SUSTAINABILITY TRENDS 2024

Sustainability
trends

2024
 SUSTAINABILITY TRENDS 2024

Foreword
by Lubomila Jordanova,
CEO and Co-founder of Plan A

Reflecting upon COP28, a defining moment in and the U.A.E. Declaration on Sustainable sustainability into the core of business
our collective response to climate change, it is Agriculture, Resilient Food Systems, and operations – is a more authentic and impactful
clear that the path forward is both challenging Climate Action are a testament to the global approach. It demands a deeper understanding
and filled with opportunity. The discussions community's desire to address these of our environmental impact and a
here at the summit underscore the critical challenges. However, national net-zero targets, commitment to internal change, aligning our
need for a seismic shift in how businesses covering 88% of global greenhouse gas business practices with the ecological
approach sustainability. This paper, emissions, are yet to fully integrate concrete imperatives of our time.
"Sustainability Trends 2024", is an endeavour plans for phasing out fossil fuels. This gap
to chart that course. between ambition and action is where As we reflect on the insights and discussions
businesses can step in, bridging it with from COP28, it is evident that the journey
We are at a juncture where the policy science-driven strategies and bold towards decarbonisation is as much a
landscape resembles a minefield, complicated commitments. scientific endeavor as it is an economic and
yet navigable with informed strategy and ethical one. From the UAE's ambitious green
innovative thinking. As leaders, we are called In this context, technological solutions emerge finance pledge to the heated debates over
upon to steer our organisations through this as a beacon of hope and practicality. They fossil fuel phase-out, COP28 has highlighted
labyrinth, not just to comply with emerging enable us to engage stakeholders effectively, the complexities and nuances of this journey.
regulations but to redefine what it means to do particularly in supply chains, fostering It is a path paved with challenges, but also
business in a decarbonised economy. The transparency and accountability. By leveraging brimming with opportunities for innovation,
commitment to low-carbon business models data and cutting-edge technology, we can growth, and leadership.
and making net-zero business-as-usual is no monitor and manage our environmental impact
longer a distant goal but an immediate with unprecedented precision, transforming In conclusion, this whitepaper serves as a
imperative. the way we operate and interact with the world guidepost for businesses ready to embark on
around us. this critical journey from 2024 and beyond. It
At COP28, amidst the historic but ambiguously is a call to action for informed, science-based
worded fossil fuel agreement, the theme of Moreover, as the conference has reiterated, decision-making and bold, transformative
energy transition was central, emphasising the moving beyond greenwashing and carbon leadership. As we navigate the uncertainties
urgent need for immediate action to stay offsetting is not just a moral choice but a and opportunities of this era, let us be guided
below 1.5 degrees. The Global Cooling Pledge strategic one. Promoting insetting – integrating by the knowledge that our actions today will
shape the world of tomorrow.
 SUSTAINABILITY TRENDS 2024

Table of contents

Foreword
by Lubomila Jordanova,
CEO and Co-founder of Plan A:

Introduction

01 The decade of climate 03 Greenwashing scrutiny

disclosure. Are you ready? intensifies

02 Low-carbon business 04 Leveraging technology

models? Making net-zero for enhanced stakeholder
business as usual engagement

Conclusion
 SUSTAINABILITY TRENDS 2024

Introduction of despair and what can corporate

sustainability contribute to solving one of the
• Green technology investment. Staying
ahead in a rapidly evolving landscape of
most wicked problems society has ever faced? green technology requires Resource &
This report summarises four key sustainability Development (R&D) and a willingness to
trends that are highly likely to materialise in embrace new solutions.
2024.
How did it compare to the research our
Before we jump straight into sustainability, it is internal experts gathered in combination with
impossible to talk about the hype surrounding surveys of industry leaders? Average. It
large language models, such as ChatGPT3 and certainly picked up some hot topics that are
artificial intelligence (AI). Before exploring the discussed within corporate sustainability
trends and underpinning scientific evidence, circles and we have seen other ‘Trends 2024’
we did what many curious minds nowadays articles online based on these exact four
would have done – ask ChatGPT. We created a principles (nearly verbatim). But it did not offer
new, clean account with no previous prompts meaningful insight nor any underpinning
and asked the model what it considered the evidence to back up the claims4 . This flaw is
sustainability trends in corporate reporting understandable as large language models are
would be in 2024. only as good as their data, the prompts its
given, and even then, there is a wide variability
Our prompt was to consider the perspective of a in performance depending on how the model
global management consultancy with clients is configured5. One of the major drawbacks of
spanning from fashion to venture capitalists and these technologies, as revealed by a research
operations distributed across the globe. The consortium including Google Mind, is with a
answer was: budget of $200 one can extract over 10,000
Figure 1. Figure SPM.5: Global emissions pathways consistent with implemented policies and mitigation unique training examples and prompts from
strategies1
• Shifting from linear production to circular these technologies. This process potentially
production for minimising waste and exposes sensitive personal information, such
resources. as private conversations, personal identifiers,
The latest International Panel on Climate Change What does this mean? In short, without or confidential documents.6
(IPCC) report presents a grim reading from an corporate sustainability action or government • Carbon footprint transparency. Increasing
environmental perspective. It showcases the interventions, the planet will experience regulatory and consumer demand for As this paper focuses on sustainability, we will
devastating consequences climate change has irreversible change and future generations will transparent carbon footprint disclosure. now deep dive into the trends that our team
already had and will continue to have, on the suffer the consequences that we are revealed based on primary evidence
ecosystem and on people’s lives1. Of the 8,000 experiencing already. Scientists have • Sustainable supply chain management. (interviews with corporate leaders) and
pages of scientific evidence, the one that stands confirmed that 2023 is the hottest year on Overhauling supply chains to be more secondary evidence (scientific evidence and
out is Figure SPM.5. record2. Is there a sense of hope within the sea sustainable and ensure global coordination. market research).

