Live the Planet Better
Universal Indicators have predicted that in the next 5 years, global temperatures are set to rise. This has signalled significant concern that the 1.5°C global temperature increase threshold set by the Paris Agreements may not be met. Reports from the past year have indicated that carbon emissions grew 0.9%, resulting in new highs. The consequences for the environment we live in are profound.
Meanwhile, on a societal level, people continue to face social challenges. Global inequality levels have been compared to those faced in the early 20th century, while in-country inequalities have been increasing steadily over the past two decades.
It is within this global context in mind that Renco has made it its long-standing mission to build a sustainable development model which underpins its global operations on all levels, enacting shared value concepts that pay close consideration to the environment and human well-being. Going beyond outdated Corporate Social Responsibility (CSR) principles, we strive to create real value to regenerate a bond with nature.
We define this as a 3-pronged strategy focused on environmental sustainability, social sustainability and economic sustainability. A strategy that ensures that we support our local communities, and we leave the planet in a better state for future generations. We know there is no straight path towards sustainability therefore we remain agile and adaptive in our approach.
Environmental Sustainability: Focus on Green
As operators within the energy and construction sectors, our responsibility to ensure the environmental protection of the communities in which we operate is paramount. In recent years, we have seen positive initiatives take place within these industries indicating a strong shift in focus for the sectors. The energy transition has been driving companies toward adopting renewable energy sources, while green construction initiatives have been shaping how construction companies like ours build for better utility and energy consumption.
Renco has aligned its sustainability objectives with the UN’s Sustainable Development Goals (SDG). Within the sphere of environmental sustainability, our direct focus areas are pivoted towards energy and waste. We have long discarded activities within the Oil sector, and today exclusively focus our energy services within gas and alternative energies, as exemplified through projects such as the Solar Panel Park in Mecufi and the Wind Farm in Calabria.
Currently, Renco generates 70% of its turnover through environmental reconversion. Moreover, we are continuously looking for ways to generate new sources of sustainability. In Congo, we are making significant steps towards investing in an afforestation project, covering 40,000 hectares with acacia plants and developing agroforestry systems together with other project activities for local communities. The aim of this project is to produce carbon credits and to reduce thousands of tons of CO2 emissions per year by enhancing local rural development in a sustainable way.
As global waste estimates are predicted to reach 3.4 billion tonnes by 2050, our focus on reducing waste has become crucial. To do our part we have established a system for recording and tracking waste flow. By 2020 we had reduced our landfill waste by 22% and had reached 100% recycled waste.
Our efforts to mitigate negative environmental impact don’t stop there. As we continue in our pursuit to support the health of our planet, we focus on fostering innovation and technologies to assist us in this pursuit.
Social Sustainability: Focus on People
The discourse around sustainable development often emphasises the environmental aspect of sustainability. However, it is crucial to recognise that sustainability also encompasses a significant social element. Social sustainability focuses on developing social structures that can support the capacity for creating healthy communities, promoting well-being both in working and living conditions.
Renco promotes social sustainability on multiple fronts. Through the charitable arm of our organisation, the Renco Foundation, we work across 6 territories: Albania, Armenia, Congo, Italy, Mozambique, and Tanzania. Our aim is to develop social initiatives to help empower the local communities, initiatives such as the construction of a new obstetrics clinic in Congo and the construction of a medical centre for pregnant women and newborn babies in the village of Nungwi, Tanzania.
Supporting our communities is crucial, and we equally prioritise supporting our employees. Promoting a culture of safety within the organisation is one of our key concerns, with the establishment of a 'Zero Incidents' target in all our workplaces.
Moreover, our internal working culture is strongly focused on promoting diversity and inclusion. As a company with a culturally diverse workforce, we reject any forms of discrimination, and we ensure that we strictly adhere to local working culture standards. In line with this commitment, we have a strong partnership with “Percorso Donna” a local association in Italy fighting against women and gender violence. Renco will continue to support this organisation to help strengthen our strong corporate culture of gender respect.
In an increasingly globalised world, the concept of sustainability needs to be viewed holistically, encompassing multiple dimensions, including a social aspect. At an organisational level, it is essential to define ways that we can make a meaningful impact on the local communities we operate. Leveraging our strengths to foster stronger communities.
Economic Sustainability: Focus on Progress
Economic sustainability is the last vital pillar of our sustainability approach. Economic sustainability entails promoting financial growth while simultaneously upholding environmental and community well-being.
Post-COVID-19, global financial markets have experienced several crucial turbulent periods. On a global scale, countries are suffering from the ramifications of those market ebbs and flows. Often, those impacted the most by economic instability are people in developing and emerging countries. It is reported that within those countries that per capita income growth over the next two years in projected to average only 2.8% - this is a whole percentage lower than the economic period between 2010 and 2019.
Operating within developing and emerging markets, we whole-heartedly embrace the need to help support the economic development of the countries we operate in. This commitment is reflected through various initiatives. We make investments in infrastructure projects that cater to the needs of local communities and create employment opportunities in divested communities. Moreover, we also strive to make direct economic support when our communities are suffering. For instance, during the Covid-19 pandemic, we offered salary increases and donations to assist our employees in Kazakhstan who were facing financial hardships.
In helping to uplift local economies, we continue to foster sustainable economic development in tandem with social and environmental responsibilities, helping to mitigate socio-economic challenges.
Live the Planet Better is the new tagline we adopted in 2023. However, it is an ethos that we have encapsulated in our organisation for many years now. As global directives, such as the UN’s SDGs, set the world on a course to sustainable development, we are dedicated to ensuring that we foster environmental, social and economic sustainability across all our business. With a focus on the present and a keen eye towards the future we aim to create a better world for everyone.
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