The Future of Finance and Sustainability with Elizabeth Burns

The evolving demands of sustainability and financial performance are reshaping the role of CFOs in the energy sector. Elizabeth Burns, CFO of Gas du Cameroon (GDC), exemplifies this balance, demonstrating how strategic financial leadership can support environmental responsibility. Her work at GDC highlights the potential for finance leaders to drive impactful sustainability initiatives while ensuring organizational growth and resilience. 

In this CFO Club podcast interview Leana van der Merwe and Elizabeth explore the pivotal role CFOs play in advancing the energy transition, embedding Environmental, Social, and Governance (ESG) principles into corporate strategies, and addressing challenges like high capital expenditures and evolving stakeholder expectations. Elizabeth’s approach offers practical lessons for finance leaders navigating this complex and dynamic landscape. 

Navigating the Dual Imperative of Financial Growth and Sustainability  

Modern CFOs are at the nexus of two seemingly divergent priorities: driving financial growth while committing to sustainability. This dual imperative has redefined the role of finance leaders, as they work to align corporate strategies with environmental and social goals. Elizabeth Burns exemplifies this dynamic role, demonstrating how financial frameworks can be leveraged to meet sustainability objectives and deliver value to diverse stakeholders. 

Energy Transition: A CFO’s Role 

Natural gas, widely regarded as a bridge in the transition from traditional fuels to renewable energy, has been instrumental in reducing carbon footprints. Under Elizabeth’s leadership, GDC has achieved remarkable environmental milestones. “We’ve had a 40% reduction in carbon dioxide, an 80% reduction in nitrogen oxide, and a near 100% reduction in particulates,” she shared during the CFO Club podcast, emphasizing the tangible impact of GDC’s clean energy initiatives on Cameroon’s manufacturing sector. 

Elizabeth highlighted the dual challenges of managing high capital expenditures while maintaining financial discipline. “Our last two wells cost over $100 million,” she noted. This underscores the importance of robust financial controls and strategic decision-making frameworks like Authorization for Expenditure (AFE) documents, which allow GDC to evaluate, monitor, and align projects with corporate goals. 

Similarly, Pieter De Jager, CFO of Tanga Cement, pointed to the complexity of transitioning to renewable energy sources. While solar and biofuels offer long-term benefits, their upfront costs and operational constraints require CFOs to balance near-term operational demands with future aspirations.  

The Imperative of ESG Reporting 

The rise of ESG (Environmental, Social, and Governance) metrics is reshaping corporate reporting. Elizabeth emphasized the need for authenticity in ESG strategies: “We avoid greenwashing by embedding sustainability into our DNA,” she explained. From employing local talent to investing in community health infrastructure, GDC’s approach integrates ESG principles into its broader business strategy. 

The pressure on South African CFOs to adopt frameworks like the ISSB standards is mounting, as these provide a unified structure for financial and non-financial disclosures. Burns underscored the necessity for transparency: “Our ESG reports are not just for shareholders but for the regulators, auditors, and communities we serve.” Integrated reporting systems, she noted, are critical to earning stakeholder trust and managing risk effectively.  

Why ESG Is Good Business 

Sustainability initiatives are no longer peripheral to corporate success—they are central. “By reducing pollution, we’ve not only improved the health of local communities but also enhanced the operational efficiency of our industrial clients,” Elizabeth explained. ESG-driven innovations, like clean energy solutions, foster stakeholder trust and create financial opportunities. 

Investments in corporate social responsibility (CSR) also yield significant dividends. At GDC, CSR activities range from rehabilitating mangroves to building emergency facilities for local hospitals. Elizabeth’s emphasis on structured CSR policies ensures these initiatives align with both community needs and corporate objectives. “It’s about giving back. We’re extracting natural resources from Cameroon, and we must ensure the benefits extend to the local population,” she stated.  

Looking Ahead: A Strategic Vision 

As Africa’s energy sector evolves, CFOs must anticipate and adapt to emerging trends. Burns advocates for proactive engagement with environmental regulations and stakeholder expectations. “It’s crucial to align ESG and business strategies to create sustainable value,” she remarked. 