3
https://techcrunch.com/2023/12/05/chatgpt-everything-to-know-about-the-ai-chatbot/
2
https://climate.copernicus.eu/copernicus-november-2023- 4
https://blogs.library.duke.edu/blog/2023/03/09/chatgpt-and-fake-citations/
1
https://www.ipcc.ch/report/ar6/syr/downloads/report/IPCC_AR6_ remarkable-year-continues-warmest-boreal-autumn-2023-will-be-
SYR_SPM.pdf warmest-year#:~:text=Copernicus%3A%20November%202023%20 5
https://www.semanticscholar.org/reader/c23d9d44e8bc68408cea9f305d1f24d915bc0d0d
%E2%80%93%20Remarkable%20year,Copernicus
6
https://arxiv.org/pdf/2311.17035.pdf
 SUSTAINABILITY TRENDS 2024

01 The decade of From a corporate sustainability perspective, there is an argument that they’re not quite

climate disclosure.
this means companies have an opportunity to aligned. In the United States, the complexity of
embrace increased ESG disclosure and stay disclosure has led to an ideological battle
ahead of the curve. This proactive approach between liberal and conservative states

Are you ready?

prevents the company from facing cliff-edge according to a review in the Harvard Law
burgeoning regulatory demands. A study School Forum13. Investors point to the
based on 8,369 firm-year observations from 51 standardisation minefield as a weakness and
countries demonstrates that a proactive barrier towards ESG-related investments.14
As we venture into 2024, companies worldwide In response to these scientific findings, global
approach acts as a mitigation measure as it
are navigating an entire ocean of current and policy development has pivoted sharply towards
increases forecast accuracy and reduces
upcoming regulations that also vary depending environmental sustainability. The last three years Why does this matter?
potential ESG controversies8. Effective climate
on size, revenue, and global presence. This have seen a doubling of ESG disclosure policies, Businesses crave certainty, empirical metrics
disclosure becomes not just a compliance
complex regulatory landscape coupled with an from 614 in 2020 to 1225 in 20237. This surge is and data to make decisions. Keeping abreast
strategy, but a critical component of resilient
increase in climate disclosure policies signals a predominantly driven by environmental concerns of the policy, technical, political and science is
and forward-thinking business leadership.
step change in the regulatory cycle. We and carbon emissions reduction strategies in becoming an increasingly more burdensome
anticipate a realignment of regulatory response to IPCC and scientific findings. Critically, task. A survey of more than 1,000 business
Finally, the question that dominates board
pressures, shifting the focus from it signals wa shift that policy is entering a new leaders outlines how making decisions now is
rooms, investor calls and C-level discussions:
policymakers to a direct onus on businesses phase – from passive formulation to active statistically harder than it has ever been15.
“Is there a causal link between ESG choices
for compliance and accountability. disclosure, evaluation, and enforcement. Companies need a trusted partner that can
and shareholder value?”. The evidence is rather
mixed: one group says “Yes, there’s a $4 trillion help guide them on the journey so they can
dividend”9, a second group claims “Yes, but focus on what’s important for them16: making
the actual impact may be modest” 10, 11 , and a decisions and ensuring their business grows
third group says it is “symbolic rather than sustainably. The global race for standardisation
substantial” 12. To answer this question and synchronisation is on.
accurately, we need better alignment and
standardisation. Without transparency in The Carbon Disclosure Project
methods, inputs and data – our industry will
be stuck in an infinite loop of trying to
(CDP) to align with International
compare apples and oranges. Sustainability Standards Board
(ISSB) climate disclosure
Standardisation and standard in 2024
(mis)alignment The CDP, a global environmental disclosure
platform, and the European Financial Reporting
As shown in Figure 1, there are a myriad of
Advisory Group (EFRAG) have announced a
Figure 2. Corporate Sustainability Reporting Directive (CSRD) disclosure policies, standards, and methodologies and

MooreStephens2020/Documents/Moore_ESG_White-Paper_FINAL.pdf 13
https://corpgov.law.harvard.edu/2023/03/11/esg-battlegrounds-how-
7
Chalmers, AW, Klingler-Vidra, R, van der Lugt, C, van de Wijs, PP
the-states-are-shaping-the-regulatory-landscape-in-the-u-s/
& Bailey, T 2023, Carrots & Sticks: Beyond Disclosure in ESG and 10
https://link.springer.com/article/10.1007/s11142-022-09701-4
Sustainability Policy 14
https://www.mdpi.com/2071-1050/14/9/5157
https://fintech.global/2023/04/21/why-esg-activities-correlate-
11
8
https://www.sciencedirect.com/science/article/abs/pii/
with-stronger-financial-performance/#:~:text=A%20study%20by%20 https://www.raconteur.net/leadership/why-decision-making-is-
15
S1057521922003234
Bain%20%26%20Company,and%20growth%20for%20private%20firms. more-complex-than-ever
9
https://www.moore-global.com/MediaLibsAndFiles/media/ 12
https://link.springer.com/article/10.1007/s43979-022-00025-5 16
https://plana.earth/category/policy-regulations
 SUSTAINABILITY TRENDS 2024

