The biggest, richest businesses in the world are those that serve the most people.
From Amazon and
Apple in the West, to Safaricom and Dangote here in Africa, their wealth comes
not from catering to a narrow elite, but from embedding themselves into the
daily lives of millions. The lesson is simple: scale matters. And scale only
endures when companies manage resources wisely, serve society’s needs, and
govern themselves responsibly.
That is precisely what the ESG (Environmental, Social, and Governance) agenda captures. ESG is not a donor invention or a compliance tick-box. It is the recognition that businesses which serve the most people must also ensure the sustainable use of resources, fairness in society, and ethical conduct if they are to remain relevant tomorrow. It is the formula for longevity...
Globally, this
logic is already reshaping markets. Investors are steering trillions of dollars
into companies with credible ESG plans. Consumers are rewarding brands that
align with their values. Employees, especially the younger generation, prefer
to work for firms that show purpose beyond profit.
Down history profitability
without responsibility is short-lived.
Consider climate
change. Companies that fail to adapt face rising costs, stranded assets, and
reputational damage. Those that invest in renewables and efficiency today will
save money tomorrow while attracting investors who demand climate alignment. Or
take governance: scandals have destroyed billion-dollar corporations overnight.
Strong governance is not bureaucracy, it is insurance for long-term survival.
In this sense, ESG is the logical extension of the old business truth: the more people you serve, the more you must act responsibly. Without sustainability, the very scale that makes businesses rich will become their downfall...
Uganda is slowly
waking up to this reality, led by the best multinationals among us.
MTN Uganda’s
inaugural sustainability report released last month, provides an example of how
ESG and business growth intertwine.
Through “Project
Zero,” MTN has cut emissions by switching to renewable energy, lowering both
its carbon footprint and operating costs. Its MoMo platform now underpins
financial inclusion, disbursing about
sh1.5trillion in loans through MoKash and facilitating 4.3 billion transactions in 2024
alone. The company also invested sh418
billion in infrastructure expansion and contributed sh1.3 trillion in taxes, cementing its
position as the largest corporate taxpayer in Uganda.
MTN, meanwhile is
only one of two companies two make revenues of more than three trillion a year
– the other is National Social Security Fund (NSSF), and inching determinedly towards ringing in a
billion dollars in annual revenues.
At the same time,
digital literacy projects are creating future-ready citizens who will, in turn,
become more capable customers. None of this is philanthropy. It is smart
business. MTN’s ability to serve 22 million Ugandans rests not just on network
towers but on building trust, reducing costs, and ensuring communities see
value in its presence. Its longevity depends on embedding ESG in its
operations.
But telecoms are
not alone.
Banks that
finance green projects and SMEs are diversifying their portfolios and unlocking
new sources of growth. Agribusinesses that invest in sustainable farming are
stabilising supply chains and winning export markets. Energy firms that embrace
renewables will not only lower exposure to fuel price shocks but also qualify
for global climate finance. ESG is a growth multiplier across sectors.
Uganda’s private
sector faces unique pressures: climate vulnerability, a youthful population
demanding jobs, infrastructure deficits, and an increasingly discerning
investment community. ESG provides a framework to turn these pressures into
opportunities.
Environmental
commitments reduce costs and attract capital. Social investments expand the
market by lifting people into the economy. Governance reduces risks and builds
trust with partners.
Most importantly, ESG makes business sense. It ensures the sustainable use of resources, energy, capital, and human talent while laying the foundation for longevity. Companies that waste resources, pollute their environments, or lose public trust are writing their own obituaries. Those that embrace sustainability embed efficiency, resilience, and relevance into their DNA.
This is not
theoretical. The companies that dominate globally, those serving hundreds of
millions invest heavily in sustainability, diversity, and governance. They know
that ignoring these priorities would erode trust and shrink their markets. For
Uganda’s firms, the same principle holds. If you want to grow big by serving
many, you must adopt ESG to protect resources, society, and your own future.
The risk is
clear: if Ugandan companies ignore ESG, they risk exclusion from investment
flows and export markets where sustainability standards are non-negotiable. The
reward is equally clear: those that adopt ESG early will attract long-term
investors, retain the best talent, and win the trust of customers.
The future of
business lies not in squeezing profits from a narrow base, but in serving more
people better, and doing so responsibly. That is what ESG offers: a way to
scale while safeguarding resources, strengthening society, and ensuring
businesses endure.
Uganda’s business leaders should see ESG not as charity or compliance, but as the only route to sustainable growth. It is the recognition that to serve millions today, you must plan for millions tomorrow. ESG makes business sense.
