Page 111 - 33 edition GAIF Post-Conference July 2022

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ESG is here to remain and will impact all walks of business life
by Isaac Sahhar

Business Development Officer for Africa & Middle East - UIB

The 33rd GAIF Conference managed to bring us all panies, where investors are studying their ESG factors as
together following some interruptions and the topics cov- the effort of promoting clean energy, sustainability and
ered and the speakers who presented them, were in my energy transition enhances.
view, the best in their fields and clearly many of them In a relatively short period of time, pressure has
invested a lot of time and effort to bring us the latest in increased on oil and gas companies to invest in renew-
their field of expertise. able energy and to decrease their negative environmental
However, an important topic was missing which is effect.
Environmental, Social Governance (ESG) – where its
impact is now felt in every office and it is an integral part With global institutions such as the UN uplifting sus-
and will remain on agenda of most board meetings. tainability, insurers and most reinsurers are beginning to
ESG is the measures of environmental, social and gov- focus on the ESG principles adopted in the industry.
ernmental factors within companies and countries for the ESG allows them to determine whether a risk has more
evaluations of sustainability development and ethical probability of harmful events, measuring the financial risk
impact. Overall the three categories summarize quantita- exposure. The better the ESG performance, the less risk
tive and qualitative statements, allowing to identify com- of experiencing incidents.
panies that have a preponderant financial risk caused by their environmen- Companies are already experiencing the financial consequences of fail-
tal conduct as well as social and governmental practices. The “E” captures ing to act on sustainability as many countries have implemented regulations
energy and management regarding environmental impact. “S” covers the such as carbon taxes. The financial and banking sectors had already start-
labour criterion, focusing on how a company fosters its people and culture. ed on integrating ESG rules into their funding criteria. Regulators and policy
“G” considers the governance of “E” and “S” and how organizations stays maker’s interest in ESG keep increasing as it helps to solve social and envi-
ahead of violations. ronmental problems.
ESG was incorporated in the financial evaluation of companies in 2006 As always, the London Market has taken the lead on this initiative and the
when the United Nations Principles for Responsible Investment advocated Joint Rig Committee has developed a series of questions (JR2021 – 033
the issues. It has improved risk potential by reducing investment risk and Transition Questionnaire) to help insurance buyers particularly in the energy
creating investment value. The analysis provides insight regarding factors sector outline their progress towards energy transition, sustainability and
that have a significant impact on financial metrics of a company informing ESG.
decision makers. On the whole ESG is here to remain and will impact all walks of business
Shareholders are increasingly interested in products and services that are life and those who have delayed adding it to the agenda, you must do so
ESG compliant, to justify their investment. This fits into the oil and gas com- now before it is too late.

111 AL BA Y AN ECONOMIC MAG - ISSUE 608 - JULY 2022