" The greatest challenge lies in maintaining a Task Force on Climate-related Conclusion
deep commitment and internal leadership to Financial Disclosures (TCFD) and
The year 2024 stands as a landmark in the
stay accountable to climate goals, even if it International Financial Reporting journey towards enhanced climate disclosure,
the message is clear: companies have an
necessitates transforming business model Standards (IFRS) alignment
opportunity to take control of their destiny in

pathways. The opportunity arises with the Established in 2017 by the Financial Stability
this rapidly evolving regulatory landscape. The
choice is stark – either let the tide of
Board (FSB), the Task Force on Climate-related
implementation of AI across corporate and Financial Disclosures (TCFD) initially offered
regulation determine your course or
proactively steer your business towards
voluntary disclosure recommendations to
climate disclosure data systems and standards. address the fragmentation in reporting
resilience and market leadership.

This technology can effectively sort and frameworks. Following the publication of the
IFRS S1 and S2 standards, the TCFD has been
While specialised support like Plan A is

harmonise stocktaking processes, especially in integrated into the International Sustainability

invaluable, the diversity of ESG necessitates
tailored strategies. Businesses can choose to
Standards Board (ISSB).
the realm of mandatory disclosure." only be regulation-ready or embrace this
challenge and shape the future of
This integration, requested by the FSB, marks
Martin Wainstein sustainable development. Are you ready to
an important step in streamlining sustainability
Founder and Executive Director at Open Earth Foundation take this leap of faith?
reporting frameworks and simplifying
disclosure initiatives for companies and
investors. Harmonisation with IFRS S2 standard:
One of the notable developments in 2024 is
the streamlining between the IFRS S2 Standard
collaboration to align CDP's disclosure system and TCFD recommendations. Following the
step towards harmonising sustainability
with the EU's European Sustainability Reporting publication of IFRS S2 by the ISSB, there has
reporting globally, ensuring that stakeholders
Standards (ESRS). This initiative is part of the been a concerted effort to align these
have access to consistent, reliable, and
Corporate Sustainable Reporting Directive standards with TCFD guidelines. This alignment
comparable information.
(CSRD). The collaboration will focus on ensures that companies adhering to IFRS S2
accelerating the adoption of ESRS and will simultaneously be meeting the TCFD
supporting companies to prepare for new requirements for climate-related disclosures
reporting requirements. As we progress from 2024 onwards. Such alignment is crucial
through 2024, the ISSB’s standards are set to in reducing reporting complexity and
redefine how companies report on increasing the consistency and comparability
sustainability and climate-related matters. The of climate-related financial information across
implementation of these standards is a crucial sectors and borders.
 SUSTAINABILITY TRENDS 2024

02 Low-carbon business Entering the Responsibility Monitor. Only 5 out of 24

models? Making net-

companies analysed in their 2023 report were
decarbonisation era found to be genuinely committed to deep
decarbonisation in alignment with their net-
2024 marks the beginning of the ‘decarbonisation

zero business as usual

zero pledges20. This scenario underscores the
era,’ a pivotal shift in corporate response to
inadequacy of relying solely on carbon capture
mitigate climate change18. This era is defined by the
strategies like extensive reforestation.
implementation of global policies and a structured
Bloomberg and Oxfam's findings indicate these
climate journey for companies, encompassing the
To limit global warming to the critical threshold actively implementing substantial, low-carbon strategies could lead to an increase of 80% in
five key stages of a company maturity journey:
of 1.5°C, the pace of decarbonisation must business models. This approach is global food prices due to land constraints21 .
pledge, disclose, deliver, monitor, and adapt.
accelerate to a rate 11 times faster than what fundamental in determining how businesses
This journey is integral to how businesses will
we are currently achieving17. This means that influence and adapt to the evolving Moreover, the complexity of these pledges is
shape, or be shaped, by the emerging
companies have to transition their operations environmental landscape. evident in the struggles faced by businesses in
environmental landscape in the coming years.
from simply making net-zero pledges to implementing them. For instance, only 30% of
UK businesses have a net-zero strategy22, and
The complex nature of many feel overwhelmed by the necessary steps.

