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Chief Government Officer of Inexperienced Sahara Farms, Mr Suleiman Dikwa, has mentioned that the impression of local weather change is threatening medicinal assets and healthcare improvements within the nation.
Dikwa said this at Nairametrics Might 2024 Trade Outlook Webinar tagged, ‘Local weather Change – Resilient Methods for Companies.’
He famous that many important medicinal assets are beneath menace as some plant extracts essential to the pharmaceutical trade are practically extinction.
He added that the destruction of ecosystems hampers the capability to find cures for terminal ailments like most cancers.
“Turning to healthcare, the impacts of local weather change are usually not restricted to deforestation. Many important medicinal assets are beneath menace. For example, sure plant extracts essential to the pharmaceutical trade are nearing extinction.
“The destruction of our ecosystems hampers our means to find cures for terminal ailments like most cancers, which may be hidden within the forests we’re dropping,” he mentioned
Based on Dikwa, traditionally, as much as the Nineteen Fifties, useful resource availability dictated human settlement and group.
“Nonetheless, specialists agree that since then, we now have entered the Anthropocene period, the place human actions have grow to be the dominant geological drive,” he mentioned.
Poverty-driven disruptions
Dikwa mentioned that in Nigeria, poverty-driven disruptions have considerably impacted provide chains, highlighting the interconnectedness of local weather change, pure assets, and socio-economic points like insecurity and logistics disruptions.
He said that it’s tough to pinpoint a single issue liable for these adjustments, noting that finally, the underlying challenge is the finite nature of the nation’s pure capital, bringing it to the ideas of weak sustainability.
“This displays a case of weak sustainability, the place manufacturing capital, which has worth solely by means of transactions, is used to maintain pure capital, which has inherent worth no matter transactions. Shares, cash, and derivatives can lose their worth, however pure capital stays basic to human existence.
Consultants agree that at our present consumption price, we would require 1.6 occasions the earth’s assets within the subsequent 50 years. This finite nature of assets necessitates a shift in how we worth and report them,” he mentioned.
Valuation of manufactured capital
Dikwa famous that present enterprise reporting primarily focuses on the valuation of manufactured capital, stressing that this mindset poses a major danger because it overlooks the intrinsic worth of pure capital.
To handle this, he mentioned that companies have to report the worth and impression of pure capital, integrating it into their accounting programs.
He famous that the continued dialog round Environmental, Social, and Governance (ESG) metrics has persevered for 60 years, but the nation nonetheless lacks clear outcomes.
Based on him, beginning with the Sustainable Improvement Targets (SDGs) and using easy SDG metrics may present clearer outputs.
Dikwa famous that vitality and utility sectors are additionally threatened by useful resource availability, including that Africa and Nigeria, nonetheless, have a possibility attributable to their underdevelopment.
Method ahead
He additional mentioned the main focus ought to shift from mitigation to adaptation which, in accordance to him, should begin with measurement standards, gathering and analyzing important information, and using academic instruments to know impacts and alternatives.
“To maneuver ahead, we have to rethink how we use manufactured capital to deal with sustainability points. Corporations should keep away from merely addressing signs and as an alternative stop greenwashing by clearly reporting their environmental impacts utilizing metrics just like the IPAT (Affect = Inhabitants x Affluence x Expertise) method.
The bigger the corporate or nation, the better their carbon footprint. Subsequently, firms ought to use life cycle evaluation, materials circulate evaluation, and ecological footprint assessments to make sure transparency and measure well-being by means of clear, actionable outputs,” he mentioned.
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