The role of the CFO is expanding, encompassing stewardship of both financial and environmental metrics. Initiatives such as CIBA’s Climate and Sustainability Reporting License are equipping CFOs to navigate this complexity. As Elizabeth observed, “Sustainability isn’t just about compliance—it’s about reshaping corporate strategy to thrive in a changing world.” 

CFOs like Elizabeth Burns illustrate how strategic planning, disciplined execution, and a commitment to transparency can harmonize profitability and societal impact, positioning their organizations as leaders in the energy transition.

Transcript:

Leana van der Merwe: Good day, members, and thank you so much for joining us today on the CFO Club podcast. These sessions are always vibrant, fun, and engaging. Today, we are honored to welcome an incredible leader, Elizabeth Burns. Elizabeth is the Chief Financial Officer of Gas de Cameroon, Cameroon’s largest onshore gas producer. She has over 25 years of experience in mining, manufacturing, and FMCG industries, with a proven track record in financial leadership, operational efficiency, and driving strategic growth. 

Before joining Gas de Cameroon, Elizabeth held senior roles such as Financial Director for AEL Mining Services in West Africa and Country Finance Director for Coca-Cola SABCO in Tanzania. Notably, she reversed a decade-long loss at Coca-Cola, doubled profits, and restructured major funding. Elizabeth is also a holder of an Executive MBA from Henley Business School, where her dissertation focused on green supply chain practices, and she holds a CFO (SA) designation. Elizabeth, thank you so much for joining us. 

 

Elizabeth Burns: Thank you very much, Leana. It’s a pleasure to be here. I’m looking forward to sharing my experiences and insights. 

 

Leana van der Merwe: We are really looking forward to hearing from you today. You have such a wealth of experience. Let’s start with this: Gas de Cameroon is recognized for its use of advanced extraction technologies, which offer significant operational advantages but often come with substantial upfront costs. How do you approach evaluating the return on investment and managing the capital expenditures involved in implementing these cutting-edge solutions? 

 

Elizabeth Burns: Thank you very much, Leana. As we all know, in the oil and gas industry, navigating the challenges of high capital intensity and financial risks requires robust financial management practices. At Gas de Cameroon, we use what is known as an Authorization for Expenditure, or AFE. This is a formal document widely used in the industry to approve and monitor capital expenditures for specific projects or operational activities. It serves two key purposes: it acts as a budgeting tool by setting financial boundaries for projects, and it acts as a control mechanism, ensuring that proposed expenditures undergo rigorous review and receive the necessary approvals before funds are allocated. 

The dual role of the AFE is indispensable for maintaining financial discipline and aligning spending with corporate strategies. For example, in the case of our last two wells, the cost was over $100 million. With projects of this scale, the financial control that the AFE provides is critical to preventing cost overruns and unauthorized spending. The AFE also enables structured decision-making, providing a framework for evaluating and approving projects. Every investment is scrutinized to ensure it aligns with our strategic objectives, and we assess the viability and potential returns before committing resources. This allows for informed and strategic investment decisions. 

The AFE is also integral to project cost control, ensuring costs are coded correctly and tracked daily. Accountability is another key component. The AFE lays out clear lines of responsibility, documenting who approved what and ensuring departments are held accountable for financial decisions. Transparency is critical, particularly in a heavily regulated sector like ours, where compliance with local regulations and alignment with corporate governance are essential. Additionally, the AFE is used for performance tracking, allowing us to compare actual project costs with budgeted costs, learn from completed projects, and improve future budgeting processes. 

From the financial side, I am heavily involved in the scoping of the AFE, ensuring all financial models, scenario planning, and required returns are accurately detailed. Once the AFE is finalized, it is presented to the board and signed off by all partners before we proceed. This rigorous process ensures that every dollar spent aligns with our broader objectives.

