SANTO DOMINGO– The path to sustainability and climate change are arguably the greatest challenges facing businesses. The need to radically reduce the amount of carbon embodied in new construction will drive the growth of a construction industry that reuses vast urban reserves of building materials.
César A. Rodríguez, Senior Vice President and Consulting Leader for Marsh Advisory in the Dominican Republic at Marsh Franco Acra, highlighted the importance of organizations and countries understanding the ESG risks they may face when developing infrastructure projects.
"Having this data will allow them to understand the scope of the problem and seek appropriate solutions to be prepared for eventualities and, in turn, contribute to the development of the Sustainable Development Goals," she explained during her participation in the panel "Digital integration for climate action in urban planning and design in cities," within the framework of the celebration of Regional Climate Week 2022.
Companies must understand the sustainability or ESG risks they face in order to prepare for such eventualities. According to the 2022 Global Risks Report by Marsh McLennan, the main short-, medium-, and long-term concerns for organizations in Latin America and the Caribbean are extreme weather events and the failure of climate change mitigation efforts.
The Dominican Republic, as one of the countries most exposed to the impacts of climate change, has joined these initiatives as an emerging leader in this fight within the framework of the 2030 Agenda and the Sustainable Development Goals; however, these efforts are still not enough.
In light of this, Marsh McLennan encourages business leaders and governments to become resilient in order to preserve their productivity in the face of the impact of imminent climate change.
“In a scenario of imminent change, having good sustainability practices adds value and strengthens companies’ reputations. Therefore, applying an ESG Rating—a tool that allows companies to identify areas where they are efficient and areas for improvement—is becoming increasingly necessary and urgent,” Rodríguez added.
It is worth noting that Marsh McLennan was named Brokerage Leader at the ESG Insurer Awards, an award established to celebrate leading companies and personalities in the insurance market who champion progress in the environmental, social and governance (ESG) space.
“These awards are undoubtedly a significant step in raising awareness within the business community about the importance and urgency of managing ESG-related risks. For 150 years, we have helped our clients navigate change and uncertainty, and we continue to do so today with regard to ESG principles and policies. Our goal is to help them transform their risks into opportunities and competitive advantage through the most innovative risk and insurance products and solutions. This is part of our purpose and commitment to building a more sustainable and resilient world,” commented Enrique Valdez, President and CEO of Marsh Franco Acra, regarding the award.
About Marsh
Marsh is the global leader in insurance brokerage and risk management. With more than 45,000 employees operating in over 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy, and people. With annual revenues of nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer , and Oliver Wyman.
