As board members, it’s crucial to understand that the clock is ticking. The European Sustainability Reporting Regulation is not just a regulatory requirement; it’s a call to action. Many boards are revisiting their company’s readiness, only to realize a significant gap: sustainability is not yet a core part of their business strategy, business plans, and, perhaps most critically, their roles and reporting alignments.
Urgency Highlighted by the UN Climate Conference
The UN Climate Conference, COP28, from November 20 to December 12, underscores the urgency. The world is in a precarious state, and the multitude of critical reports cannot be ignored.
It’s clear that companies must focus on both mitigation and adaptation in their strategies and plans. For a detailed understanding, refer to the “Briefing for Board Members from the Climate Governance Initiative” on what to expect from COP28.
Immediate Actions You Can Take
1. Unite for Change: Join over 130 businesses, including Alfa Laval, Electrolux, Orsted, Fortum and IKEA, coordinated by ‘We Mean Business.’ Stand in solidarity to advocate for the phasing out of fossil fuels. This is a collective effort that amplifies impact. [Read more and join] and Join Boards Impact Forum
2. Educate and Empower: Companies like ABB and Schneider Electric emphasizes the importance of integrated approaches in decarbonization, combining clean energy with mobility and efficient digital monitoring and management systems. In a collaboration project with World Business Council for Sustainability Development, they find that this can reduce operational emissions by up to 50%, secure energy supply, and optimize returns on investment. [Read more ]. BCG and Google has identified solutions that businesses can employ using AI, that has the potential to mitigate 5% to 10% of global GHG emissions by 2030 through emissions reduction, adaptation, and resilience. [Read more].
Learn more and engage with your board colleagues in the Boards Impact Forum’s upcoming Certification Board Training. This comprehensive program dedicated to board members, running from January to March, includes online modules, quizzes, live exchanges with Professional NEDs, Academia, Board Recruites and Legal Advisors, and a personalized reflection and intervention plan. [Read more and Enroll here]
3. Stay Informed: As shared in the report by Accelerating Climate Action with AI by BCG and Google, there are solutions that businesses can employ using AI, that has the potential to mitigate 5% to 10% of global GHG emissions by 2030 through emissions reduction, adaptation, and resilience.
Participate in the “Key Takeaways for the Boardroom from COP28” webinar on December 14. This session, organized by the Climate Governance Initiative, is a must-attend to stay abreast of the latest developments and how they affect your boardroom decisions. [Register here].
4. Spread the Word: Share this blog post with your board network. Awareness is the first step towards action.
Conclusion: The Time is Now!
As board members, your actions and decisions can lead to impactful change. Embrace this responsibility and be the catalyst for a sustainable future. The time to act is now. Let’s work together to integrate sustainability into the core of our business strategies and make a real difference.
Boards Impact Forum works in collaboration with World Economic Forum (a Non Profit Board Network) partnering with Nordic Board Networks , INSEAD Corporate Governance Centre
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