Dedebas: Labor, energy, access to markets key pillars for ESG in Egypt

06 / 11 / 2023

• news
• Sustainable Development

Mert Dedebas, Director of Frankfurt School of Finance and Management Middle East and North Africa Office, highlighted that labor input, energy input, and access to markets are key pillars for addressing Environmental Social and Governance (ESG) in Egypt.

He made the remarks during the Second Egypt Business Solutions Summit which kicked off on Monday under the theme of “Fill the Gap” with the participation of Ministers Yasmine Fouad of Environment and Soha Gendi of Emigration.

He highlighted that Frankfurt School is not only a university in Frankfurt, but it is also a consultancy arm, which is active in over 100 countries, including Egypt.

He expounded that when it comes to labor, the social part of the ESG is very important, because having happy and more secure labor increases efficiency.

As for the energy dimension, he said this part addresses both renewable energy and energy efficiency.

As for the third pillar, Dedebas underlined that access to markets is very important because of the exports, especially in textile and other sectors.

According to a recent study done in developed countries, consumers, particularly for higher value added goods and services, are increasingly cautious for choices and demand for robust ESG performance as well as transparency and verifiability, he highlighted.

Dedebas went on to say the study showed that “83% of consumers believe it is extremely important for companies to design and produce reused or recycled products, plus 66% are willing to pay more for sustainable products. This is very important, especially exports.”

“As for markets like you. They would impose carbon taxes on imported good if the carbon pricing there have you produced is below the EU internal market. So that’s very important affects directly the selling price,” he highlighted.