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. Therefore, for companies to remain competitive and relevant in such fast-evolving sustainability environments, proactive collaboration with key stakeholders is crucial. In addition, ESG investors and rating agencies are holding firms accountable for their sustainability records. This year's forecast of sustainability trends looks like the perfect storm (in a good way) of purpose-minded, yet business opportunity-led progress. All stakeholders will bear the impacts from physical risks related to climate change. But that wasnt really the expectation at what was dubbed an implementation COP, where the focus was on how to turn pledges and commitments into real-world actions and solutions. Join Team IMD. Here are our top 10 sustainability trends we're expecting to see gain momentum and define sustainability in 2023: 1. In 2023, we think broader market conditions will continue to influence GSSSB issuance. ET. This will continue in 2023 as prioritizing efficiency and waste reduction remains on the leading edge of industry trends and innovations. The UK also intends to bring forward sustainability-related disclosure requirements at the entity and product level. Agribusinesses are particularly sensitive to water scarcity, leading to more expensive irrigation, crop damage and weak harvests, which may raise food security and supply concerns, already exacerbated by the Russia-Ukraine war. Outlook 2023, Sustainability: five trends to watch. Powerful business networks. April 13, 2023. I by IMD is produced by the Institute for Management Development, Unleashing the Power of Data and Digital Ecosystems (Management on the Cutting Edge), Lifelong learning. Taking a stack of post-it notes, team members write down all the things that are concerning them from their personal and professional perspectives. Results-based climate finance was presented by the World Bank and others as an effective method to drive financing to projects that could generate such credits. Susan Goldsworthy, Affiliate Professor of Leadership, Communications and Organizational Change. From net zero to climate-positive supply chains Beyond capturing new markets, transforming your business towards sustainability is also a way to address changing customer and investor needs, as well as to attract and retain talent. Some facts are encouraging: So, there is a real case for a glass half full view on climate. . More Sustainable Materials. In 2022, Cartier and Kering formed the Watch & Jewellery Initiative 2030 which, like the Fashion Pact, aims to drive progress on sustainability in its sector. We believe that these initiatives, among others, will serve as catalysts for greater reflection by stakeholders about the impact, risks and opportunities associated with nature and biodiversity. These trends highlight the delicate balancing act we see stakeholders facing and managing, weighing various and sometimes opposing forces. 2022 Sustainability Trends Report. Victoria Kemanian, Senior Advisor, Business Transformation Initiative. In a recent Gartner survey, CEOs reported that environmental and social changes are now a top three priority for investors, after profit and revenue. The challenge to reduce scope 3 emissions (ie, indirect emissions by suppliers or consumers in an organisations value chain) will accelerate in 2023 as companies focus on their supply-chain partners and on how their products and services are used by customers. Companies need data transparency with detailed precision along the entire value chain. Sharing emotions for healthy, sustainable high performance, Luxury developing sustainable supply chains, Board composition and responsibilities adapt to ESG purpose, Innovation, investment, and business transformation fuel climate hopes. They place them all on the wall, acknowledging and accepting them. In this context, practical solutions that can accelerate progress on the SDGs will be urgently needed. Therefore, communicating sustainability through specific claims will still open up opportunities for companies to penetrate and improve their positioning in 2023. More than 40,000 species are at risk of extinction in the coming decades, according to the UN progress report on the Sustainable Development Goals released in July 2022. In the wake of the plastics treaty milestone, a new committee on chemicals was also set up. Water is likely to play a central role on the global agenda in 2023 following major water-related disasters such as the floods in Pakistan and the droughts in Europe. Protecting and restoring biodiversity under the Convention on Biological Diversity (CBD) has been on the agenda since 2020. Only 18% of global respondents mentioned they are currently investing or planning to invest in supporting their suppliers to decrease carbon emissions, according to Euromonitors Voice of the Industry: Sustainability Survey 2022 , fielded January 2022. For example, quite a few food companies cant achieve net zero without having their suppliers (farmers) planting crops that are of no use for the company supply chain, but which capture CO2. From battery-powered cruise ships to aviation biofuel derived from microalgae. Corporates investing in their own energy generation may find projects cost more in the short term. Proactively using renewable energy, reducing waste and reusing materials will not only help companies to be ahead of legislation, but also demonstrate their interest in being part of the solution. The latest developments in sustainability, trends in bathroom design and the industry's innovations are the focus of the Pop Up My Bathroom trend showcase at ISH 2023.Established by the VDS and Messe Frankfurt, the trend platform for the bathroom sector hosted a large-scale exhibition and accompanying talk forum, both of which were aimed not just at the trades but at . What's Next for Sustainable Business? 2023 Trends: New waves of ESG integration - erm.com A New Era for Sustainability Accountability Last year we saw an influx. By circulating products and materials, eliminating waste, and regenerating nature, circular models can help businesses to overcome some of the barriers to investment in sustainability, such as high costs, lack of internal knowledge, and implementation difficulties. It is not enough to just claim that the products are better for the planet or more sustainable, if there is no arguable evidence behind these claims. A fully online experience that takes you on an in-depth exploration of topics that matter to you. While there is a degree of technical knowledge required, including integrated reporting methodologies and disclosure, there is the risk of a tick-box compliance focus that does not lever a real ESG identity. 10 Trends That Will Define Sustainability in 2023 - LinkedIn Moving to a cloud service provider that has made such commitments may help organizations reduce their own carbon footprint as well! Source: Euromonitor's Voice of the Industry: Sustainability Survey 2022. Unilever Hearts of Palm Ceviche. 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. 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. Given the current challenging economy, it is essential that companies keep abreast of sustainability trends as they evolve, and understand the direct impact on business performance to remain competitive. Error: Something went wrong, try again in a few minutes. Our site uses cookies to improve functionality. An agreement reached at the U.N. climate change conference, known as COP27, for a loss and damage fund will seek to address adaptation and resilience challenges of developing countries. Plastic-Free Living It's no secret that plastic pollution is a major environmental issue. AI: a friend and a foe for sustainability? Collaboration between government, financiers and innovators will be key to scale up these solutions. Finally, our companies are transforming. That is not what makes for successful ESG governance. We also note that some regulators and central banks have already made the case as to why and how financial institutions should respond to rising risks and biodiversity losses. Our premier, award-winning syndicated market research database provides detailed data and analysis on industries, economies, countries and consumers across 781 cities, 210 countries.. Our world-class coaching anchors and embeds knowledge and accelerates performance and behavioral change. The COP27 climate conference was a mixed bag. Organizational readiness for sustainable transformation, The next generation in family business will power data-driven sustainability, War and energy shortages accelerate adoption of energy efficiency and renewable energy. 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. The Top sustainable living trends to watch in 2023 | WFLA Apr 26, 2023 (The Expresswire) -- 2023-2030According to our Latest Research,Sustainability Reporting Software . 5 Sustainability Trends for Businesses in 2023. Workers increasingly demonstrate willingness to adjust the time and effort they dedicate to their job or leave their positions for new opportunities if workplace culture does not align with their values and expectations. Companies have been struggling to communicate sustainability to consumers. Policymakers and senior executives need to navigate the increasing complexity of simultaneous climate and cost-of-living crises. This interconnected challenge presents a timely opportunity for companies that are getting serious about ambitious climate targets to account for nature and biodiversity protection in their climate targets as a means to net zero.
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