Why sustainability is key to Isle of Man business: An introduction to Sustainable September by Ieda Yell

As Sustainable September gets underway, Business Isle of Man’s board member Ieda Yell Gomes gave us an insight into what sustainability means for the Isle of Man’s Economic Strategy:

“The Isle of Man Economic Strategy 2022– 2032 sets out the vision and ambition for the Isle of Man and the foundations for investment and economic security for the next 10 years and beyond. Sustainability is one of the four pillars of the Strategy, with a key objective of protecting, nurturing and growing key sectors of the economy. On the growth side, there are opportunities for green, data and knowledge businesses.

“The Isle of Man has been actively promoting sustainable practices and positioning itself as a sustainable business hub for both environmental and socio-economic reasons. The Island has been successful in attracting tech companies and e-gaming businesses due to its favourable regulatory and tax environment and expertise in these sectors.  The island also offers a high quality of life, with a strong sense of community, low crime rates, and beautiful natural surroundings.

“Implementing sustainable practices and investing in cleantech opportunities can offer numerous benefits to businesses operating on the Island, such as enhanced reputation and brand value, attracting eco-conscious consumers, regulatory compliance including companies and clients’ objectives for decarbonization, resilience to risks, innovation and competitive advantage, employee engagement and retention, and long-term viability.

“As a UNESCO whole nation Biosphere, on one hand, the Isle of Man must lead in adopting sustainable practices across sectors, which includes promoting renewable energy, reducing carbon emissions, minimizing waste, and encouraging businesses, residents, and visitors to make eco-friendly choices. On the other hand, businesses associated with the Biosphere Isle of Man benefit from enhanced reputation, in addition to gaining a competitive edge in a market where sustainability is increasingly valued by stakeholders.

“Sustainability, which goes beyond ESG and financial considerations, is a broader concept that extends to society at large and not only corporations, addressing the collective responsibility to protect the planet and ensure a high quality of life for present and future generations. Businesses, governments, communities, and individuals all play vital roles in creating a sustainable future.

“The articles and business cases featured on the Sustainable September blog are great examples of the creativity and commitment of Manx businesses to sustainable models.”

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