Over the coming weeks, Spirit will present a series of blog posts focused on the Why of corporate sustainability and the various ways Australian companies are being impacted by global changes. Be sure to check back each week to see how sustainability can uniquely affect the value of all modern businesses.
This series of articles are not intended to be clickbait without providing any real and useful information. They are meant to be declarative and informative. Sustainability DOES matter for everyone. For any corporate decision maker, that statement should immediately spark reflection and provoke one of three responses.
1. Confidence – my business understands our material impacts and has systems in place to measure and manage its sustainability performance and we are aligned to best practice according to regulations and global standards.
If that is your stance on sustainability, congratulations. Feel free to use these articles to explore the issue further. Additionally, you can remain abreast of changes within this dynamic field and explore drivers for sustainability risks and opportunities that may be beneficial to your strategic planning.
2. Unsure – your business has dipped a toe into the sea of sustainability, either through research, isolated programs or by allocating responsibilities to existing team members. You may have hired a consultant to draft a sustainability document for your company, but there has been a lack of follow-through. You may now be unsure what the next steps should be.
This is a common reaction. Sustainability is often referred to as part of the “new normal,” but many foundational principles have been around for several years. Recycling has been widely available for decades in many countries. The term carbon footprint joined the common lexicon after the documentary An Inconvenient Truth was released over 18 years ago. Many businesses can point to one or two things they have adopted under the guise of “being more sustainable.” However, a better understanding of the interconnectedness of risks is now essential as modern companies strive to lift their game. Evolving expectations without clarity of how it specifically affects your business may lead to confusion and indecision. At worst, effort and resources may be wasted on tokenistic practices that are not effective in delivering any tangible benefit.
3. Rejection – if your first instinct at the mention of sustainability is the thought “that doesn’t apply to my company,” then you may have overlooked or underestimated the growing importance of the field. This stance may prove costly as Australian companies, including your competitors, embrace the movement toward sustainable business practices. Though you may currently believe that your organisation has no obligation to address sustainability via measurement, management or reporting, this perspective is out of line with the realities of ethical corporate governance. This Sustainability Matters series will feature four perspectives exploring how sustainability affects ALL businesses. While many of these considerations are universal, some of the impacts are specific to the Australian market given the latest developments. Over the coming weeks, this series will explore the effects of the following:
Corporate sustainability has arrived in Australia in a meaningful way and its reach is more extensive and significant than many business leaders realise. Grasping this reality will help position your organisation for the coming regulatory and market pressure to adopt sustainable practices across all business roles and functions.
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