory, official Israeli figures show.


Damascus opera house eyes better future

Damascus opera house eyes better future
Updated 22 min 11 sec ago
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Damascus opera house eyes better future

Damascus opera house eyes better future
  • ‘We hope for more support now; under the old regime, we had no financial aid or even symbolic backing’

DAMASCUS: To applause, percussionist Bahjat Antaki took the stage with Syria’s national symphony orchestra, marking the first classical concert at the Damascus opera house since president Bashar Assad’s ouster.

The concert was a way of saying “we are here and able to produce art,” despite more than years of devastating war, Antaki said after last week’s performance, which drew an audience of hundreds.

“We will continue, and we will be stronger and more beautiful,” the 24-year-old said.

After opposition fighters ousted Assad on Dec. 8, the orchestra’s rehearsals and concerts were halted as Syria embarked on a delicate transition away from decades of one-family rule enforced by a repressive security apparatus.

While the country has breathed a sigh of relief, many in the capital — known for being more liberal than other parts of the country — have expressed apprehension about the direction the new leaders may take on personal freedoms and potentially the arts.

The new authorities have said repeatedly they will protect Syria’s religious and ethnic minorities, and that the country’s transition will be inclusive.

“There aren’t fears, but worries,” said violinist Rama Al-Barsha before going onstage.

“We hope for more support — under the old regime, we had no financial aid or even symbolic support,” the 33-year-old said.

The concert was conducted by Missak Baghboudarian, a member of Syria’s Armenian minority, and included works by Beethoven and Tchaikovsky but also by Syrian composers.

In the audience were European and Gulf Arab diplomats as well as new Health Minister Maher Al-Sharaa and his family.

Sharaa is the brother of interim President Ahmad Al-Sharaa, who until recently led the Hayat Tahrir Al-Sham group that spearheaded the offensive against Assad.

Last month, the opera house also hosted its first concert by well-known Islamic music singer known as Abu Ratib, who returned after decades in exile for his political views and whose recordings until recently were sold in secret.

The orchestral performance paid homage “to the martyrs and the glory of Syria.”

A minute’s silence was held for the more than 500,000 people killed during the civil war which erupted after Assad brutally repressed anti-government protests in 2011.

Images of the destruction wreaked by more than 13 years of fighting were projected on the back wall of the stage, along with pictures of mass demonstrations.

Also shown were photographs of Alan Kurdi, the toddler who became a tragic symbol of the Syrian refugee crisis when his tiny body was washed up on a Turkish beach in 2015 after his family’s failed attempt to reach EU member Greece by small boat.

In a reminder of the heavy economic cost of the war, the venue was unheated for the concert despite the winter cold.

Organizers said they could not afford the fuel, and both musicians and technical staff performed for free.

Audience member Omar Harb, 26, acknowledged concerns about the future of the arts in Syria’s political transition but said after the performance that “it seems that nothing will change.”

“We hope that these events will continue — I want to come back again,” said the young doctor, after watching his first concert at the opera house.

Yamama Al-Haw, 42, said the venue was “a very dear place.”

“What we see here today is the Syria that I love ... the music, the people who have come to listen — that’s the best image of Damascus,” she said, beaming, and wearing a white hijab.

She expressed optimism that the country was headed toward “better days.”

“Everything suggests that what will come will be better for the people ... we will have the Syria we want.”


People around the world want to remain healthy into old age, says Hevolution’s CEO

Mehmood Khan, Hevolution Foundation CEO. (Supplied)
Mehmood Khan, Hevolution Foundation CEO. (Supplied)
Updated 32 min 51 sec ago
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People around the world want to remain healthy into old age, says Hevolution’s CEO

Mehmood Khan, Hevolution Foundation CEO. (Supplied)
  • Summit aims to focus on issues of age-related disease
  • Saudi nonprofit organization says it is dedicated to extending healthy human lifespan

RIYADH: People around the world want to remain healthy and independent into old age, according to the chief executive of Saudi Arabia’s Hevolution Foundation, a nonprofit organization dedicated to extending healthy human lifespan.

“We at Hevolution do not like to use the word longevity,” said Mehmood Khan, CEO of the Hevolution Foundation, during the opening session of the organization’s Global Healthspan Summit in Riyadh on Tuesday, which has Arab News as a media partner.

“Most people that we serve around the world actually don’t want to live longer just for the sake of living longer. They want to be independent; they want to be functional mentally and physically,” Khan added.