pledges and action Globally, over one-third of the world's largest

companies have set net-zero targets, yet most

“Climate and sustainability are influencing every The corporate world has seen a significant fail to meet basic reporting standards23.
uptick in net-zero pledges. Over 700 top
business, yet it still demands a leap of courage publicly traded companies, including 59 from While making net-zero commitments is an
honourable principle, and soon-to-be
to decide how your company will adapt its the FTSE 100, have committed to net-zero
emissions by 205019. These pledges, while mandatory policy as outlined in our first trend,

business model to satisfy your customers' or representing a collective stride towards

decarbonisation, also introduce substantial
the true value and credibility of pledges is
backed by sustainable business models.
clients' needs. For business leaders, taking this challenges. The urgency to meet stakeholder
expectations can turn these commitments into Carbon accounting, as a discipline, is evolving
leap of faith to discover their role in this industry a double-edged sword, especially as deadlines beyond descriptive analysis of emission
recording and evaluation. Concerns about the
revolution is both the greatest opportunity and to meet these goals are approaching. This
urgency can lead to a rush in reassessing potential for gaming the system are growing,

the biggest challenge.” goals, potentially attracting negative media leading to anticipation of intensified
standardisation efforts, as noted by He et al.
attention and public scrutiny.
(2020)24 and Aikman et al. (2023)25. This
Steve King
The integrity and transparency of these evolution underscores the importance of
Sustainability Solutions at Visa
pledges are critically evaluated by disclosure, action, and regular monitoring as
organisations like the Corporate Climate fundamental pillars in the climate journey.

20
https://newclimate.org/sites/default/files/2023-02/NewClimate_
17
https://www.pwc.com/gx/en/news-room/press-releases/2022/net- 23
https://zerotracker.net/analysis/new-analysis-half-of-worlds-largest-
CorporateClimateResponsibilityMonitor2023_Feb23.pdf
zero-economy-index-2022.html companies-are-committed-to-net-zero
21
https://www.oxfamnovib.nl/Redactie/Downloads/Rapporten/Fixing-
18
https://link.springer.com/article/10.1007/s11301-023-00318-8 24
https://onlinelibrary.wiley.com/doi/epdf/10.1111/acfi.12789?saml_referrer
our-Food.pdf
19
https://newclimate.org/resources/publications/corporate-climate- 25
https://www.kcl.ac.uk/business/assets/pdf/research-papers/kbs-
22
https://www.gov.uk/government/news/third-of-uks-biggest-
responsibility-monitor-2023 research-impact-paper-1-emissions-gaming.pdf
companies-commit-to-net-zero
 SUSTAINABILITY TRENDS 2024

R E A L- LI F E E X A M P LE
The decarbonisation journey is not always
straightforward, as illustrated by the
experience of Lego. In their pursuit to develop
environmentally friendly alternatives, Lego
invested two years in creating a new type of
plastic. However, this initiative led to an
unexpected outcome: the new material
resulted in higher overall carbon emissions.
This case emphasises the complexities and
sometimes counterintuitive results that can
“The greatest challenge for corporate and real arise in the path to sustainability.

economy stakeholders will be the development

of a low/no carbon business model. The transition “The Lego example is a case study that companies
to a Paris-aligned world will not be easy for many can adopt a scientific approach in their sustainability
corporations, particularly those in the carbon- journey: one of experimenting, sometimes failing, but
intensive sectors. The transition period will always transparently moving forward. Science, in its
be bumpy and many companies will need to nature, is a story of learning from failure.”
completely reinvent their business model. The Dr. Dzhordzhio Naldzhiev
Research lead at Plan A
execution and technology risk presented will be
great, however, there is no plan B for a net zero
carbon world.” The same principle applies to some two key lessons: measuring the impact of each
decarbonisation initiatives26. Some efforts may action regularly over time is critical and
Michael Sheren fail partially – adding insulation in buildings sometimes initiatives go wrong so we need to
Fellow at Cambridge University Institute for Sustainability Leadership only decreases carbon emissions in the short adapt and be ambitious to reach net- zero.
term27, because people use the same energy
to heat their homes and buy ‘comfort’ (i.e.
higher indoor temperature)28. Or in the case of
Lego – they may fail29. This example provides

26
https://www.frontiersin.org/articles/10.3389/fnins.2019.01121/full
27
https://www.cam.ac.uk/research/news/insulation-only-provides- 29
https://theconversation.com/legos-esg-dilemma-why-an-
short-term-reduction-in-household-gas-consumption-study-of-uk-
abandoned-plan-to-use-recycled-plastic-bottles-is-a-wake-up-call-
housing
for-supply-chain-sustainability-214573
28
https://www.ucl.ac.uk/bartlett/energy/energy-use-uk-building-
stock-new-empirically-based-models
 SUSTAINABILITY TRENDS 2024

Strategies for effective As companies navigate the challenging yet

decarbonisation opportunistic landscape of 2024, the transition
to low-carbon business models emerges as
Overcoming the gap between intention and both a necessity and a strategic advantage.
action requires a shift from traditional linear While progress is being made in reducing
business models towards more sustainable, direct emissions, addressing Scope 3
circular, ones. For example, companies reliant emissions across supply chains remains a

“Companies globally are balancing two competing on extraction and depletion of resources are challenge. Collaborative approaches with SMEs
are essential for effective reductions in these
encountering greater challenges in
priorities: a market pushing them towards greater transitioning to new operating models. indirect emissions34 .

profitability against customers and regulatory For instance, circular business models in the Conclusion
pressure to demonstrate progress towards net- fashion industry could generate a $560 billion
2024 emphasises a crucial juncture in
economic opportunity. Practical examples
zero. Soon I believe these two priorities will fully from the fashion industry30 include:
corporate sustainability efforts. This period
demands a shift from mere net-zero pledges
align and the market will heavily reward the • Rainwater harvesting systems used in the
to the actual implementation of impactful,
low-carbon business models. The journey,
companies that took proactive steps to measure manufacturing process
marked by challenges and opportunities,
involves not just compliance but innovation in
and start on the decarbonisation journey.” • Using innovative dyeing techniques
sustainable practices.

