The year 2024 marks a turning point for companies navigating the sustainability landscape. 2023 left us with the key trends shaping corporate priorities in this new era of sustainability:
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The beginning of the end of fossil fuels: Oil and gas companies recognize the historical impact they have generated and are beginning the energy transition of their business models.
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Corporate strategy is sustainability: Companies are no longer viewing sustainability as a matter of compliance or greenwashing, and are beginning to integrate it into the core of their corporate strategy.
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Circular business models: Companies that adopt these models will be better positioned to compete in the future.
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The new boards of directors: In 2024, boards of directors will be pressured to have a clear mandate on sustainability and to be accountable for their progress.
On this new trip around the sun, laying out a roadmap toward corporate sustainability is an opportunity for companies. Companies that adopt sustainable practices can improve their profitability, their resilience, and their positive impact on the world. Studies of consumers reveal that 70% of consumers would pay an additional 5 percent for sustainable products ( McKinsey Quarterly, 2022 ).
A sustainability roadmap is a plan of activities that helps companies seize sustainability opportunities. This plan must be ambitious and realistic, and it must be aligned with the company’s strategic objectives. Designing an environmental sustainability plan is similar to planting a tree. It requires care, patience, and strategic planning to thrive.
At CarbonBox we created aunique diagnosticto find out what stage of the roadmap companies are at and what actions they should take to advance toward becoming sustainable. This article presents a summary of the roadmap stages and 5 guiding questions to create your 2024 corporate environmental sustainability plan:
The first step is to understand what and why you need to reduce your impacts. You won’t be able to execute your plan effectively if you don’t understand the basic concepts of measuring and managing the impacts of the greenhouse gases (GHG) that the company generates.
If this is one of your weaknesses, the action you should take is: training. You will find plenty of information on how to estimate carbon footprints on the web; you can download ourE-book: Toward a sustainable future, where you will find all the information you need to begin implementing sustainability indicators. You can alsoask about our short courses; at CarbonBox we make you autonomous in managing corporate impacts.
Measuring impact is a fundamental step; knowing the amount, where, and when greenhouse gas emissions are generated in the value chain of the company’s products constitutes the foundation of your plan. If the answer to this question is negative in your case, the activity you should carry out is measuring the corporate carbon footprint. Here you can find out howour digital platformcan help you with this stage.
This step holds your main objective: mitigating the impact generated by your company’s greenhouse gas emissions. This is the activity most valued by clients, investors, and suppliers. By reducing emissions you not only enhance your reputation and contribute to a healthier world, but you can also save money and resources.
If you are at this stage and don’t know how you can achieve significant reductions, you can visitour resourceswhere you will find success stories of companies that have already gone through that process, or you can request a consultation with us.
Historically we have extracted natural resources from the planet to build the world we live in; this stage gives you the opportunity to give back to the planet. The impacts the company has caused in terms of carbon emissions can be offset or balanced in the same amount through emission reduction or forest restoration projects. At this stage some companies go the extra mile, demonstrating that it is possible to contribute more than they have impacted.
Clients value companies that are honest and sincere about their use of resources. According to studies, communicating not only reductions but also carbon impacts is the practice most valued by consumers ( Deloitte, Sustainability report 2023 ). At this stage companies have the opportunity to capitalize on their investments in measuring and reducing impact, becoming leading sustainability companies grounded in values such as trust, transparency, and traceability.
CarbonBox was born to facilitate carbon impact management and accelerate the achievement of corporate goals. Run your diagnostic by accessing this link and discover what level of impact management your company is at and what steps you should implement to advance toward your sustainability goals.