 

Leana van der Merwe: Thank you, Elizabeth. That’s fascinating, especially the structured decision-making process you described. It’s so important for decisions to be tied back to strategic objectives. Let’s shift to another topic. Gas de Cameroon plays a significant role in providing affordable energy and positively impacting the local economy. How do you balance achieving strong financial results while also supporting economic development and promoting sustainable growth through corporate social responsibility?

 

Elizabeth Burns: That’s a great question, Leana. At Gas de Cameroon, our mission is to unlock Cameroon’s economic potential through cost-effective, clean, and efficient gas products. Energy is essential for social, economic, and industrial development, especially in an energy-hungry region like Douala. While financial performance is critical, we also prioritize community development, environmental stewardship, and local economic support. 

We employ primarily local labor and invest heavily in upskilling through internships for petroleum, finance, and HR graduates. This allows us to build talent locally, reducing the reliance on foreign expertise. Our environmental efforts include supporting World Environment Day, rehabilitating mangroves, and engaging with government projects to improve local ecosystems. For example, we recently funded the construction of an emergency wing at a local hospital, ensuring it can serve the community for years to come. 

Our CSR efforts are guided by defined policies and a dedicated budget. This ensures our initiatives are not ad hoc but rather a strategic part of our operations. At the same time, we work closely with local stakeholders, holding regular meetings to address community concerns and grievances. For example, we collaborate with local chiefs to manage complaints and ensure any issues are resolved promptly. Additionally, we subcontract to local vendors wherever possible, encouraging them to hire local workers and source equipment locally, further boosting the Cameroonian economy. 

Balancing these demands requires careful planning and prioritization. We ensure that profitability goals and community needs are met simultaneously, recognizing that long-term success depends on the well-being of the communities in which we operate.

 

Leana van der Merwe: Thank you, Elizabeth. It’s inspiring to hear about the balance you’re striking between financial performance and CSR. Now, let’s discuss something that is becoming increasingly important globally: the energy transition. Natural gas is often seen as a bridge between traditional and renewable energy sources. How do you see the role of CFOs evolving in supporting sustainable energy initiatives, and what financial strategies should CFOs prioritize to support these initiatives?

 

Elizabeth Burns: The transition to sustainable energy is absolutely critical, Leana. It’s not just a global priority but a necessity for the long-term health of our planet and economies. At Gas de Cameroon, while we remain focused on natural gas as an essential energy source for the manufacturing sector in Douala, we are also committed to reducing our carbon footprint and exploring future opportunities in renewable energy. 

As CFOs, we must redefine economic models to ensure environmental sustainability while promoting economic growth and social well-being. For us, this means minimizing carbon emissions, conserving resources, and supporting renewable energy development. In Cameroon, for example, the government’s energy policy promotes renewable energy, and the legal framework includes incentives like tax exemptions for renewable projects. We actively engage with these policies to align our operations with national goals. 

Operationally, we’ve made significant progress in emissions reduction. For example, since supplying natural gas to Douala, we’ve achieved a 40% reduction in carbon dioxide emissions, an 80% reduction in nitrogen emissions, a 99.9% reduction in sulphur emissions, and a 97% reduction in particulate matter. These reductions are measurable and have visibly improved the air quality in the city, where skies once blackened by industrial pollution are now clear. 

From a financial perspective, we’re focused on compliance with international health, safety, and environmental standards, continuous process improvements, and rigorous monitoring of waste, water, and air quality. We’re also working with international organizations to further reduce our carbon footprint and exploring the potential for geothermal and solar energy as part of our long-term vision. 

The CFO’s role in this energy transition is multifaceted. Beyond ensuring compliance and financial viability, we must engage with stakeholders, lobby for supportive policies, and drive strategic investments that promote sustainability. It’s about creating a balance between short-term returns and long-term environmental and societal benefits.

 

Leana van der Merwe: That’s incredible, Elizabeth. The measurable impact you’ve achieved in emissions reduction is impressive. It’s refreshing to hear about real, tangible results from sustainability efforts, especially when they’re as visible as cleaner skies. Let’s take a step back in your career. At Coca-Cola in Tanzania, you led a remarkable turnaround, transforming a loss-making operation into a profitable one. Can you share some key financial and operational strategies you used to achieve this?