Paul Murphy • Substituting high-carbon with low-carbon

Companies are now exploring transformative
Partner at Lightspeed Venture Partners materials (leather -> cotton)
approaches, such as circular business models
and innovative technology, to align profitability
• Eliminating single-use plastics and using
with sustainability. The path is complex and
recycled materials for packaging
requires resilience, but it presents an
unparalleled opportunity for businesses to
Another innovative case study is leveraging
lead in the decarbonisation era. In essence,
waste heat from data centres to reduce the
2024 is a year of action and adaptation for
heating demands of homes31 . Pilots for this
businesses, challenging them to not only meet
effort already exist on a local level where a UK
their net-zero commitments but to be
pool is heated by a mini data centre32, and
trailblazers in sustainable development. Will
Amazon, Facebook, Microsoft and Apple have
you rise to the occasion and set a precedent
already invested in similar projects33.
for a sustainable, net-zero future?

30
https://www.sciencedirect.com/science/article/pii/
S2772390922000130
34
https://www.cdp.net/en/articles/
31
https://www.gov.uk/government/news/thousands-of-homes-to-be- supply-chain/4-steps-for-
kept-warm-by-waste-heat-from-computer-data-centres-in-uk-first reducing-scope-3-emissions-and-
accelerating-action-through-your-
32
https://www.bbc.co.uk/news/technology-64939558 supply-chain
33
https://www.greenbiz.com/article/data-center-warms-homes-waste-heat
 SUSTAINABILITY TRENDS 2024

03 Greenwashing
scrutiny intensifies
As we advance into 2024, companies are from superficial gestures38. Shifting beyond The struggle against greenwashing is expected This requirement extends to companies
required to transcend the practice of conventional carbon offsetting towards carbon to intensify in 2024, spurred by heightened outside the EU that target European
greenwashing worldwide, with specific insetting39, coupled with the integration of life regulatory scrutiny. Companies will face consumers with green claims.
greenwashing regulations being implemented cycle assessments, amplifies an organisation's increased pressure to provide full
in the EU35, UK36 and the US37. Responsible transparency. These strategic measures are transparency, particularly due to the evolving IFRS S1 and IFRS S2 standards issued by the
business leaders must adopt a comprehensive anticipated to play a pivotal role in the legal landscape. The European Union has taken International Sustainability Standards Board
and transparent sustainability approach that is evolving landscape of sustainability practices, a bold step by prohibiting greenwashing and (ISSB) set uniform sustainability and climate
both genuine and legitimate. Stakeholders are indicating a broader industry movement climate-neutral assertions by 202641 , and standards for companies to follow globally from
increasingly insistent on a sincere commitment towards authentic and impactful companies could now face potential penalties 202442. The introduction of such standards
to sustainability, necessitating a departure environmental stewardship. of up to 4% of their annual revenue for making mitigates the harm associated with poor data
misleading environmental claims. quality and lack of common standards which
previously allowed companies to overstate their
The Green Claims Directive is a regulatory climate credentials, or ‘greenwash’.
Greenwashing is a deceptive tactic used by framework that outlines explicit guidelines
mandating companies, irrespective of their Companies are anticipated to undertake
companies to mislead stakeholders into thinking origin, to adhere to stringent criteria when substantial revisions to their marketing
articulating environmentally friendly methodologies, to fortify themselves against
that their environmental efforts are more assertions. These guidelines encompass potential allegations of greenwashing. The

significant than they are. This misrepresentation is substantiation prerequisites, prohibitions

against deceptive claims, and the utilisation of
foreseeable consequences, inclusive of
potential customer and investor attrition and
not only misleading but can also harm a company's standardised environmental labels for all potential harm to brand reputation, underscore
products and services marketed within the EU. the imperative for enterprises to abstain from
reputation, damage customer trust, and ultimately Non-compliance may result in fines, sanctions, engaging in deceptive practices.

hinder progress towards a sustainable future40. and product recalls. The proposed directive
necessitates independent verification and
scientific substantiation for covered green
claims, with oversight by autonomous bodies
under the jurisdiction of EU member states.

37
https://www.globalpolicywatch.com/2023/05/the-green-claims-
35
https://www.europarl.europa.eu/news/en/press- global-drive-developments-in-the-uk-us-and-eu/
41
https://plana.earth/academy/how-eu-greenwashing-regulations-
room/20230918IPR05412/eu-to-ban-greenwashing-and-improve- 38
https://www.clientearth.org/what-we-do/priorities/greenwashing/ impact-business
consumer-information-on-product-durability
39
https://plana.earth/glossary/carbon-insetting 42
https://www.ifrs.org/news-and-events/news/2023/06/issb-issues-
36
https://www.fca.org.uk/news/press-releases/fca-proposes-new-
ifrs-s1-ifrs-s2/
rules-tackle-greenwashing 40
https://plana.earth/academy/how-eu-greenwashing-regulations-
impact-business
 SUSTAINABILITY TRENDS 2024

