June 3, 2021, Manila, Philippines — The old model of doing business, a choice of either state capitalism or shareholder capitalism, shows how businesses couldn’t continue the way it operates amid dwindling resources.
For ADEC Innovations CEO and Global CEO Alliance Chairman James Donovan, these models are unsustainable and cannot support the production and consumption pattern seen today.
With this in mind, Donovan called upon decisive action from his fellow executives from the private sector during the Asia CEO Forum 2021, held virtually last June 3.
“There’s no silver bullet to build a global economy, it requires mutual cooperation from all stakeholders to derive something that works for progress, people, and the planet,” Donovan said.
Commitment to sustainable development
Donovan was joined by the biggest names in the field of sustainability in the Philippines, including Plastic Credit Exchange Founder Nanette Medved-Po, Urban Greens CEO and Founder Ralph Becker, and Coca-Cola Beverages Philippines President and CEO Gareth McGeown.
Amidst the increasing threat of climate change, the pandemic also posed a number of challenges in the economic sector. Today, more companies are focusing on integrating sustainability in their enterprise risk management as one of their main priorities other than increased market share and profitability.
Given this, Donovan explained how every sustainability effort should always lead to the North Star––the Sustainable Development Goals, or SDGs.
“Nine years remaining before we move on to the next set of goals, we are still left with a huge price tag in achieving the 2030 Agenda. We see the need in localizing the SDGs. This will allow our organization to deliver quick wins and contribute to the advancement of SDGs—one that is easily measurable,” he said.
Opportunity through data and technology solutions
The Asia CEO Forum 2021 brought together business executives like Donovan to discuss opportunities for advancing sustainability in the private sector.
The event also became a venue to discuss some of their future plans and other socio-economic implications of their businesses and how they can help aggregate all their solutions to bring forth a better and more sustainable future for the world.
For Donovan, there is an opportunity to invest in data and technology solutions to help clients deal with the so-called due diligence gap within businesses, governments, and societies.
“We continue to build partnerships and work with NGOs and multilateral organizations such as UNEP, UNDP, and other UN agencies to bring this capacity to countries, cities, and communities globally,” he said.
ADEC Innovations continues to uphold its mission of providing valuable ESG assurance solutions to clients and multiple stakeholders. The sustainable development goals of the company are anchored on four impact priorities: Resiliency, Impact Sourcing, Impact Investments, and Impact Education.
ADEC Innovations CEO James Donovan at the Asia CEO Forum 2021 - Part 1
ADEC Innovations CEO James Donovan at the Asia CEO Forum 2021 - Part 2