sustainability trends 2023

Circular Economies: There will be momentum on tackling plastic and chemical pollution. Storytelling and expertise from marketers, SAP BrandVoice: Green Customer Experiences Drive Ongoing Growth For Midsize Businesses. In fact, 57% of global professionals mentioned their company is planning to develop products with carbon-neutral claims, according to Euromonitors Voice of the Industry: Sustainability Survey 2022, fielded January 2022. However, the need to bring citizens and workers on board with the climate-action agenda will remain a challenge. Promoting a strong employee experience can contribute to sustained competitiveness over the long term. Here are our top 10 sustainability trends we're expecting to see gain momentum and define sustainability in 2023: 1. But we need to look beyond short-term benefits and keep an eye on the long-term implications of scaling AI too. Instead, boards need to understand their own true personality around ESG and then evolve the board composition in that direction whether it is climate change, next generation, social justice, or diversity concerns. Essentially a digital thread, passports will track the products carbon footprint, waste, liability and risk, and more, sharing information company-wide and with suppliers and regulatory agencies. If the current trend continues, the number of disasters could rise to 560 per year by 2030, up 40% from 2015. An infographic based on the latest Climate Watch data highlights that energy usage contributes to 73.2% of global greenhouse gas emissions. Firms are advised to get ahead of the game and start accounting for biodiversity. Not only are they asking those questions, but they are also planning how to pay back the CO2 debt that the company has created since its creation. Top Sustainability Trends of 2023 - Glimpse Sustainability trends to look out for in 2023 Michael Wilkins on December 30, 2022 There's an unpredictable year ahead and my futuristic thinking can only pierce so far into the haze. These new rules and disclosure standards aim to enhance transparency and consistency on sustainability-related issues and mitigate the risk of misrepresentation, perceived as greenwashing, in financial markets. While most cases have been against companies and investors for not doing enough on climate issues, we have seen an increase in lawsuits pushing back against ESG-related work or investment policies. One simple exercise can be powerful in creating a more inclusive, productive environment. They are developing sustainable products and services and supply chain practices to increase revenue, satisfy investors and regulators, and improve their reputation. Knut Haanaes, Professor of Strategy and Lundin Chair Professor of Sustainability. Read more about how we track global trends. Therefore, communicating sustainability through specific claims will still open up opportunities for companies to penetrate and improve their positioning in 2023. But, in order for circular models to succeed, there is a need for collaboration. Apr 26, 2023 (3BL Media via . Global Sustainable Development Report (GSDR) 2023 Although the number of climate-related deaths has decreased threefold in the last 50 years thanks to early warning systems and better disaster management and preparedness, climate-related disasters are now nearly five times as frequent, according to the World Meteorological Organization. Progressive employment practices implemented in the wake of COVID-19 will be tested by cost-cutting related to economic uncertainty. 8 Sustainability Trends to Expect in 2022 | Wolters Kluwer Join us for daily exercises focusing on issues from team building to developing an actionable sustainability plan to personal development. As it matures and evolves across asset classes and geographies, Andy Howard, Global Head of Sustainable Investment, considers the future of ESG and impact. The Top sustainable living trends to watch in 2023 | WFLA The global green, social, sustainability and sustainability-linked bond (GSSSB) market in 2022 did not reach the highs set in 2021, as rising interest rates and the risk of recession in many parts of the world sidelined debt issuers. Nevertheless, we think companies will be pressed in 2023 to invest more resources into managing the resilience and sustainability of their supply chains in the face of a more rigorous regulatory landscape governing corporate responsibility around the impact on human rights. For this to be achieved, companies need to measure direct (scope 1) and indirect (scope 2 and 3) emissions. Unilever Hearts of Palm Ceviche. A series of workshops under the Glasgow Sharm El-Sheikh Work Programme (GlaSS) during 2023 aims to pave the way for adoption of the framework at COP28 in Dubai in late 2023. 