Credit card is the master of all evils, say experts

Staff Reporter / 4 September 2014

Organised by the Abu Dhabi Sustainability Group, Hiwar sessions bring together experts and specialists to discuss various topics around sustainability.







The way we manage our money has a direct impact not only on the economy but also on the ecosystem, said Ann Pettifor, director of Policy Research in Macroeconomics in the UK, during the latest Hiwar session, held in Abu Dhabi on Wednesday. Organised by the Abu Dhabi Sustainability Group, Hiwar sessions bring together experts and specialists to discuss various topics around sustainability.
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(From left) Robinder Singh, Investor Relations director, Dana Gas; Kholoud Al Nuwais, chief sustainability officer, Emirates Foundation; Ann Pettifor; and Andrew Robinson, resident partner, KPMG, listen to one of the speakers at the Hiwar session in Abu Dhabi. — KT photo by Shoaib Anwer
With the latest dialogue focusing on sustainability within the corporate governance, Pettifor said in the world of good, responsible leadership, the credit card is the master of all evils. It creates unsustainable debt and interest rates; it transfers numbers, rather than cash from a bank that has no money to an individual who is unable to repay; and its abuse eventually led to the global crisis of 2008.
She explained that credit cards, coupled with easy-to-get bank loans, brought down economies, which destabilised societies and triggered negative effects on the environment.
Imelda Dunlop, executive director of the Pearl Initiative, co-organiser of the session, said: “With the increasing number of firms in the GCC looking to develop and enhance their corporate governance and sustainability structures, and the critical role these elements play in the development of modern business, knowledge-sharing events like these are important.”
Starting from the destructions of the global economic crises via corporate responsibility, the speakers arrived at the same conclusion that green business, and responsible, realistic and transparent leadership are the only way forward for a healthy economy and society.
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