3 Trends I’m Watching in Sustainability
3 Trends
My name is Amalia Adler-Waxman and I’m SVP Head of Sustainability at Teva. Here are the key trends I’m watching in this area.
1. Voluntary reporting becomes mandatory
For years sustainability has been all about transparency. Reporting is the cornerstone of disclosing why, what and how companies advance their long-term goals. But consistency remains a challenge for Environmental, Social and Governance (ESG) reporting.
What we now observe is that governments and regulatory bodies worldwide are increasingly creating regulations that will strengthen current disclosure and enhance transparency of companies’ sustainability practices. This shift incentivizes the private sector to improve its sustainability practices and performance. Financial incentives and market pressure from ESG-focused investors and lenders further encourage this trend.
I hope that regulations will drive innovation and enhance long-term risk management as they progress.
2. Integration of sustainability into the business
The responsibility for sustainable practices can no longer fall solely on sustainability teams or units and it is not merely an add-on, nice to have set of activities. Sustainability practices are becoming more complex and regulated and are evolving all the time. This is why sustainability is increasingly becoming part of different functions’ day to day focus.
At Teva, sustainability considerations are being integrated into every aspect of the company. As we say at Teva "Sustainability is everyone's business".
Functions are now required to include sustainability considerations in their annual operating plans (AOP) and long-range planning (LRP). This collective effort ensures accountability across the business to achieve sustainability objectives.
3. Real world measurable impact
Today's stakeholders demand more than just slogans and reports; they want to see the real, measurable, positive, environmental, and societal impact of sustainability efforts.
Companies are now expected to provide concrete data on the outcomes of their sustainability initiatives. This for example could mean detailing how many people were positively impacted through an initiative and in what way.
In conclusion, the sustainability landscape is evolving rapidly, driven by stringent regulations, integrated decision-making processes, and the demand for measurable impact. Companies that embrace these trends will not only comply with emerging regulations but also lead the way in creating a more sustainable healthy future.
NPS-ALL-NP-01355-AUGUST-2024
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