Sustatinability experts Ismail Erturk and Ruby O make the case for comprehensive guidelines and incentives to help SMEs comply with ESG-related issues. For Macau, it is all about taking the city's core industry, tourism, to a high level by  turning ESG practices into a compelling competitive edge.

The growing attention in recent years within the business community towards ESG (environmental, social, and governance) issue has highlighted a significant shift in perspective: while some still perceive these matters as the sole responsibility of large corporations, distant from everyday life, a deeper understanding reveals that addressing ESG concerns demands collaborative efforts from all stakeholders. Moreover, effective ESG practices not only fulfil ethical obligations but can also bolster the allure of a place as a travel destination.

These are the insights gleaned from two experts, who recently shared their experiences and expertise at a luncheon hosted by the University of Manchester (UoM) East Asia Centre in Macau on 25 July 2024. The event, titled "Food, ESG, and Sustainability for a Paradigm Change in Economic and Social Value pr Creation," is part of the UoM East Asia Centre's Asian seminar tour, focusing on diverse ESG topics, with particular emphasis on the transformative role the food and beverage sector can play.

Ismall Erturk, a professor from the University of Manchester, underscores the increasing relevance of ESG and sustainably within the contemporary business landscape. This surge in attention can he traced back to the United Nations' unveiling of the 17 Sustainable Development Goals (SDGs) in 2015, which underscore the interconnected environmental, social, and economic dimensions of sustainable development.

"Businesses always operate within a community, so they have social responsibilities in addition to maximising profits. It's not just about paying wages to the workforce," the academic remarks. "That's why businesses need to comply with governmental and international standards about social responsibility and the environment.

"Internationally, we see consumers starting to make a distinction whether businesses are ESG-driven (...) Authorities need to establish clear guidelines and create support mechanism to help SMEs comply with ESG-related issues" - Ismail Erturk, Professor at University of Manchester

"Macau has to put [ESG] in priority and establish a constructive path toward this goal. It's about [elevating] the whole city to another tourism tier and gaving a competitive edge over Hong Kong, Singapore , and other Southeast Asia regions" - Ruby O, the founder and chairperson of Society of Food and Environment Health (Macau)

Click here to read the full feature on Macau Business magazine