5 Sustainability Trends for Businesses in 2023. Policy incentives will also continue to emerge to stimulate innovation, help tackle climate change and fund the shift to clean energy. Article Sustainable solutions can, and should, be affordable, so consumers do not struggle when seeking more conscious habits. For example, carbon taxesas vital as they may be for meeting climate targetsmay continue to face a backlash as cash-strapped voters react adversely to the imposition of taxes during a recession (even if well-intentioned), particularly if these moves are perceived as a hidden government agenda to raise taxes. The biodiversity challenge is closely intertwined with the climate crisis the consequences of climate change have negative consequences for the survival of vulnerable species and preserving biodiversity can help mitigate climate change. Net-zero pledges have become mainstream in companies sustainability reports, as a way to demonstrate environmental commitment. Download Transcript (PDF, 106 KB) The large-scale trends shaping the ESG investing world have become well recognized: Climate change risk and the road to net zero, the growing existential threat of biodiversity loss, social inequalities, regulation and, lately, debate and controversy over greenwashing and what ESG should be. In a recent Gartner survey, CEOs reported that environmental and social changes are now a top three priority for investors, after profit and revenue. This important theme will continue into 2023, with the annual meeting of the World Economic Forum in Davos focusing on "Co-operation in a Fragmented World". That is not what makes for successful ESG governance. Enabling organizations to meet their learning objectives, in a more impactful, convenient and flexible way. However, we still anticipate GSSSB issuance to grow to between $900 billion and $1 trillion in 2023 compared to nearly $850 billion in 2022 as the asset class capitalizes on various initiatives to fill the climate financing gap. Since 2019, the number of people affected by food shortages has more than doubled to 345 million, roughly 4% of the world population, from 135 million, as reported by the World Food Programme. Vanina Farber, elea Professor of Social Innovation, Patrick Reichert, Term Research Professor and Research Fellow. It simplifies data visibility, allowing companies to record, report, and act on quality data across the value chain with built-in assurance and audit capabilities.. Within three years, these analysts said ESG performance will be viewed as a top three decision factor for IT equipment purchases; over 50% of RFPs will include metrics regarding carbon emissions, material use, and labor conditions. Finally, the need to draw down greenhouse gases already in the atmosphere will continue to gain momentum in 2023, with technological carbon-removal solutionsin addition to nature-based onesseeing unprecedented investment following the Biden administrations announcement to invest US$3.5bn in carbon-removal technology. Sustainability Insights | McKinsey & Company In that journey, many are also realizing that it is impossible to achieve net zero without looking outside of their traditional business. Discover all upcoming events for IMD alumni! One such law, the German Supply Chain Due Diligence Act, goes into effect in January 2023 and requires covered companies to conduct human rights and environmental due diligence to identify risks, remedy issues and establish grievance mechanisms, among other things. The 2023 Global Sustainable Development Report will be launched as the world approaches the half-way point of the 2030 Agenda and struggles to rebuild in the aftermath (or in the midst) of the COVID-19 pandemic. Additionally, these practices help them reduce their environmental footprint while saving costs associated with waste and resource and energy consumption. All this will require considerably more investments and capability building. With this in mind, we think that adaptation will become as material as climate transition in terms of protecting lives, assets and the productive capacity of the economy over time. The call at COP27 for multilateral development banks to scale up the use of blended finance to attract more private capital, and the push to boost adaptation finance, will underscore how GSSSBs can contribute to closing the climate finance gap. Otherwise, if emissions continue to rise, meeting Paris Agreement goals could entail greater and more costly decarbonization efforts. What is your plan to transition into the low-carbon era under different scenarios? We expect that 2023 will see significant attention paid to adaptation and resilience financing. They have to act quickly as ESG frameworks and standards evolve, embedding into every business process sustainability metrics that are aligned with the company strategy, said Kaplan. Some facts are encouraging: So, there is a real case for a glass half full view on climate. This has been reflected in more litigation, with an increasing number of climate-related lawsuits against corporates. Companies need data transparency with detailed precision along the entire value chain. Many report feeling overwhelmed, experiencing increasing anxiety, frustration and irritability, as organizations face a multitude of challenges in a world dealing with ecological collapse, biodiversity loss, social division and economic decline. By Jonny Bierman. It will likely grow even more, especially in most of North America, Europe, and in fast-growing countries in the Asia-Pacific region and the Middle East. Valuable flows of goods (such as food and commodities) and ecosystem services (such as the climate regulation that occurs when oceans and forests store carbon) support economic growth and human wellbeing. However, they also face criticism because of their complexity and a continuing lack of global alignment. In 2022, the European Financial Reporting Advisory Group (EFRAG), the U.S. Securities and Exchange Commission (SEC) and the newly formed International Sustainability Standards Board (ISSB) drafted various proposals for disclosure standards relating to sustainability and/or climate-related issues.

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