Unlocking the hidden value of ESG for your organization | Majid Mirza | TEDxWhyteAve

Summary

In this engaging talk, the speaker reflects on their journey from growing up in Karachi, Pakistan, to becoming an advocate for Environmental Social Governance (ESG). They share poignant stories illustrating the contrasts of wealth and poverty and the transformative potential of businesses in society. Highlighting examples from a gym owner promoting cycling to a women-run auto repair shop, the speaker emphasizes that businesses can thrive while also doing good. They call for a shift from shareholder to stakeholder capitalism, urging everyone to consider the environmental and social impacts of their decisions, thereby fostering a more inclusive and sustainable future.

Takeaways

• 🌍 Growing up in Pakistan exposed the speaker to extreme social and economic contrasts, influencing their perspective on environmental and social governance (ESG).
• 🚨 The devastating floods in 2010 highlighted the importance of corporate responsibility in disaster relief and community support.
• 🍛 A personal story about providing food in refugee camps revealed the stark realities of poverty and the value of livestock for families.
• 💼 Businesses today have more influence than governments, making them key players in promoting social and environmental wellness.
• 📈 Millennials prioritize working for companies with strong sustainability and ESG performance, affecting employment trends.
• 💡 ESG practices can lead to innovative solutions that benefit both businesses and society, as shown in various success stories.
• 🚴‍♂️ A gym owner in Asia implemented a bike program to reduce carbon emissions and foster community engagement.
• 👩‍🔧 A women's auto repair shop in North Africa demonstrated that inclusivity can lead to profitability and positive societal change.
• ✈️ A financial institution learned that reducing unnecessary travel can lower costs and enhance employee and customer satisfaction.
• 🔄 The shift from shareholder capitalism to stakeholder capitalism emphasizes the need for businesses to consider their broader impact on society.

Q & A

What is the significance of ESG in business today?

ESG, or environmental social governance, is increasingly important as businesses recognize their influence on societal wellness and environmental sustainability.

How did the speaker's upbringing in Karachi influence their perspective on ESG?

Growing up in Karachi exposed the speaker to extremes of wealth and poverty, shaping their understanding of the need to translate best practices across different societal sectors.

What was a key lesson learned from the gym owner's bike program?

The gym owner's initiative to encourage biking not only reduced carbon emissions but also attracted new members and fostered social connections among them.

How did a women-only auto repair shop impact business?

Creating a women-only auto repair shop addressed gender inclusivity and successfully attracted a segment of the market that felt underserved, resulting in increased profits.

What unexpected results followed the reduction in corporate travel due to the pandemic?

After the travel reduction, the company saw improved cost efficiency, higher employee satisfaction, and enhanced productivity, contradicting initial beliefs about essential travel.

What does the speaker suggest about the future of business in relation to ESG?

The speaker suggests that adopting ESG principles represents a shift toward stakeholder capitalism, where social and environmental considerations are as important as profit.

What should businesses consider when making major decisions?

Businesses should evaluate the impacts of their decisions on waste, water usage, energy consumption, emissions, and their effects on minorities and marginalized groups.

Why is data on millennial attitudes toward ESG significant?

With a projected $24 trillion wealth transfer to millennials, who largely prioritize sustainability in their employment choices, businesses must adapt to retain talent and investment.

How can small businesses implement ESG principles?

Small businesses can start by holding brainstorming sessions to consider the environmental and social impacts of their decisions, fostering a culture of responsibility.

What does the speaker mean by the term 'stakeholder capitalism'?

Stakeholder capitalism emphasizes the importance of considering the interests of all stakeholders, including employees, customers, and communities, rather than solely focusing on shareholder profits.