Ms. Zubaida Jalal, the Federal Minister for Defence Production, has called on the Securities and Exchange Commission of Pakistan (SECP) to review its guidelines pertaining to Corporate Social Responsibility (CSR) for the business sector, aligning them with the United Nations’ Sustainable Development Goals (SDGs) for 2030.
The minister made this request while presiding over a session at the 11th International CSR Summit and Awards-2019 organized by the National Forum for Environment and Health (NFEH) on Friday.
The summit acknowledged the commendable performance of over 55 companies in the field of CSR over the past year, providing a platform to discuss the vital role of CSR in fostering sustainable development.
Minister Jalal emphasized the need for the government, corporate sector, and civil society in Pakistan to synchronize their vision and efforts in engaging in mandatory social work, especially aimed at promoting education among the underprivileged and destitute sections of the population. She highlighted the importance of ensuring that business initiatives under the China Pakistan Economic Corridor (CPEC) project contribute to socially responsible investments that benefit local communities.
Furthermore, Minister Jalal stressed the importance of standardization to define socially responsible investments by the corporate sector in Pakistan. This includes bringing transparency to their working methods and expenditure. She asserted that through collaborative efforts and resource allocation, Pakistan has the potential to transform into a country actively engaged in sustainable development.
Ambassador Martin Kobler of Germany, speaking at the event, underscored the importance of environmental consciousness in business practices. He urged Pakistani industries to adopt stringent safety standards for laborers and incorporate environmentally-friendly practices, such as using biodegradable plastic for packaging, to safeguard the environment.
Kobler shared Germany’s success in transitioning to power production through renewable energy, contributing significantly to controlling harmful emissions. He dismissed the notion that cutting carbon dioxide emissions hinders economic growth, citing Germany’s example where adopting renewable energy led to massive investments and job opportunities.
Khurshid Anwer Jamali, Chairman of Sindh Engro Coal Mining Company, revealed that the first electricity generated from Thar coal would be produced in the third week of February 2019. He highlighted the social transformation that this project would bring to the people living in the Islamkot area.
Ali Tauqeer Sheikh, CEO of LEAD Pakistan, emphasized the need for businesses and industries to adopt socially and environmentally responsible practices. He stated that this approach is becoming increasingly popular in the developed world, where efforts to alleviate poverty are intertwined with addressing climate challenges.
Naeem Qureshi, President of NFEH, noted that the CSR Summit and Awards serve as an annual platform to recognize and appreciate the outstanding social work undertaken by Pakistani corporate entities. He urged the President of Pakistan to institute a civil award to be regularly conferred upon NGOs or corporate sectors engaged in exemplary social work in the country.
