Ahead of Indonesia G20 2022, a need for the country’s corporates to revisit their sustainable goals
With Italy passing on the baton of the annual G20 presidency to Indonesia in 2022, all eyes will be on Jakarta, the leadership as well as the corporate bigwigs, to showcase their effort and ideas toward achieving a sustainable future.
At the G20 Summit, Indonesia’s interests would be to pursue structural and financial reforms in the backdrop of the pandemic.
With a global spotlight on Indonesia, its policies, businesses, and leadership in the wake of the G20 Summit next year, the business entities will be watched carefully for their operations, the gains they make, and their tangible contribution towards making Indonesia a sustainable economy. Therefore, businesses must increasingly work toward making more traceable, transparent data available to show their operation, impact, and gains.
Risks and challenges
Needless to say, the cause of sustainability is at the heart of discussions at G20 gatherings and with so much buzz around sustainability, the spotlight is likely to be on Indonesia’s business world as well. Below, we share some of the top risks and challenges for the country’s corporates ahead of the G20 Summit next year:
- Their sustainable agenda will be under scrutiny like never before
- There will be a need to justify their vision and business goal in line with the country’s sustainability mission and a possible realignment or overhaul of CSR strategy if need be.
- Need to highlight their role and contribution to the country’s and the region’s journey toward a sustainable future
- Produce measurable proof showcasing the sustainable contribution
- A robust plan depicting future sustainability commitment and projects.
In the months leading up to the G20, corporations have the opportunity to get their transparency in order and have traceability of the impact they are creating with their various CSR/sustainability endeavors.
Speaking of the G20 Summit, the country’s corporations will have a level-playing field to exhibit their effort toward ensuring a sustainable future, not just in terms of the country but also the entire region.
They will be able to brainstorm and arrive at ways to incorporate strategies that would seamlessly deploy digitalization, human resource development to boost Indonesia’s economic scenario and uplift the socio-cultural milieu, ensuring empowerment and sustainability.
In addition, at next year’s G20 Summit, Indonesia’s corporate sector would not just be given an opportunity to speak of the many challenges and hurdles in meeting the above-mentioned and other goals but also propose measures that’ll not just spur the country’s economic growth but also further the sustainability cause of Southeast Asia.
Setting the agenda
In the run-up to the 2022 G20 Summit, here’s sharing what Indonesia’s corporate world must focus on:
- Strategizing ways to contribute to global efforts to mitigate the risks of future pandemics. Besides this, one of the primary focuses for Indonesia’s corporates should be to spearhead a movement against the economic challenges brought by the Covid-19 pandemic.
- Development of more robust infrastructure financing and devising ways to promote financial regulation and inclusion.
- Setting up a long-term agenda, showcasing strategies to achieve a sustainable, all-inclusive economy. This must include plans to pump more into green and sustainable financing.
- There is a pressing need for business leaders to reassess the CSR trends, re-evaluate business goals and realign their agenda towards achieving more pertinent and relevant sustainable impact.
Run-up to 2022
Now, with a grip on the potential challenges, risks and opportunities ahead of the next year’s mega-event, business leaders should get their teams to flesh out their G20 agenda.
Some of the potential areas have been discussed above but every business is different and its alignment with the country’s or Southeast Asia’s sustainability roadmap will also differ.
The next few months, in the run-up to the Summit, business leaders can begin by setting up a team dedicated to further their G20 cause.
An important element for corporations will also be to work on evidence-based sustainability and impact reports.
This will involve a significant amount of research, setting traceability, collecting data, writing international standards impact reports. And also, resetting agendas, reworking expectations, realigning vision while also considering the change in global trends and environment amid the pandemic.
One of the ways could be to look at the state’s plan of action for the summit, its expectations from the corporates and work on ways to align with it.
Earlier this year, Minister of Finance Sri Mulyani emphasized the significance of chalking out and introducing robust financial reforms and said that the country’s leadership will prepare a sustainable finance agenda ahead of the G20 summit next year. The corporate entities must use this as an opportunity to get an edge and find ways to actively contribute to this agenda.
Indonesia is one of the significant economies and a fast-developing nation in Southeast Asia. With assuming the G20 presidency next year, the country will act as a mouthpiece on the many issues and challenges faced by Southeast Asia and can also push for strategies to pave the way for the sustainable growth of the region, its people, and the planet at large – an opportunity that must be encashed by the country’s corporates.
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