However, these practices only take root in developed countries or fully developed business environments. Poorer and developing countries would find it very difficult to adhere to them.

In my interactions with businesses in developing countries, I have observed significant challenges that would hinder implementing effective ESG practices.

Weak regulatory frameworks, corruption and governance issues in these countries could often be at loggerheads with effective ESG initiatives.

In poorer countries, the urgent need for economic survival and growth frequently takes precedence over long-term sustainability. Not to talk about socio-political instability and conflict, especially in Africa, which force companies to prioritise immediate challenges over any possible investments in ESG.

Furthermore, high levels of inequality and social unrest divert attention and resources away from any sustainable practices.

These factors collectively make it difficult for businesses in poorer and developing countries to fully embrace, drive the value that comes with and benefit from ESG principles.