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CTA Advocates Incentives and Legislative Changes to Encourage Companies to Adopt ESG Principles

CTA Advocates Incentives and Legislative Changes to Encourage Companies to Adopt ESG Principles

The president of the Confederation of Economic Associations (CTA), Agostinho Vuma, argued last Thursday, 21 March, that the adoption of ESG (Environmental, Social and Governance) in companies will require incentives and a review of legislation, as well as the creation of a mixed body (public-private) to coordinate the parameterisation of ESG in companies.

Speaking at the Conference on ESG and Green Financing, organised by Business&Legal, he shared some of the actions carried out by the organisation, highlighting the business training cycle covering ESG issues, through which it is raising awareness among the business community of the importance of ethical and sustainable business practices through social and environmental responsibility and corporate governance as fundamental elements for a company’s long-term success.

“These three elements (ESG) are interconnected and play a crucial role in building a solid reputation, managing risks and contributing to the achievement of the Sustainable Development Goals,” said Agostinho Vuma, emphasising that, “by adopting and promoting Environmental, Social and Governance practices, companies not only fulfil their moral duty towards society and the environment, but also contribute to their own long-term sustainability by building a positive reputation and mitigating the risks associated with ethical and environmental issues.”

As part of the materialisation of its Strategic Plan 2021-2024, CTA is implementing the +Emprego project, funded by the European Union and co-financed by the Camões Institute, aimed at increasing the competitiveness and sustainability of the private sector in Cabo delgado province, explains a document from the institution.

The Empresa +Emprego campaign has already been launched, with the aim of giving visibility and recognition to SMEs in Cabo Delgado province that value social and environmental responsibility and corporate governance, and are guided by the employability of young people from the province and the community in which they operate, taking a socially responsible stance.

The certification of companies is another of the actions developed by the CTA, contributing to the adoption of ESG practices.

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