In Tanzania, the debate about business and the environment often overlooks a fundamental question: “Does it make business sense to go green?” It is important to pause and reflect on the value of creating an enabling environment for businesses in Tanzania, which represents about one-third of the country’s GDP, to transition to sustainable practices. Sustainability and the climate agenda should be seen as a strong business argument, opportunity, and responsibility for companies in Tanzania, aiming to reduce emissions by 30-35% by 2030.
The CEOrt, through its Business and Sustainability Pillar, envisions all its members achieving carbon and plastic neutrality by 2050. Our recent Business and Sustainability workshop played a crucial role in shaping our understanding of the challenges and policy recommendations necessary to facilitate businesses’ transition to sustainable practices. The workshop’s central theme was finding a smart balance between economic growth and opportunities to facilitate the business transition to sustainable practices.
According to private sector leaders, transitioning towards sustainable practices faces several challenges that need careful attention. One major hurdle is the perception that green initiatives require substantial upfront investments, whereas, in reality, smart policy frameworks and execution can attract local and foreign capital, particularly benefiting small and medium enterprises (SMEs). Another critical issue is the higher costs and limited demand for green products, often impeding business market entry.
Addressing this challenge necessitates innovative pricing strategies and enhanced consumer awareness, strengthening policies, and providing incentives for sustainable businesses and products.
CEOrt will release a white paper that showcases the private sector’s recommendations regarding required regulatory support to create an environment conducive to sustainable practices.