The summit is back for its second edition in Riyadh, with health professionals, decision-makers, and investors gathering until Feb. 5.

Most people that we serve around the world actually don’t want to live longer just for the sake of living longer. They want to be indepen-dent; they want to be functional mentally and physically.

Mehmood Khan, Hevolution Foundation CEO

The two-day conference aims to focus on issues surrounding diseases resulting from aging, their impact on society, economics, and overall health. At the same time the event is negotiating investment opportunities to improve the quality of health in the Kingdom and worldwide.

Khan added: “I have to acknowledge Crown Prince Mohammed bin Salman, whose vision has led to the creation of Hevolution today.

“His unwavering support, I can tell you, as recently as four or five days ago, he wanted to know if everything was on track.”

The CEO further touched on some of the keys for improving healthy human lifespan, including scientific research and the quality of healthcare.

He said: “This is no longer a discussion for a few experts and patients, and I like to use the word consumers because we are in the business of maintaining them as consumers and not becoming patients.”

Touching on the networking opportunities presented by the summit, Khan added: “You are all here in this unique gathering, which is unprecedented anywhere else in the world. This is your opportunity, and your opportunity is to communicate, to figure out how to collaborate, how to convene in smaller groups and subgroups, and to push the boundaries of science.

“For the entrepreneurs in this room, there is no other business in the world that is going to affect every single human in 8 billion people.

“You have the chance to create businesses that will not only give you financial opportunity, given the scale, but will touch the life of every single human being.”

He concluded his speech by noting the concept of “sadaqah jariyah,” an Islamic belief of doing good not only for now but for the long term.

Khan added: “If we do this today, the benefit of this, and the value of this, will not only be seen in our generation but for generations to come. That is a fundamental belief not only for Islam but probably for most faiths.”

 


What We Are Reading Today: ‘Make Your Bed’

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Photo/Supplied
Updated 36 min 10 sec ago
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What We Are Reading Today: ‘Make Your Bed’

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  • The author argues that discipline, resilience and hard work are essential for personal improvement and growth

Author: William H. McRaven

Published in 2017, “Make Your Bed: Small Things That Can Change Your Life … And Maybe The World” by retired US navy four-star admiral, William H. McRaven, is an exploration of discipline and self-control.

According to McRaven, attending diligently to simple daily tasks, such as making one’s bed in the morning, create a sense of discipline and accomplishment.

In addition, having a sense of order and purpose in life can help motivate one to push beyond initial goals.

The author argues that discipline, resilience and hard work are essential for personal improvement and growth.

In the book’s 10 chapters, McRaven outlines specific lessons which include the value of teamwork, perseverance, and the importance of facing adversity.

His style of writing is engaging and he emphasizes some of his own struggles and wins, while elaborating on how the principles he learned can be applied.

The book provides valuable insights that could inspire people to go and “make their bed” if they want to change their own lives, and maybe even the world.

 


Gaza sick, wounded could get medical care in Japan

Gaza sick, wounded could get medical care in Japan
Updated 52 min 12 sec ago
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Gaza sick, wounded could get medical care in Japan

Gaza sick, wounded could get medical care in Japan
  • “We are thinking about launching a similar program for Gaza, and the government will make efforts toward the realization of this plan,” Ishiba said

TOKYO: The Japanese government is considering offering medical care in the world’s fourth-largest economy for sick and wounded residents of Gaza, Prime Minister Shigeru Ishiba said.
Ishiba told a parliament session on Monday that his administration is working on a policy to provide support in Japan for “those who are ill or injured in Gaza.”
He said that educational opportunities could also be offered to people from Gaza, which is under a fragile ceasefire with Israel.
Ishiba was responding to a lawmaker who had asked whether a 2017 scheme to accept Syrian refugees as students could be used as a reference point to help Gaza residents.

BACKGROUND

In 2023, Japan accepted 1,310 people seeking asylum — less than 10 percent of the 13,823 applicants.

“We are thinking about launching a similar program for Gaza, and the government will make efforts toward the realization of this plan,” Ishiba said.
The measures discussed in parliament are different to Japan’s main asylum policy, which has long been criticized for the low number of claims granted by the nation.
In 2023, Japan accepted 1,310 people seeking asylum — less than 10 percent of the 13,823 applicants.
Under a different framework, as of the end of last year, Japan had accepted a total of 82 people as students from Syria who were recognized as refugees by the UN refugee agency, a foreign ministry official in charge of aid programs said.