Ways to avoid greenwashing 03 Integration of sustainable practices There is a role for carbon offsetting, including The same principle applies to carbon
To combat greenwashing, companies must support for nature-based solutions, but only if accounting. Offsetting is much more
01 Transparency and accountability integrate sustainability into their core business implemented properly and evaluated holistically straightforward for businesses as it involves
One crucial aspect of circumventing operations. This involves adopting sustainable and longitudinally. This means measuring the mostly desktop searches and due diligence:
greenwashing involves transparent practices not only in the final product but also impact of those efforts rather than a ‘set and for example, paying thousands to consultants
communication and accountability. in the supply chain, production processes, and forget’ mentality. For instance, tehnological to advise on whether you should pay the
Organisations must provide clear and accurate distribution networks. This holistic approach advancements and secure data transfers $5000 to Company B or Company C47.
information regarding their sustainability ensures that sustainability is deeply provide a solution for companies to automate However it may simply ‘wash’ the problem
efforts. Third-party certifications and embedded in the organisation's DNA, fostering processes, despite requiring resources. Seddon away without having any meaningful impact on
independent audits play a pivotal role in a genuine commitment that goes beyond (2022) provides examples of both good and bad the world. There is space for offsetting, but a
verifying and substantiating claims and surface-level claims. case studies of nature-based solutions in their big trend emerging is the discussion, and
instilling confidence in stakeholders. This recent peer-reviewed study46. scrutiny, of how prominent it is part of
approach ensures that sustainability is not just companies' corporate sustainability strategies.
Offsetting under the spotlight
a marketing strategy but a genuine Let's consider an analogy involving water
commitment backed by concrete actions. Offsetting has had a long and controversial companies to better understand the impact of Alternatively, Company A could investigate
history. On one hand, it offers companies a corporate environmental responsibilities. how they can take ownership of the problem
02 Life Cycle Assessments (LCAs) quick and easy way to ‘virtually’ reduce their Imagine your closest friends, relatives, colleagues and engage the local community to
Employing LCAs is another pivotal strategy for emissions. Research in the prestigious Nature or other close ones regularly swimming in the collectively resolve it (in the water analogy
avoiding greenwashing. These assessments Journal reveals some projects may not nearby lake. Would you prefer that the water case, a scandal has already materialised in the
analyse the environmental impact of a product causally reduce emissions by the amount company (Company A) located near the lake to: UK)48,49,. To avoid similar problems going
or service throughout its entire life cycle, from claimed43. Other ‘offsetting’ projects were forward, there are alternative options.
raw material extraction to end-of-life disposal. selected despite there being a high likelihood a Clean the sewage water before dumping it
By embracing LCAs, organisations gain a they would’ve been funded anyway even directly into the lake or not to dump
without the ‘offset’ fund44 . In the worst-case Carbon Insetting
comprehensive understanding of their sewage water into the lake at all
environmental footprint, allowing for informed scenario, such as the Ugandan National Park, Reducing emissions should always take
decisions and targeted improvements in offset projects not only failed to deliver the b Pay $5000 to Company B to clean a lake in a precedence as the primary objective. Carbon
sustainability practices. promised carbon savings but also potentially different country, but then not follow up and insetting has emerged as a forward-thinking
contributed to local conflicts and violence45. check whether Company B has done that strategy, prioritising internal initiatives within a

43
https://www.nature.com/articles/s43247-023-00984-2#Sec2 47
https://www.offsetguide.org/avoiding-low-quality-offsets/
conducting-offset-quality-due-diligence/#:~:text=Offset%20
44
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3950103
project%20due%20diligence%20can,you%20are%20acquiring%20 49
https://deframedia.blog.gov.uk/2023/12/04/environment-agency-
45
https://www.sciencedirect.com/science/article/pii/ offset%20credits.
response-to-panorama-investigation/
S001671851400147X
https://www.bbc.co.uk/iplayer/episode/m001t4g5/panorama-the-
48

46
https://www.science.org/doi/full/10.1126/science.abn9668 water-pollution-coverup
 SUSTAINABILITY TRENDS 2024

