Is there a sustainability topic you think is not sufficiently talked about within business contexts?
One of the sustainability topics that is often overlooked, at least in my opinion, is the topic of organisational awareness and informed decision-making. Currently, regulators are pushing new requirements that companies have to comply with. New frameworks are created almost every year. Let me just list a few: NFRD, GRI, SDG, CSRD, FSRD, etc. By the end of 2022, a significant number of companies have to report according to the EU Taxonomy scheme, and by 2024, even more have to comply with the Corporate Sustainability Reporting Directive (CSRD).
The problem is that most of these companies have a vague understanding of what and how to report. What data do they need? What should they focus their attention on? How can they do it and what will it cost? Despite all efforts, many of these questions remain unanswered so far. The more information and clear communication, the better the quality of sustainability practices will be.
And lastly, what changes should all businesses implement by 2030?
First, all companies must define their sustainability scope by 2030. To do so, they must establish a consistent situation assessment cycle with a clearly defined set of smart KPIs. Every company, regardless of its size and revenue level, should include at least a few sustainable practices in its strategy to improve those KPIs.
Second, companies need to increase their digital maturity to facilitate the implementation of modern technology and innovations. Data plays a crucial role in this process, and it should become the second nature of every company to make the most of it. A carefully designed data model architecture can answer many organisational challenges.
Finally, by 2030, all companies should create a corporate culture in which sustainability is seen as an ally in achieving other business objectives, such as profitability, competitiveness and innovation. The new way of thinking would reduce companies' resistance to change and increase the positive effects of various projects, including non-sustainability projects.