Two Tuesdays from today (February 21), the European Business Chamber in T&T (EurochamTT) will be celebrating its 10th anniversary.
EurochamTT was registered on February 21, 2013 as a non-profit company under the Companies Act and was eventually launched formally three months later on May 8, 2013.
Additionally, EurochamTT is registered as a Non-Profit Organisation since June 14, 2019, under the new Non-Profit Organisations Act, 2019.
Speaking to the Business Guardian magazine Dr Axel Kravatzky said the chamber has made some headway in its thrust of advocacy, trade and climate action.
“With respect to advocacy we are trying to create a positive business climate one of cooperation, clarity, transparency and equal trading grounds,” Kravatzky said.
“And to support actual trade so to do missions and support both directions that may be helping people to find their way around locally as well as the other way. Given that we are in a global supply I think it is very important for people to have a touch point,” he said.
Kravatzky said EurochamTT has become that touch point.
“We have become somebody they can speak to, somebody that understands both the regulations within a country or within a zone or a region like Europe and also the local environment in terms of what is expected ant to improve that,” he said.
Kravatzky said the natural environment is a critical aspect to EurochamTT’s work.
“We have been focused on climate as a topic for the last ten years and we are now coming to the point where we would like to join with others who are also committed to the transformation of businesses to become sustainable in both recognising what has been done, celebrating the achievements and encouraging others to join and in doing so join all the other business support organisations and businesses to try and make the transition faster and on a bigger scale,” he said.
As such Kravatzky said EurochamTT has partnered with the UN T&T office in the development of an annual awards scheme to recognise the efforts of local and international companies operating in T&T who have contributed not only economically but also in terms of positive environmental and social impacts and good governance practice.
“While we are aware that use of Environmental, Social and Governance (ESG) strategies and reporting is still in very early stages in T&T, we believe there are many companies who are on the journey towards excellence. We also believe many companies will soon begin to consider how to become more sustainable and contribute to sustainable development by taking environmental, social, and governance risks and opportunities into consideration as part of their core strategies and operations,” he said.
Kravatzky said the world is transitioning to a net-zero, carbon free sustainable one, and that Europe has been leading the way in this area.
“Doing business with European companies you are then also basically making a commitment that you really have to have these things in place.
“We really see it as a competitive advantage and sustainability advantage. The stronger you are in this domain the better you will perform,” he said.
Kravatzky said the Corporate Sustainability Reporting Directive (CSRD) will set the standard by which nearly 50,000 EU companies will have to report their climate and environmental impact.
Adopted by the European Commission in November 2022, the CSRD will replace and build on the Non-Financial Reporting Directive (NFRD) by introducing more detailed reporting requirements and expanding the number of companies that have to comply.
He said this should not be daunting or a deterrent to local companies trying to enter Europe.
“In some ways we are the one stop that can advise into that pretty complex domain and so that is really opening up a lot,” he said.
“We really do want to encourage people along the whole spectrum to do well. Sustainability is a pretty wide spectrum with human capital, social capital natural capital and you need to make a development impact on people. What you are selling needs to have a positive impact on people or sustain or regenerate the natural environment,” he said.
Kravatzky said EurochamTT’s main aim with the awards are to celebrate that which has taken place already.
He said the goal is to recognise and celebrate organisations in the private sector that have contributed to sustainability through their investments in T&T.
The investments by these businesses are made with a view to contributing not only economically, but also environmentally and socially and by practicing good governance.
In this way businesses contribute to sustainability in T&T by supporting the achievement of the United Nations Sustainable Development Goals.
Kravatzky said these awards are not based on one particular project that an organisation has undertaken, but demonstrate organisations where the principles of good Environmental, Social and Governance (ESG) practice are integral to the way the organisation creates value across its value chain by lowering risks and acting on opportunities to positively impact people and nature so as to contribute to sustainable development.
The awards are open to nominations from companies operating in Trinidad and Tobago for more than three years prior to March 31, 2023.
Five awards will be available in the following categories:
1. Sustainability Champion – Large
2. ↓Sustainability Champion – Small and Medium Sized Enterprise (SME)
3. ↓Excellence in Environment
4. Excellence in Society
5. Excellence in Governance