Take note. This is what is coming this year in terms of corporate sustainability.
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Goodbye to Greenwashing, increased skills and green employment, integrating sustainability into the business model or more investment in environmental and social impact. These are some of the trends that will mark the field of sustainability in 2024. This year, companies should pay special attention to the following issues to advance their “green”, social and good corporate governance commitments.
We have analysed it, and these are the main subjects in the field of sustainability and the environment this year for organisations:
Europe has proposed to put an end to Greenwashing. The approval in Parliament of the Green Claims Directive from the EU seeks to get companies to substantiate the environmental claims they make about their products and services to protect European consumers from “greenwashing”.
The Directive on ecological declarations will work together with the Regulation on Ecological Design, which will set eco-design requirements for goods marketed in the European Union in order to improve their environmental sustainability. A new “digital product passport” will provide information on product sustainability to help consumers make informed purchasing decisions.
The ecological transition will promote the creation of 24 million new “green jobs” in the world by 2030, according to data from the ILO. The investment in the climate change mitigation, the growing commitment of companies and consumer awareness of the environment are leading to a revolution in the labor market, which is already talking about “disruption”: The demand of professionals with knowledge in sustainability exceeds the supply.
The vacancies that require at least one green skill (proficiency in sustainable development, ESG or CSR) have increased by 15%, of Agreement with a recent LinkedIn report. And the World Economic Forum (WEF) estimates that the hiring rate for environmental sustainability specialists, that help companies achieve their sustainable objectives, will exceed 30%.
The Corporate Sustainability Reporting Directive (CSRD) The submission of information on corporate sustainability will apply from 2024. The new EU regulations forces large companies to publish regular reports on their social and environmental impact activities, as well as to include the dual materiality analysis in their business strategies. The CSRD increases its reach, affecting some 50.000 European companies. The “sustainability information” it is placed, like this, at the height of the financial report.
Big companies are called to lead the change. The Due Diligence Directive of companies in terms of sustainability requires companies to identify, prevent and design measures to repair adverse impacts about society and the environment of its activity, that of its subsidiaries and value chain. The CSDDD focuses on emissions and It will also affect the waste vector, considering that for due diligence to have a meaningful scope, it must encompass negative effects generated during waste management.
Integrating sustainability and impact into the business model will be key in 2024 for those companies that want to be part of the green transformation. Only the 14% of IBEX 35 companies And a 2% of the continuous market have incorporated impact measurement models to your business, according to a report by the consultancy firm Transcendent on the evolution of the management of the ESG aspects of listed companies.
However, it is expected that in the coming months the number of companies that measure, value, monetise and publish their net sustainability income statements And impact on the environment and society. A process with which they will seek to differentiate themselves and generate a net positive impact.
Investor pressure combined with regulation will, in addition, mean that medium and long-term goals lose relevance. No more procrastinating. Companies must be held accountable for their social and environmental objectives to shareholders, employees, customers and the market itself. The Ratings ESG will no longer assess objectives beyond 2030, and the balance between sustainability and financial profitability will mark business strategies.
The growing interest of consumers and society in general in the environment has had a significant impact in the area of corporate sustainability. Companies must take into account previous sustainability trends in 2024 if they want to make progress on their ESG objectives. From TEIMAS we help companies in their progress towards sustainability, the circular economy and decarbonisation in order to preserve resources, the environment and people's health.
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