By Hilda Basson-Namundjebo
The first time I encountered the acronym ESG was during my consulting years with ReconAfrica. On a weekly basis, we would hold meetings with a multidisciplinary team focused on embedding the ESG framework into exploration activities.
Some of my responsibilities as Government relations consultant required strategic planning and deep engagement with affected communities to reduce risk and promote long-term value for investors, stakeholders, and society.
The impact of these interventions was transformational; as they brought lasting improvements to the lived experiences of people in the two Kavango Regions.
Globally, ESG is regarded as the gold standard for stakeholder engagement, sustainability, and risk management. Yet as Namibia stands on the cusp of transformative economic opportunity, particularly with recent oil and gas discoveries, I would dare ask whether the global ESG framework is fit for our context?
I ask this, because I believe in part, that the environment pillar of ESG is overemphasised, almost to the detriment of the social and governance pillars. I do not propose this rethink as an attempt to reject the ESG principles, but to reorder its priorities.
In Africa generally and in Namibia specifically, our triple challenges of poverty, inequality, and unemployment demand a reframing that places Social first; Governance second; Environment third.
The environmental pillar remains vital, but it must be pursued in a way that honours our right to develop resources, our need to uplift people, and our commitment to ethical stewardship.
Namibia’s unemployment rate currently stands at 36.9 percent, the highest in SADC. This figure represents more than a statistic; it speaks to a national emergency. It underscores the urgency of placing social upliftment at the heart of our development agenda.
As our President aptly states, “We are too few to be poor.” This is not merely a demographic observation; it must become a moral imperative; one that guards our individual and collective conscience.
It demands that we place people at the centre of every policy, every boardroom decision, and every resource allocation. After all, business is about people doing business with people.
ESG originated as a framework for investors to assess non-financial risks and opportunities. It emerged from early 2000s corporate responsibility movements and gained traction through the UN Principles for Responsible Investment and the Global Reporting Initiative.
Today, ESG guides how companies manage their impact on the planet (E); people (S); and institutions (G). In theory, ESG promotes long-term value creation. In practice, its global application often assumes environmental concerns should dominate; even in regions where social justice and governance reforms are more urgent.
South Africa’s draft King V Code marks a significant evolution in corporate governance. It embeds ESG and Business and Human Rights as strategic imperatives for boards. King V introduces impact materiality; requiring boards to assess not only how external ESG factors affect the company, but also how the company’s actions affect society and the environment.
I am especially encouraged by its emphasis on human-centric leadership rooted in dignity, interconnectedness, and ethical responsibility. Business must transition to be more than transactional. Technology, apps, buildings, and systems are enablers; not the ratio essendi. When we place people centrally, business becomes a platform for dignity, creativity, and impact.
Namibia’s offshore oil discoveries, such as the Venus and Graff fields, have the potential to reshape our economy. They offer a chance to fund infrastructure, education, healthcare, and renewable energy.
But they also raise questions about environmental impact, governance capacity, and equitable benefit-sharing. Furthermore, Namibia’s low emissions profile and pressing social needs make it a prime candidate for SGE reframing.
By placing Social and Governance first, we can ensure inclusive development for our people from resource wealth; strengthen institutions to manage extractive industries transparently; and protect the environment wisely without compromising growth.
We must now craft a uniquely Namibian ESG narrative; a glocal approach – one that blends ethical leadership, local insights and strategic clarity.
This begins with educating boards and youth on SGE principles rooted in NDP 6 and the SDGs; designing workshops that explore development priorities through a governance and social lens first; and creating toolkits for directors, policymakers, and entrepreneurs to apply SGE in a manner that is practical, context-sensitive.
Reframing ESG goes beyond semantics, it is not a philosophical exercise. It is about reclaiming our personhood; defining our priorities; and building a future that is just, prosperous, and sustainable.
It is about bringing us closer to the realisation of Vision 2030. ESG is a powerful tool; but it must be wielded wisely. For Namibia, the path forward is not to merely emulate global models, but to adapt them. By placing Social and Governance at the forefront, we honour our people; strengthen our institutions; and steward our environment responsibly.
Let us rethink ESG; not as a borrowed acronym, but as a home-grown framework for African excellence. One in which we have buy-in and ownership.
* Hilda is a business leader, public speaker and a seasoned broadcast journalist. Founder of the national brand and organisation Team Namibia, Hilda believes her purpose is to impact the world with kindness, one engagement at a time.
