Pakistan Cables NAVIGATING THE ESG IMPACT,

In recent years, the private sector in Pakistan is being tasked to take on an increasingly larger responsibility in creating and supporting development initiatives, that are aligned to a business’s broader defined goals and objectives. Mounting pressure on national governments globally, consumer activism and reduced aid budgets to counter local crisis areas, the private sector is suited to identify and address social upliftment areas that contribute towards the globally defined sustainable development goals.
Private sector’s capacity for innovation and technology, access to resources and adherence to controls and monitoring also helps create transformative solutions to co-create opportunities for financial empowerment, social upliftment and more importantly self-sufficient sustainable business practices.
In June 2024, the Securities Exchange Commission of Pakistan (SECP) issued voluntary guidelines for public listed companies for reporting on Environment (E), Social (S) and Governance (G). This comes as reporting on ESG has become increasingly relevant across governments and businesses globally. ESG reporting is proving to be used as a strategic tool for businesses that helps map social consideration alongside sustainable business growth in the long term. In fact, proactively address ESG areas within a company can help identifying opportunities, risks and improved efficiencies for the business.
Given the global calls to respond towards climate action, Environment (E) is getting the most attention. Pakistan being the fifth most populous country in the world, is also among the worst impacted by climate risks. It is only natural that as a key player in the Industry, Pakistan Cables, for instance, was among the first few companies to respond to climatic action a few years ago by laying the foundation of the Pakistan Cables Urban Forest at its new manufacturing facility in Nooriabad, Sindh. The Miyawaki based Urban Forest, curated by Mr. Shahzad Qureshi, is home to 50,000 trees and 59 native species. It is also Pakistan’s first and largest urban forest on an industrial estate. Pakistan Cables was also among the first 26 companies of Pakistan, and only player from the industry, to pledge to the Business Ambition for 1.5oC Commitment. It aligns the company’s ambition with keeping warming to 1.5°C and reaching science-based net-zero emissions by 2050. As a true Industry pioneer, in 2021 Pakistan Cables became the only industry player to sign on to the Race to Zero ahead of the COP 26 in Glasgow. In 2023, Pakistan Cables became the country’s first building material company to have its science-based emission reduction targets validated and approved by SBTi. The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets. The Company’s science-based emission reduction targets are part of its long-term vision to develop its net zero strategy and is actively working to establish long term science-based net zero targets that are aligned with SBTi’s net zero criterion.
A cornerstone of the company’s approach to ensure environmentally friendly business practices are at play is by providing world class category solutions that are manufactured and distributed efficiently, optimise use of clean energy and build the world sustainably. The company’s new manufacturing facility at Nooriabad recently commissioned a 2MW on grid solar power plant and a water treatment facility. Furthermore, Pakistan Cables has the 14001:2015 certification, which reinforces the Company’s commitment to ensure its products meet the highest environmental standards and mitigate environmental impacts.
As a member company of the Amir S. Chinoy group, Pakistan Cables is aligned with the group’s approach on ESG with the same focus to their day-to-day work: creating long term value and a shared belief for nurturing the future.
Propelling its core values of Teamwork, Agility, Passion, Innovation and Transparency in all its areas of work and engagement with the its stakeholders and the communities is a way of life. Employees are trained to focus on a safety-first approach, environmental stewardship, and disciplined business management to help support decarbonizing of industrial activities.
In the “S” of ESG, which stands for “social” and refers to how a company’s operations impact people, Pakistan Cables has been active for decades promoting youth empowerment through various initiatives to help support and transform lives. For over seven decades, the company has implemented policies that promote fair wages, benefits and safe working conditions. Safety trainings are regularly conducted and an annual safety day is celebrated with much fervour to promote awareness of occupational safety among employees at large. In recent years as part of its commitment to uphold diversity, equity and inclusion and promote STEM based education, particularly among women, Pakistan Cables collaborated with the NED University and launched its flagship initiative, ASCEND. Through ASCEND internship opportunities and scholarships were offered to students enrolled in the electrical engineering department of the university. Aside to this, the company has offered educational scholarships to UET, Lahore and Faisalabad campuses too. During 2023, Pakistan Cables also launched the industry’s first internship program, PurAzm, which targeted the differently abled professionals. The initiative has been lauded and appreciated by all stakeholders. It’s crucial not to overlook the social aspect of ESG because a company’s impact on people affect its long-term success and sustainability. In the most recent European Union regulations, the social aspects of running businesses are also much more apparent and required to pay attention to. Social issues such as human rights, community impact, and diversity, equity and inclusion can affect customer trust and loyalty, investor confidence, and employee satisfaction. Pakistan Cables continues to empower vulnerable communities by supporting various education and health related initiatives, proactively advocating and working towards social sustainability. Setting up of its new manufacturing facility at Nooriabad resulted in job creation, fostering entrepreneurship that is much needed for stimulating economic growth. Furthermore, it helps reduce poverty, while empowering local communities, making it an essential partner in achieving sustainable development goals.
Finally, as the first and oldest public listed company on the Pakistan Stock Exchange, the “G” (governance) is as important for the company cannot be overlooked. Pakistan Cables has been a trusted manufacturer across generations. All efforts are made to ensure that adequate policies and procedures are in place that help organizations meet business targets along with environmental and social targets. The implemented governance framework ensure that the company continues to operate ethically, sustainably and responsibly. The company is well known to be TRUSTED NOT TO COMPROMISE – among all its valued stakeholder and patrons.
As the future of ESG in Pakistan continues to evolve rapidly owing to its impact on global supply chain and international communities, Pakistan Cables already has a head start and remains committed to bolstering organizational productivity, employee engagement and uplift vulnerable communities, living its vision of – Ignite Possibilities. Transform Lives. Instil Pride.