Sustainable Business Trends
Prodded by consumer demands and pushed by regulators, companies remain committed to advancing sustainability. But 2024 will be a challenging year for corporate responsibility. From trade disputes that could disrupt supply chains to climate change impacts and policy uncertainties, businesses will have to navigate an increasingly complex environment. They’ll also face new compliance and disclosure demands, including a massive array of regulations set to take effect in the EU.
Some of Innovation in Sustainability new rules will require companies to report on their performance based on new metrics and criteria. This will require more data and analytics to help them understand their impact, and to track progress toward their sustainability goals. Others are aimed at making it easier for investors and consumers to assess companies’ performance.
For instance, a growing number of companies will start to use their product carbon footprint as a measure of sustainability performance, rather than simply reporting their emissions. And they’ll move beyond focusing on their own emissions by counting the CO2 in their products’ entire supply chains—known as Scope 3—in their calculations.
Eco-Friendly Business Solutions for a More Sustainable World
Other business trends that will grow this year include a renewed focus on worker well-being, a resurgence of circular solutions like reuse and repair business models and the B-to-B sharing economy, and increased supplier diversity to strengthen inclusion and equity efforts. As these trends continue to accelerate, they’ll make it easier for companies to reduce their environmental impacts and build stronger connections with consumers.