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| Oil showcase to further sustainable development | |
07 Apr 2005
Sustainable development is a hot topic for businesses in South Africa. This year the oil sector has the chance to contribute through an initiative from africapractice and the National Business Initiative in South Africa, the venue for the World Petroleum Congress (WPC) for the first time in its 72-year history. The Congress will attract companies from the oil, gas and related sectors from all over the world for the industry’s premier conference, which this year has several core sessions and a day’s theme focusing on corporate social responsibility (CSR).In a year when the eyes of the world, via the media and the leaders of the G8 and UN, are focused on Africa and its development, the private sector’s contribution is eagerly anticipated. Recognition of the private sector’s role in development has increased sharply in the past decade. Globally, expectations of business, and the pressures on it to deliver profits and wider social benefits has never been greater. Many companies have adopted far-reaching programmes to work with their stakeholders - communities, employees and society-at-large, as well as their shareholders - to generate sustainable development. CSR and good corporate governance policy is evolving rapidly and altering the way in which the private sector relates to both government and wider civil society. The National Business Initiative (NBI) and africapractice are collaborating to implement a unique initiative, SustainableShowcase, to highlight these corporate contributions, to explore sustainable development in general, and to unravel knotty issues which hamper further development efforts. The main focus is on a Studio Showcase of interviews and panel discussions alongside the WPC in Sandton, Johannesburg in September this year, which by its nature and design will focus on a major aspect of sustainable development: transparency and governance. These are issues recognised by the UN Millennium Project as at the core of progress in development. Transparency and good governance are inextricably linked under the long-term considerations of sustainable development, and vital to the successful and smooth management of any business in the free market economy. In particular, countries rich in natural resources such as oil, gas, and mining have tended to under-perform economically, have a higher incidence of conflict, and suffer from poor governance. As highlighted recently in Africa investor magazine, these effects are not inevitable and it is hoped that by encouraging greater transparency in governments and companies working in countries rich in these resources, some of the negative impacts can be mitigated, since, as Tony Blair’s Commission for Africa has stated, "natural resource revenues [can] be a major engine of growth, if used wisely ... Transparency is of outstanding importance for peace and prosperity in Africa." The programme will be launched in the summer at a high profile event convened by the NBI’s Sustainable Futures Unit. Charlotte Middleton, NBI Sustainable Futures Unit, +27 11 482 5100 |
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