company's value chain to directly diminish its decarbonise heat52. They were developed more
carbon footprint. This approach not only than 150 years ago53, commercialised more
underscores the commitment to emission than 70 years ago54 and there have been >600
reduction but also serves as a fundamental million units installed worldwide55. Why have
principle, replacing traditional offsetting they not replaced gas, oil, or coal heating
methods in alignment with broader globally? For starters, some consumers view
sustainability goals. them as an incredibly complicated
technology56,57, - despite existing for hundreds
Implementing carbon insetting involves of years. In fact, the decarbonisation of heat is
identifying areas within the value chain where a large political issue, polarising parties
emissions can be reduced. This may include worldwide58. Additionally, a significant factor in
investing in renewable energy projects, the slow global adoption of heat pumps has
reforestation efforts, or sustainable agriculture been the covert lobbying campaigns. These
practices where companies form partnerships campaigns, funded by fossil fuel companies,
or joint funds to finance these activities. By have employed PR representatives, former
actively participating in projects that mitigate politicians, and trade associations to subtly
environmental impact, organisations not only oppose the use of heat pumps59. What can we Understanding insetting.
Credit: International Platform for Insetting
contribute to global sustainability but also learn from this experience? Let’s ensure the
enhance their resilience to climate-related same narrative doesn’t play out in wider
risks50. From a scientific perspective, ‘insetting’ sustainability issues.
is not a novel initiative as it has existed as a “Organisations should transition from a
concept since at least 200951 . To ensure the efficacy of carbon insetting,
organisations need robust metrics and narrow focus on carbon emission reduction
However, in 2009, there were less than 10
papers published in the scientific domain
monitoring systems. Establishing KPIs allows
companies to track the impact of their
KPIs to adopting a more comprehensive set
about “insetting” versus more than 10,000 insetting initiatives over time, providing a of environmental KPIs. These metrics should
papers about “offsetting”. Why is it outlined as quantifiable measure of their contributions to
a key part of the trends nearly 15 years after it carbon reduction. This data-driven approach encompass not only carbon but also include water
was first introduced as a concept – because it facilitates continuous improvement and
is expected to finally become mainstream and demonstrates a commitment to tangible, and biodiversity considerations, ensuring they are
displace offsetting gradually over time. measurable sustainability outcomes.
clear and actionable for internal stakeholders.”
Some good initiatives have a very long
Aude Vergne
adaptation curve – a prime example is the
Chief Sustainability Officer at Chloé
humble heat pump. Heat pumps are a
scientifically proven and cost-effective way to

50
https://www.sciencedirect.com/science/article/pii/ 57
https://www.edie.net/british-public-still-find-heat-pumps-too-
S2590174523001605 54
https://www.osti.gov/etdeweb/biblio/6405008
expensive-and-complicated-lords-warn/
51
https://ecometrica.com/assets/insetting_offsetting_technical.pdf 55
https://www.iea.org/reports/installation-of-about-600-million-heat- 58
https://www.ft.com/content/acd6e873-751a-46bc-b789-
pumps-covering-20-of-buildings-heating-needs-required-by-2030
52fc49165833
52
https://www.nature.com/articles/s41560-022-01104-8
56
https://www.ipsos.com/en-uk/brits-want-to-fight-climate-change- 59
https://www.desmog.com/2023/07/20/revealed-media-blitz-against-
53
https://www.technologyreview.com/2023/02/14/1068582/ but-third-of-consumers-unaware-how-make-homes-greener
heat-pumps-funded-by-gas-lobby-group/
everything-you-need-to-know-about-heat-pumps/
 SUSTAINABILITY TRENDS 2024

04 Leveraging technology about not only the company’s (carbon) transparently measure sustainability KPIs and

for enhanced
performance but the (carbon) performance of link them to wider corporate KPIs is a key
all its suppliers. CSO decision-making cuts output for any company in their investor
across logistics, finance, sustainability, engagements. We believe that sustainability

stakeholder engagement
stakeholder engagement, and other plays a critical role in how businesses make
departments or divisions. Technological decisions and a data-driven C-suite is
solutions and analytical dashboards will play empowered to take the optimal path for the
an ever-increasing role where the same development of their company.
As businesses face increasing pressure from number is however entirely sector, company,
underlying financial and carbon dataset could
regulations, investors, and consumers to ensure and methodology specific 62 .
transparency and sustainability in their wider
be categorised, visualised, and assessed
differently: depending on how the board or
Stakeholder engagement
operations, effective stakeholder management
will be crucial in 2024. Accordingly, 2024 will
Businesses will increasingly prioritise
sustainability within every aspect of their
C-suite responsibilities are split within the initiatives
company governance67.
see businesses increasingly adopting supply chain to achieve set targets63 and Technological solutions are set to play a vital
technologies and tools to assist them in further reduce their scope 3 emissions64 in 2024. A role in enhancing stakeholder engagement in
engaging their stakeholders via understanding recent Cambridge report highlighted that the Engaging investors 2024 – particularly within supply chains.
their supply chain and balancing their needs to
create long-term value. Through engaging with
case for circular (economy) start-ups is based
on technological innovation65. Industry leaders
with ESG Undertaking engagement activities is a vital
wider stakeholders, businesses will create are seeking technological solutions to engage Investors are playing a crucial role in the formative step when tackling decarbonisation
opportunities to learn more about their impact suppliers on decarbonisation, circularity, and growth and development of businesses. In initiatives. Utilising the assistance of
and gather materiality data. sustainable distribution to unlock a newfound parallel to sustainability's critical role in technologies, businesses in 2024 are set to
level of transparency and corporate value. This corporate boards' decision-making processes, allocate resources toward the following

