Every business of size has an audit, risk and finance operation with minimum performance standards – most with external auditors to ensure clarity of performance.
Purpose, environmental, social, and governance issues (ESG) are critical to new revenue growth and future prosperity of businesses – but many find alignment and introduction difficult.
Purpose and Trust – are not an accessory but core business requirements.
The great danger is businesses might pick a cause, purpose, pay lip service to it – and slammed it for its light-touch approach.
The Climate Crisis – is not a new range of products with the word – green – on their packaging.
What’s coming …
Sweden is the first country to target consumption-based emission cuts.
Old world – emissions created in one country are not accounted for along the supply chain. An example is a product produced in China but sold in Australia is a Chinese emissions problem.
New world – Sweden is the first country to include consumption-based emissions within its climate targets.
What does it mean?
All businesses will report and reduce emissions across all elements of their supply chain regardless of country of origin.
- A French business, Sweep has secured €66.5M in Series B funding for its platform that helps companies understand and reduce their emissions across their value chain.
Finance: By 2030, global net emissions have to be 48% lower than 2019 baselines for a 1.5C scenario – so humans can live on the planet in the future.
- This requires 3-4x more spent on climate mitigation.
- Expect to pay higher finance rates for fossil fuel vehicles compared to electric.
- Expect greater scrutiny from banks and stakeholders on your approach to climate mitigation. Higher fees and rationing of credit are real risks.
The situ: 34 investors from the Institutional Investors Group on Climate Change (IIGCC), who represent over $7trn of assets under management, have sent a letter to 17 companies (including BP, Shell & Volkswagen) accusing them of continued omission of climate risks from their reporting accounts.
Investors are increasingly demanding credible climate plans and robust disclosures.
Rio Tinto investors have voted against the company’s financial statements over a lack of clarity about climate change risks at the annual AGM.
We now live in a Social Selling Economy – we are all connected.
There is nowhere to hide. Your business’s true purpose is not an option.
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If you have read this far, thank you for your attention. It means a lot. I hope this helped you even a little bit in better making sense of this topic.
If so please share it with a friend who might also benefit from it.
Thanks for reading,
David
