GZERO Summit on sustainability: COVID-19’s promise on ESG

GZERO Summit on Sustainability | GZERO Summit

The forced slowdown of global economic activity due to the coronavirus pandemic has slashed carbon emissions around the world, opening a unique opportunity to make real progress in the fight against climate change. But there is fear that it won't be enough, and the world will go back to its old ways when we get rid of COVID-19. However, even before the public health crisis, some major emitters had already taken ambitious steps to rethink how to make their own policies more sustainable.

In Canada, the prominence of oil in the economy doesn't mean that it should hide from the existential challenge of climate change. Fossil fuel profits make Canada not only more responsible but gives the nation the resources to commit to a bold climate policy, Canadian Minister of Natural Resources Seamus O'Regan said during a panel discussion on sustainability at the 2020 GZERO Summit in Japan.

Dawn Farrell, president and CEO of Transalta, Canada's largest clean electrical company, noted that we can apply many of the lessons learned from battling COVID-19 to the global struggle against climate change. The same way governments and the public sector have worked together successful vaccines, there must be equal collaboration on carbon prices, which must be set by governments and not the market alone.

Indeed, the pandemic is an opportunity to entirely transform the economy of countries like Japan, which recently committed to producing net zero carbon emissions by 2050 under new Prime Minister Yoshihide Suga.

Other nations with less muscle, though, may struggle to phase out highly polluting fossil fuels such as coal, which still powers dozens of countries across Asia. That's why rich countries should engage and help them, said Tadashi Maeda, governor of the Japan Bank for International Cooperation.

Meanwhile, countries with both the energy and financial resources to aspire to net zero in the near term should deliver on their Paris Accord climate commitments — and support businesses that are doing the right thing for their bottom line and the planet at the same time. For instance, O'Regan argued that Canada understands where the environmental, societal, and corporate governance (ESG) market is moving, for instance on liquefied natural gas.

ESG lately has become code for simply curbing emissions, but Farrell said that ESG investors want to know you can put your money where your mouth is, and show progress… without big disruption like calls for divestment. Indeed, for Maeda pulling back from all fossil fuels is only one aspect of ESG, and not even the most important right now in most emerging economies.

Beyond ESG investing, companies are also learning how to operate in more responsible way. One of them is Sony, a Japanese conglomerate which the Wall Street Journal recently ranked as the world's most sustainable managed corporation.

So, what's the key to Sony's success on sustainability? Dialogue with investors is crucial, explained Kenichiro Yoshida, the company's chairman and CEO.

With elected governments it's a bit different, but even then the way forward is changing our mindset. Farrell said that they are thinking less about who will be in power to set regulations, and more about the values of the people that put the politicians in power to come up with sustainability policies. If you know the people, you can predict how the governments they elect will act in the future.

Watch the above video to learn more insights from our panelists on COVID-19's impact on global sustainability efforts.

More from GZERO Media

- YouTube

Fifty years after the fall of Saigon (or its liberation, depending on whom you ask), Vietnam has transformed from a war-torn battleground to one of Asia’s fastest-growing economies—and now finds itself caught between two superpowers. Ian Bremmer breaks down how Vietnam went from devastation in the wake of the Vietnam War to becoming a regional economic powerhouse.

Eurasia Group and GZERO Media are seeking a highly creative, detail-oriented Graphic and Animation Designer who lives and breathes news, international affairs, and policy. The ideal candidate has demonstrated experience using visual storytelling—including data visualizations and short-form animations—to make complex geopolitical topics accessible, social-friendly, and engaging across platforms. You will join a dynamic team of researchers, editors, video producers, and writers to elevate our storytelling and thought leadership through innovative multimedia content.

The body of Pope Francis in the coffin exposed in St. Peter's Basilica in Vatican City on April 24, 2025. The funeral will be celebrated on Saturday in St. Peter's Square.
Pasquale Gargano/KONTROLAB/ipa-agency.net/IPA/Sipa USA

While the Catholic world prepares for the funeral of Pope Francis on Saturday – the service begins at 10 a.m. local time, 4 a.m. ET – certain high-profile attendees may also have other things on their mind. Several world leaders will be on hand to pay their respects to the pontiff, but they could also find themselves involved in bilateral talks.

A Ukrainian rescue worker sits atop the rubble of a destroyed residential building during rescue operations, following a Russian missile strike on a residential apartment building block in Kyiv, Ukraine, on April 24, 2025.
Photo by Justin Yau/ Sipa USA
Members of the M23 rebel group stand guard at the opening ceremony of Caisse Generale d'epargne du Congo (CADECO) which will serve as the bank for the city of Goma where all banks have closed since the city was taken by the M23 rebels, in Goma, North Kivu province in the East of the Democratic Republic of Congo, April 7, 2025.
REUTERS/Arlette Bashizi

The Democratic Republic of the Congo and an alliance of militias led by the notorious M23 rebels announced a ceasefire on Thursday after talks in Qatar and, after three years of violence, said they would work toward a permanent truce.

Students shout slogans and burn an effigy to protest the Pahalgam terror attack in Guwahati, Assam, India, on April 24, 2025. On April 22, a devastating terrorist attack occurs in Pahalgam, Jammu and Kashmir, resulting in the deaths of at least 28 tourists.
Photo by David Talukdar/NurPhoto

Prime Minister Narendra Modi has blamed Pakistan for Tuesday’s deadly terrorist attack in Kashmir, and he’s takenaggressive action against its government.

- YouTube

“When things are going fine, nobody really tests the skills and talents of their financial advisor, but this is a moment where really good advice can be extraordinarily powerful,” says Margaret Franklin, CFA Institute's CEO and President. In conversation with GZERO’s Tony Maciulis, Franklin describes the current financial climate as “maximum uncertainty,” rating it a 10 out of 10 on the risk scale.