 

Elizabeth Burns: Certainly, Leana. My time at Coca-Cola Tanzania was a pivotal experience in my career. When I joined, the company was facing significant financial and operational challenges. The first step was conducting a comprehensive review of the budgets and forecasts, which revealed structural inefficiencies and inaccuracies in the balance sheet. This allowed us to identify areas that needed immediate attention. 

One of the major initiatives was restructuring the company’s share capital. I proposed a recapitalization plan to the board, which was approved, and this reduced our gearing from 101% to 36%. Simultaneously, I renegotiated interest rates with Standard Chartered Bank, securing a 50% reduction in interest costs, saving us $1.5 million annually. This freed up capital for reinvestment. 

Operationally, we consolidated five separate companies into two, streamlining operations and reducing overheads. We also addressed inefficiencies in the supply chain by reducing our vendor base from over 850 to under 300, improving procurement processes, and enhancing cash collection from trade debtors. Additionally, we implemented a materials requirement planning system to better manage raw materials and inventory. 

On the market-facing side, we introduced new, more affordable product packages to capture additional market share and worked closely with Coca-Cola Atlanta on aggressive marketing campaigns. This included new advertising and visibility initiatives to regain lost ground from competitors like Pepsi. 

Internally, we overhauled controls and processes. For example, we transitioned payroll management from Excel to SAP, reducing errors and improving efficiency for over 950 employees. We also eliminated cash transactions, replacing them with prepayment systems to reduce fraud and theft. These changes not only stabilized the business but set it up for long-term growth.

 

Leana van der Merwe: That’s an extraordinary transformation, Elizabeth. It sounds like you went back to the basics—streamlining processes, enforcing controls, and aligning the organization’s operations with its strategic goals. It’s no wonder you achieved such success. Let’s wrap up with a forward-looking question. In your view, what key trends or challenges do you believe CFOs in Africa’s energy sector should prepare for, and how can they position themselves to lead effectively in this rapidly evolving landscape? 

 

Elizabeth Burns: Leana, the energy sector is constantly evolving, and CFOs must be ready to adapt. One major trend is the increasing emphasis on sustainability and ESG (Environmental, Social, and Governance) initiatives. These are no longer optional but essential for long-term value creation and stakeholder trust. CFOs will need to lead the way in incorporating sustainability metrics into financial reporting and decision-making. 

Another challenge is the growing complexity of regulatory compliance. Whether it’s carbon taxes, incentives for renewables, or new reporting standards, CFOs must stay ahead of these changes and ensure their organizations are prepared. This will require not just technical expertise but also collaboration with policymakers and industry peers. 

Finally, CFOs must embrace innovation. From digital tools for financial analysis to technologies that improve operational efficiency, staying ahead of the curve will be key. But ultimately, the role of the CFO will always center on aligning financial strategy with the broader goals of the organization, ensuring resilience in an unpredictable environment.

 

Leana van der Merwe: Thank you so much, Elizabeth. Your insights have been incredibly valuable. Before we close, could you share a book that has had a significant impact on you and explain why you’d recommend it to our listeners?

 

Elizabeth Burns: My favorite book is The Maxwell Leadership Bible by John Maxwell. It’s a unique blend of biblical wisdom and leadership principles, offering lessons drawn from the lives of biblical figures. It provides practical guidance for leading with integrity, compassion, and vision. I refer to it often, and it has shaped my approach to leadership.

 

Leana van der Merwe: That sounds like an excellent recommendation. Thank you, Elizabeth, for sharing your experiences and insights with us today. We’re so honored to have you as part of the CFO Club. Best wishes to you and Gas de Cameroon as you continue your impactful work. Have a wonderful rest of the year!

 

Elizabeth Burns: Thank you very much, Leana. It’s been a pleasure speaking with you. My best wishes to you and the leadership team at the CFO Club.