Markerstudy’s Lizzie Smith-Foreman on the importance of a sustainability strategy

Consumer Duty’s implementation has accelerated change and propelled us all to evolve faster.

This, combined with the forces of climate, technology, geopolitics and the economy, will deeply influence a business’ sustainability strategy.

As well as shifting to a more customer-centric model, businesses may need to closely examine their purpose – to demonstrate commitment to a diverse, equitable and inclusive workplace, for example, while structuring its sustainability ambitions to pave the way to an improved workplace, environment and society.

Net zero journey

Many businesses find themselves propelled towards a net zero journey. If they aren’t already measuring their annual carbon footprint, this will be demanded of them from their customers and partners, with an insistence that to do business together they must fulfil certain sustainability criteria.

We must recognise that simply switching to renewable energy sources is not enough. We must reduce, reuse and recycle all purchased goods. It’s also important that we understand our impact on our local ecosystems.

While investing in reducing carbon emissions, organisations will need to take action to mitigate their carbon footprint. While finalising plans, other avenues that help short-term could be considered, such as offsetting emissions and supporting quality forest management and conservation projects.

Aligning yourself with organisations that are helping businesses achieve their sustainable goals is a path many have chosen to validate their statements. 

The Science-Based Targets Initiative (SBTi) is a recognised programme defining and promoting best practice in science-based target setting. Companies, such as ours, who sign up to this commitment are holding themselves accountable by agreeing meaningful emissions reduction targets in line with SBTi’s requirements.

Communicating ESG activities successfully

As companies evolve, so do their colleagues, customers and suppliers, and reassessing your commitment to them is important so everyone knows what they are working towards.

Taking colleagues on the journey with you is vital. Creating colleague feedback channels, with working groups and forums delivering clear action plans, can help ensure they truly buy into the activities and the part they can play to help make positive change.

For example, a pertinent question is: ‘Do your colleagues understand what you mean by ESG?’.

Do they understand the barrage of information that they are seeing and hearing? Is there confusion around terminology? What does a journey to net zero actually mean?

To address this common issue, you may want to consider creating a dedicated sustainability team, who communicate the business strategy on sustainability using language that is more relatable to colleagues and customers alike.

Aiming to inspire and create positive change throughout an organisation and within local communities is top of many businesses’ agenda. Conveying these messages effectively and efficiently, both internally and externally, is vital to communicate what your business and its sustainable goals stand for.

UN sustainable development goals

In the wider market, organisations such as the United Nations are working hard to encourage businesses to pledge their support for sustainability activities. The 2030 Agenda for Sustainable Development, adopted by all member states in 2015, include 17 sustainable development goals, which are an urgent call for action by all countries.

Many companies, like ours, have assessed the SDGs and chosen to embed specific ones into their sustainability strategy. This focus means that a business can dedicate more resource to achieving targets that are operationally relevant to it.

Focusing minds

We all want to change for good, and for a business this means embracing the responsibility to operate sustainably for the wellbeing of their people for generations to come.

Introducing a sustainability strategy will ensure a focus on the actions that have the most impact on a business’ operations and colleagues’ lives. 

Blending what is important to the business, such as supply chain and operations, and what is important to colleagues, such as volunteering opportunities and diversity, equity, inclusion and belonging programmes, will mean everyone feels a part of the journey, from the top down.

A clear strategy, with clear messaging, and clear ambitions – which are executed well – means an organisation has a better chance of uniting its stakeholders and truly embedding sustainability into everything it does.