“Climate change has become a significant risk, requiring immediate action for a transition to an economic model in line with the recommendations of the Intergovernmental Panel on Climate Change (IPCC),’’ says Sheila Ujoodha, Chief Executive Officer of MIOD, adding: “We are delighted to partner with HSBC, one of our founding members, to establish a Chapter of the Climate Governance Initiative in Mauritius”.
“This collaboration aims to mobilise the boards of directors of companies in Mauritius to address strategic challenges related to climate change, as we transition to Net Zero by 2030 or earlier,” adds Greg Lowden, Chief Executive Officer of HSBC Mauritius.
Successfully launched on 19 October 2023, the Chapter has been named Climate Governance Initiative Mauritius.
How did it happen?
• The Mauritian Chapter came to fruition through the collaboration between the MIoD and HSBC Mauritius, consisting of both executive and non-executive directors from various boards of directors in Mauritius, as well as experts on this subject.
How will this work?
The MIoD intends to incorporate the work of Climate Governance Initiative Mauritius in responding to the challenges posed by climate change as an integral part of its advocacy pillar, which is key to the Mauritian business landscape.
• The Chapter will organise various activities, forums, training sessions, and networking events to enable directors to enhance their skills in climate governance.
• A steering committee will oversee Climate Governance Initiative Mauritius and define the strategy, with regular meetings. This steering committee will be supported by an advisory council consisting of renowned directors with extensive networks. This council can contribute to the Mauritian Chapter’s goals by helping develop the initiative, providing strategic advice to the steering committee, facilitating access to other high-level directors, and acting as keynote speakers at events.
• It is expected that the non-executive directors of Climate Governance Initiative Mauritius, while not representing the voice of their individual boards, commit through their membership of the initiative to advocate within their boards for the adoption of strategies aligned with the latest recommendations of the scientific community. These include efforts to achieve net-zero carbon emissions by 2050 or earlier, in line with a global average temperature increase not exceeding 1.5°C above pre-industrial levels.
Of note:
Climate change presents risks and opportunities for business. Stakeholders, including investors and regulators, now call on companies to adopt an integrated and strategic approach to address the climate emergency. The boards of directors of Mauritian companies play a significant role here. It is imperative that they act on climate change and possess the tools, skills, and knowledge to seize opportunities and address risks. Boards of directors play a unique role in asking the right questions and providing strong guidance for the long-term resilience of the companies they oversee. With Climate Governance Initiative Mauritius, MIoD and HSBC Mauritius will be able to support business actions in responding to climate change.
The World Economic Forum (the Forum) has developed a set of Climate Governance Principles with the aim of enabling non-executive directors to enhance their understanding and skills in climate matters. This is to integrate climate considerations into board decision-making, understand and take action on the risks and opportunities that the climate emergency presents for long-term resilience and business success, taking into account all stakeholders.
The Climate Governance Initiative Chapters are tasked with promoting the implementation of these principles by mobilising non-executive directors to accelerate the net zero transition, guided by the Forum’s Principles for Effective Climate Governance, providing various engagement opportunities to strengthen their skills in this area. The community aspires to achieve critical mass in each of the countries where it is present and is committed to working collaboratively with other Chapters and community members, both locally and internationally, to share knowledge and promote the adoption of the principles at both the local and global levels.
Key interventions
Sheila Ujoodha
Sheila Ujoodha CEO of the MIoD
The launch the Global Climate Initiative Mauritius (CGI Mauritius) is an important step against the pressing challenge of climate change . The urgency of this matter cannot be overstated as even Mauritius is no stranger to the tangible impacts of climate change. Over the last years , we have been facing several environmental challenges, from droughts and sudden flash floods to the persistent threat of cyclones. These climatic shifts have not only affected our island’s vibrant ecosystem but have also dealt significant blows to the economy. It’s against this backdrop that the importance of a climate governance framework emerges.
The Mauritius Institute of Directors ( MIoD recognizes its pivotal role in facilitating progressive dialogue between the public and private sectors t o shape the success of CGI Mauritius. Establishing a robust climate governance framework is paramount. It not only helps in identifying , assessing, and managing climate related risks but also ensures long term sustainability and resilience towards a climate risk free future. CGI Mauritius, as an advocacy forum of the MIoD dedicated to promoting effective climate governance, becomes even more essential when considering Mauritius’ unique island challenges. Part of a network of 30 Chapters across more than 70 countries worldwide following the World Economic Forum Principles for Effective Climate Governance, CGI Mauritius is indispensable in instill ng the importance of accountability , proactivity and collaboration in our approach to climate action. As we continue to face repercussions from climate change, it is evident that unified action is the only viable way forward. The launch of CGI Mauritius is a pivotal stride in this journey as an opportunity to lead collectively in climate governance, to champion sustainability, and to pave the way for a brighter, safer future for generations to come.
Greg Lowden
Greg Lowden CEO of the HSBC Mauritius
HSBC is fully dedicated to the climate transition and greatly appreciates the support of the MI oD in establishing the Mauritius Chapter of the Climate Governance Initiative (CGI). The objective of CGI country chapters is to empower directors and boards to effectively address climate change by fostering discussions, knowledge sharing, and collaborations. HSBC firmly believes that strong governance is vital in tackling the economic and social implications of the climate crisis. Globally, HSBC is already providing support to CGI chapters in the UK, Hong Kong, Singapore, and Egypt. Moreover, our regional office for the Middle East and Turkey is preparing to launch a CGI chapter in the UAE in anticipation of COP28. Establishing a robust country CGI chapter will undoubtedly enhance Mauritius’s ESG credentials as an International Financial Centre, strategically positioned for Net Zero and Sustainability linked investment flows between the West, Asia, and beyond. As for HSBC, we are fully committed to achieving net zero greenhouse gas emissions in our operations and supply chain by 2030, as well as in our client portfolio by 2050.
Alexandra Bolton
Alexandra Bolton Director, Climate Governance Initiative
“We are delighted to welcome CGI Mauritius to the Climate Governance Initiative’s global network,” says Alexandra Bolton, Director of the Climate Governance Initiative. “Wor king together with HSBC and the Mauritian Institute of Directors, the Chapter will support non executive directors in Mauritius to address climate change in their businesses. The Climate Governance Initiative looks forward to working the Chapter in this crucial mission.”
Speeches
