Sustainable Business and The Regenerative Future

Regeneration | Jan 22, 2024

Transformative Business Strategies for 2024.  A Call for Regenerative Business Practices at Davos 2024

At the 2024 World Economic Forum in Davos, a new narrative in sustainable business emerged, focusing on regeneration rather than mere sustainability.

Business leaders are now recognizing that to thrive in a climate-impacted world, it's not enough to merely reduce harm; instead, there's a need to create a positive impact.

A Pew Research Center survey of 8,842 U.S. adults in late 2023 reveals that 63% believe climate change impacts in the U.S. will worsen in their lifetimes. While most anticipate making minor sacrifices due to climate change, only a smaller portion foresee major lifestyle changes.

• The survey highlights a partisan divide: 88% of Democrats versus less than half of Republicans expect to make sacrifices due to climate change.
• The public views the energy industry and large businesses as more capable of combating climate change than individuals.
• Despite the lower ranking of climate change compared to other national issues, there's strong support for U.S. involvement in global efforts to mitigate it.

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A growing number of corporate leaders are witnessing the impact of severe weather conditions on their financial performance. According to a Deloitte survey conducted in 2022, a striking 97% of executives worldwide reported that their businesses have suffered adverse effects from climate change, including significant disruptions in their supply chains.

The focus of sustainable business has shifted towards regeneration

This new approach goes beyond merely responding to climate change; it involves creating proactive, positive impacts.

Gim Huay Neo, managing director of the World Economic Forum Geneva:

"We have to build new economic models, new businesses and possibly new lifestyles or humanity that are just as good, or even better, than what we have today. This regeneration approach is not just about tweaking existing models but rethinking and reinventing business practices to create a positive impact, moving towards sustainability that benefits both the environment and the economy."

Integrating 2024 Sustainability Trends into Business Practices

Incorporating the latest sustainability trends into business practices is crucial for companies, both large and small, in 2024.

1. Businesses must embed sustainability into their core strategies, aligning profitability with societal impact through economically viable and socially responsible business models, while staying ahead of regulatory changes for compliance and responsible conduct, including adapting to new sustainability reporting requirements and legal drivers.

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2. Collaboration is essential, with companies forming alliances across industries, governments, and civil society to address sustainability challenges, drive innovation, and share best practices, alongside preparing for new regulatory disclosure requirements on their environmental impact and leveraging technology for data collection and analysis.

3. Genuine stakeholder engagement is key, moving beyond simple solutions to impactful collaborations and initiatives, ensuring board diversity translates into real environmental and social impact, prioritizing employee well-being and mental health within corporate culture, and requiring CEOs to balance public positions on social and political issues with stakeholder expectations and potential risks.

Outlook

Companies, small and big, are advised to incorporate sustainability and regenerative strategies into their business practices and join this transformative movement. By doing so, your company will not only align with the growing global demand for environmental responsibility but also reap the benefits of increased resilience, innovation, and customer loyalty. Embrace these strategies to ensure long-term profitability and a positive impact on both society and the planet. Act now to lead the change towards a sustainable future and set a benchmark in your industry.

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