Second, we are investing. Many report feeling overwhelmed, experiencing increasing anxiety, frustration and irritability, as organizations face a multitude of challenges in a world dealing with ecological collapse, biodiversity loss, social division and economic decline. 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. Five Key Trends Shaping the Sustainability Agenda in 2023 The biodiversity challenge is closely intertwined with the climate crisis the consequences of climate change have negative consequences for the survival of vulnerable species and preserving biodiversity can help mitigate climate change. Promoting a strong employee experience can contribute to sustained competitiveness over the long term. Data in your Equity, Inclusion & Diversity strategy: friend or foe? Here are the top six trends that are shaping a more sustainable future for our planet. And the search for high-quality carbon credits, including those based on marine natural capital (so-called blue carbon such as seagrass, mangroves and tidal marshes), will accelerate. Despite goods and services prices increasing globally, consumers sustainability awareness remains strong, with two thirds of global consumers worried about climate change, and also willing to play their part to positively impact the environment. There is plenty of room for penetration in most markets, as the share of digital shelf remains low. Collaboration will also be needed to accelerate the building of circular economies. At Economist Impact we will continue to create momentum for building a sustainable ocean economy, at our World Ocean Summit in February/March and through the World Ocean Initiative. Source: Euromonitor's Voice of the Industry: Sustainability Survey 2022. Outlook 2023, Sustainability: five trends to watch content 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. Some governments have responded with new packages such as the U.S. Inflation Reduction Act and Europes REPower EU to incentivize clean energy adoption and energy efficiency. Less noticed is the messier and increasingly relevant fact that environmental, social, and governance (ESG) topics exist both inside and outside of investors' portfolio decisions. 13 sustainability trends driving business in 2023 - I by IMD This will continue in 2023 as prioritizing efficiency and waste reduction remains on the leading edge of industry trends and innovations. 4 Sustainable Travel Innovations Shaping the Future of the Tourism Industry. Renewables and Nuclear Hold Promise for Net Zero Energy. Many companies will see an opportunity to accelerate the green energy transition, and the plans that were put in place before the war in Ukraine, as renewables become more cost competitive. In 2023, we think continued geopolitical turmoil, persistent inflation, looming recession and worsening physical impacts of climate change will create new tensions between managing near-term risks and making meaningful progress on longer-term sustainability goals. Otherwise, if emissions continue to rise, meeting Paris Agreement goals could entail greater and more costly decarbonization efforts. Apr 26, 2023 (3BL Media via . In the Deloitte 2023 Global Human Capital Trends survey, 84% of respondents acknowledge that understanding the impact of sustainability on their organization and defining ownership for driving progress and outcomes is important to their organizations' success. 2022 Sustainability Trends Report. What Recent Trends Say About Sustainable Shopping In 2023 - Forbes The Russian attack on Ukraine and subsequent surge of refugees, growing inflation, and lingering concerns about the COVID-19 pandemic also raise doubts about governments ability to ensure an inclusive society. However, they also face criticism because of their complexity and a continuing lack of global alignment. Ecosystems & Resources: A new global biodiversity framework will set the stage for rising global scrutiny and collaboration on nature. With most models still at an experimental stage, a tougher challenge is spreading solutions globally. The expectations from AI in terms of efficiency and costs savings is very high it is still considered to be the most disruptive technology of today. With all the regulatory changes ahead, 2023 will be a year dominated by managing ESG risks. For years now, car makers like Porsche have been working on their shift to electrical power traction, while Kering started its journey towards decarbonization in 2012, introducing along the way the first Environmental Profit & Loss account in luxury fashion and sharing its methodology so that other companies can learn from it and use it as a model. We tend to think about collaboration as an external challenge but the key to success lies in redesigning organizations that can align incentives around impact and mobilize complementary resources to achieve it. 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. An opportunity lens on sustainability. Our premier, award-winning syndicated market research database provides detailed data and analysis on industries, economies, countries and consumers across 781 cities, 210 countries.. 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. Through this process, leaders co-create the conditions where people can flourish amidst adversity. 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. Key insights such as 'The Future of Jobs' report will map . From net zero to climate-positive supply chains The Top sustainable living trends to watch in 2023 | WFLA Sustainability trends 2023: Top ways retailers will make a difference Automobile and fashion have had by far the heaviest adverse impacts on the environment and society, so actors operating in these two sectors have been ahead of the pack in reversing this trend. In that publication, we suggested 2021 . Foodservice innovation drivers in 2023 include health and wellness, nostalgia, sustainability, and a desire for adventure. They also involve measures to enhance the working environment, supply chain emissions, employee well-being, and ethical reporting. Though geopolitical conflicts, inflation and the effects of climate change continue to pose risks to supply chain operations, there are indications that the supply chain disruptions of recent years may be easing. The 6 Biggest Sustainability Trends in 2023 - Exploding Topics In that journey, many are also realizing that it is impossible to achieve net zero without looking outside of their traditional business. Unlock your purpose and create positive, lasting change in your career, organization and society. For example, long-term energy transition goals will be weighed alongside nearer-term considerations such as energy affordability and security. Explore more than 75+ Executive Education programs at IMD. Established under the Paris agreement, the GGA aims to create an adaptation equivalent to the global mitigation goal of limiting the global temperature rise to 1.5C. Instead, boards need to understand their own true personality around ESG and then evolve the board composition in that direction whether it is climate change, next generation, social justice, or diversity concerns. The MarketWatch News Department was not involved in the creation of this content. The MarketWatch News Department was not involved in the creation of this content. The new generation of business owners and leaders care deeply about the environment and are striving towards more sustainable and equitable business practices. Outlook 2023, Sustainability: five trends to watch. That said, we believe developing countries can only sustain so much debt to finance rising losses and lost revenues from physical climate risks. But while the costs of deploying solar have increased, these should start declining and have been relatively small compared to European natural gas price increases, which have risen nearly eight times higher over the past two years. 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. The market for carbon credits will continue to evolve in 2023. Trends that were driving innovation before the COVID-19 pandemic may have stalled for the past couple of years, but many now appear to be making a comeback. 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. What is your plan to transition into the low-carbon era under different scenarios? Circular Economies: There will be momentum on tackling plastic and chemical pollution. Published May 1, 2023 + Follow As the world continues to grapple with environmental and social challenges, sustainable finance is becoming increasingly important. That is the hardest part, as usually 90-99% of a companys greenhouse gas emissions are Scope 3. Stakeholder pressures on companies keep rising. 1. Intergovernmental Panel on Climate Change (IPCC) experts argue in their latest climate change mitigation report that, to mitigate climate change and avoid a rise in global temperatures over 1.5C-2.0C, offsetting carbon solutions are not enough, and urge the need for carbon-negative (or climate-positive) strategies to accelerate global economies transition towards low-carbon systems. Nevertheless, we think companies will be pressed in 2023 to invest more resources into managing the resilience and sustainability of their supply chains in the face of a more rigorous regulatory landscape governing corporate responsibility around the impact on human rights. In turn, this has taken a heavy toll on the sea level rising, European glacier melting, and extreme weather events from . The topics in this report on today's emerging sustainability trends are selected for their high growth across sites including Google, TikTok, Instagram, Reddit, Twitter, YouTube, and Amazon. Source: Euromonitors Voice of the Industry: Sustainability Survey 2022. This research is based on feedback from analysts and researchers across S&P Global. While most cases have been against companies and investors for not doing enough on climate issues, we have seen an increase in lawsuits pushing back against ESG-related work or investment policies.
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