PS Lee’s Post

As professionals dedicated to advancing sustainable business practices, it's essential to critically assess the tools at our disposal. A recent article from CNA delves into the complexities and real impact of sustainability reporting. Sustainability reports aim to provide a comprehensive view of a company's value creation over time, covering economic, environmental, and social dimensions. However, despite these efforts, skepticism remains. With only 24% of top executives seeing clear value in sustainability reporting, it prompts a crucial question: Are we doing enough to drive genuine change, or are we merely ticking boxes? This piece provides a comprehensive analysis, highlighting both successes and areas where more commitment is needed. For instance, while some companies rigorously report greenhouse gas emissions and other sustainability metrics, others may still view these reports as regulatory hoops to jump through rather than opportunities for substantial operational improvements. As we push towards the United Nations Sustainable Development Goals, let's use this opportunity to discuss how we can make sustainability reporting more than just a procedural requirement. How can we ensure it becomes a cornerstone of strategic business transformation and societal benefit? Join the conversation below. Let's explore how we can turn these reports from mere documents into catalysts for real, enduring change. #Sustainability #CorporateResponsibility #EnvironmentalImpact #BusinessTransformation

Sustainability not a priority for half of UK firms As COP29 continues (11-22 November), analysis from business and financial adviser Grant Thornton UK LLP reveals that fewer than half (43%) of UK mid-sized businesses have sustainability targets, such as net zero, in place.    According to data from the firm’s quarterly International Business Report, which surveyed 301 mid-sized businesses in the UK (3,748 businesses globally), only 43% of UK businesses have sustainability targets in place, this is found to be higher than the global average (39%).  While many of the UK firms surveyed have still not implemented core steps on their sustainability journey, they are outperforming the global average in several areas including: 🌍 60% have implemented a sustainability strategy (51% globally)  🌍 46% have implemented sustainability reporting (40% globally)  🌍 28% have implemented a sustainability policy (25% globally) The study shows that there are several challenges facing UK mid-sized businesses when complying with sustainability regulations. Top concerns are:  💡 The speed at which requirements change  💡 The capital investment   💡 Understanding the requirements for different jurisdictions  Three-quarters of the firms polled – in the UK and globally – agreed that the need to understand the sustainability requirements of different jurisdictions forms a barrier to international business expansion.  However, almost two-thirds (63%) of the UK businesses polled expect to maintain or increase their investment in sustainability over the next year - above the global (58%) and European (53%) average – to invest in renewable energy, carbon reduction and sustainable procurement.  💡 Brand reputation is identified as the biggest driver behind UK and global businesses’ investment and focus on sustainability initiatives. 

Greenwashing in action? "Sustainability reporting is only meaningful if companies are serious about making changes". "If companies release sustainability reports just to meet regulatory requirements, it’s unlikely to motivate improvement internally, say these professors from the University of Victoria and University of Calgary. If companies release sustainability reports just to meet the needs of external stakeholders, including regulators, it’s unlikely to motivate internal changes to business operations. Through this lens, reporting may be seen as a box-checking activity." If a company doesn't buy into their own sustainability practices then they really shouldn't bother doing them or reporting on them. They should just be honest and just say we don't give a toss about the planet! We can all see that most of them are lying and greenwashing. You can see examples of this every day on LinkedIn. Some CEO of some ocean polluting company or oil company or some other unsustainable practice using PR and these kind of reports to say that they're sustainable and the sycophants who work for them in corporate comms and beyond happily ignorantly reshare... What do you think? https://lnkd.in/g2Tcpcjc

Sustainability reporting depends on companies' genuine commitment to change, not just compliance. While firms disclose economic, environmental, and social metrics, meeting regulatory requirements alone may not drive internal improvements. California mandates greenhouse gas emissions reporting, reflecting global trends. Using reports for internal reflection and benchmarking can enhance operations, benefiting both business practices and societal outcomes.

The rise of sustainability consulting A decade ago, the sustainability consulting industry was a niche market that consisted of a handful of small firms serving a limited number of companies focused on sustainability issues. Today, as climate risk issues and ESG (Environmental, Social, Governance) investing take center stage, corporate social responsibility has become a business imperative. In particular, environmental sustainability has become a critical issue for businesses worldwide across all sectors and functions. The 2020 World Economic Forum’s Global Risk Report stated the top five business risks were linked to environmental challenges, such as extreme weather events, human-made environmental damage and disasters, and major biodiversity loss. Sustainability issues have also become increasingly important to consumers as well as investors and financial managers. A recent IBM study found that nearly 60% of consumers surveyed were willing to change their shopping habits to reduce environmental impact. And in his 2020 letter to investors, Blackrock’s CEO, Larry Fink, stated “We believe that sustainability should be our new standard for investing.” Together, these factors are defining a new agenda, one that puts environmental sustainability at the center of business operations and strategy and increasingly determines a company’s prospects in today’s competitive marketplace. However, as companies work to create new sustainable business practices many internal teams lack the expertise and time to implement a full-scale sustainability plan. This is where sustainability consultants can step in to support companies with creating and implementing strategic, data-driven plans and operations.

Consultants have taken over sustainability reporting – and not for the better, write Kate Macdonald and Hendri Yulius Wijaya of the University of Melbourne in this op-ed. A growing number of companies have hired consulting firms to help them with ESG, but it's become a box-ticking exercise as a lack of checks has led to greenwash. #ESG #greenwash #sustainability #sustainable #finance

Why are top companies prioritizing Sustainability Reporting? Learn how this trend is reshaping business strategy and why it matters for your company's future. Read our latest blog on the growing importance of sustainability practices in business. https://lnkd.in/dTVmYu4u #SustainabilityReporting #BusinessStrategy #InCorpIndia Dhaval Shah Prakhar Gupta

Decarbonise operations and sustainability reporting will play an increasing important role for local SMEs.

I consult in sustainability (related to forest investment) and I agree with this. #Sustainability cannot be entirely outsourced. In fact, I would argue that the more heavily you integrate sustainability within your investment organization (including at investment committee, c-suite, and board level representation), the more resilient and successful your organization will be. Box-ticking #ESG reporting exercises are not only a #greenwashing risk, but can sweep important issues under the rug that will re-surface later, damaging more than credibility.

A new Sustainability Reporting Grant aims to assist large companies in covering costs associated with creating their first sustainability reports. Additionally, a separate programme will be established to guide small and medium-sized enterprises (SMEs) through the reporting process. Sustainability reporting will help companies remain relevant in the face of increasing demand for carbon footprint data disclosure. “As the world embraces sustainable goals and practices, customers and investors will increasingly expect businesses to be more transparent about their carbon footprint,” shared Minister of State for Trade and Industry, Low Yen Ling. These initiatives are among efforts to promote environmentally friendly practices within businesses. Other measures include reducing the threshold for the Resource Efficiency Grant for Emissions, enabling more projects undertaken by industrial facilities to improve energy efficiency and reduce emissions to qualify for funding. Read more about it: https://lnkd.in/g9UVKxsq Together, let’s #PowerTheChange and nurture the next generation’s passion for a greener tomorrow. #Geneco #GenecoSG #Sustainability #Business #SustainabilityReporting #CarbonFootprint #EnergyEfficiency