Engaging suppliers means businesses - irrespective of their size

or industry - will ultimately be left with no
2024 will see investors continuing to direct
capital towards sectors and companies based
strategies to further engage stakeholders
across their entire value chain:
and partners other choice than to prioritise value-chain- on their sustainability and ESG strategy. A
wide sustainability. Harvard Law review reveals that a majority of 1 Setting and validating net-zero targets
For the majority of large entities, as much as
investors actively consider ESG in their
95% of their supply chain consists of a broad Within the context of the impact of 2 Risk and opportunity analysis
decision-making, however, there are variations
list of vendors60. Despite many of these technological development, Ipsos raise an between countries68 . McKinsey believes that 3 Carbon footprint calculation and validation
partners being small and midsize companies, interesting question on whether the Chief sustainable and low-carbon products perform
they still hold the potential to have an 4 Incorporating climate-related considerations
Sustainability Officer (CSO) should become better than those of peers on capital markets,
immense impact on the overall sustainability into critical decision-making processes
the Chief Value Creator66. The role of CSO has achieving greater shareholder returns, profit
and performance of the entire supply chain. evolved drastically over the last 5 years and as margins and growth 69. They also outline ways 5 Repositioning to meet the increasingly
McKinsey claimed in 2016 that supply chains they say “with great power comes great and approaches of how ESG can increase the sustainable demands of consumers
are responsible for up to 90% of a company’s responsibility”. The ESG performance of a value proposition and deliver enhanced
environmental impact on average 61 . The exact 6 Ensuring clear and transparent
company includes multi-faceted detailed data investment returns70. Being able to
communications

60 https://www.forbes.com/sites/sap/2022/04/15/owning- 63 https://plana.earth/set-decarbonisation-targets 68 https://corpgov.lThe Ipsos ESG Council Report

net-zero-small-actions-make-a-big-difference-in-b2b-
relationships/?sh=26a8d55572f7 65 https://www.cisl.cam.ac.uk/files/innovation_for_sustainability.pdf 69 https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/b2b-growth-is-where-
its-green
61 https://www.mckinsey.com/capabilities/sustainability/our-insights/ 66 https://www.ipsos.com/sites/default/files/ct/publication/
starting-at-the-source-sustainability-in-supply-chains documents/2023-07/the-ipsos-esg-council-report-2023.pdf 70 https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/Strategy%20and%20Corporate%20
Finance/Our%20Insights/Five%20ways%20that%20ESG%20creates%20value/Five-ways-that-ESG-creates-
62 https://onlinelibrary.wiley.com/doi/full/10.1111/jiec.13008 67 https://link.springer.com/article/10.1007/s42979-023-01789-y#Sec3 value.ashx
 SUSTAINABILITY TRENDS 2024

Based on the evidence we’ve reviewed and our

experience working with clients and guiding Driven by the imperatives of transparency and
them through their net-zero journey, these are sustainability, the landscape of stakeholder
the key technological advancements for engagement is undergoing a transformative shift
businesses: in 2024. Businesses are recognizing the critical
role of effective stakeholder management in
Supplier relationship navigating the pressures from regulations,
investors, and consumers. Technology, as a
management (SRM) systems
"Companies face mounting pressure to SRM technologies are emerging as a
catalyst for change, is emerging as a key pillar in
this transformation, offering innovative solutions
demonstrate their commitment to sustainability fundamental stakeholder engagement tool as such as SRM systems and decarbonisation
they provide a centralised platform for software to engage stakeholders across the
and set a leading example for their customers. The businesses to manage their relationships with entire value chain.
suppliers. For instance, SRM platforms may
next frontier is when brands leverage technology include sustainability performance metrics,
Businesses who wish to effectively engage
their stakeholders in this rapidly evolving
to create transparent and immutable records of and ensuring that suppliers are engaged with,
and adhere to sustainability standards and
sustainability landscape will be left with no

their sustainability efforts, establishing undeniable goals. Such technology also often facilitates
other choice than to leverage the power of
technological solutions in order to reap the
collaboration between stakeholders, allowing
connections between their initiatives and their suppliers, manufacturers, and distributors
true benefits of decarbonisation. Ready to

actual impact. This will not only foster trust but to work together towards common
sustainability objectives.
The year 2024 stands as a landmark in the
journey towards enhanced climate disclosure,
also enable companies to engage consumers Decarbonisation software
the message is clear: companies have an
opportunity to take control of their destiny in
more compellingly." As stakeholder engagement becomes more this rapidly evolving regulatory landscape. The
important than ever in 2024, corporate entities choice is stark – either let the tide of
Catherine Bischoff will adopt comprehensive decarbonisation regulation determine your course or
CEO at Sovereign Nature Initiative software solutions. Not only will such solutions proactively steer your business towards
enable businesses to collect data, measure resilience and market leadership.
their emissions, and ensure compliance with
While specialised support like Plan A is
sustainability disclosures — but
invaluable, the diversity of ESG necessitates
comprehensive sustainability software will
tailored strategies. Businesses can choose to
provide businesses with expert guidance on
only be regulation-ready or embrace this
engaging with suppliers and communicating
challenge and shape the future of
with internal and external stakeholders along
sustainable development. Are you ready to
the entire net-zero journey.
take this leap of faith?
 SUSTAINABILITY TRENDS 2024

Conclusion

The critical year of 2024 represents a landmark

in advancing climate disclosure, developing
low-carbon business models, engaging value
chains and leveraging technology for
accountability and transparency. Companies
face a stark choice: adapt proactively to the
evolving regulatory landscape or be passively
shaped by it. Emphasising transparency and
genuine commitment to sustainability efforts,
this paper encourages businesses to move
beyond mere regulatory compliance towards
actively shaping sustainable development's
future. It highlights the importance of embracing
technological solutions for effective supplier
engagement and stakeholder communication,
advocating for a robust, data-driven approach to
sustainability.
 SUSTAINABILITY TRENDS 2024

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