Sustainability has become a necessity for companies, since both investors and new talent focus on these aspects, which is why organizations are committed to be more sustainable.
Furthermore, with the aim of being resilient in the face of geopolitical conflicts and climate change, sustainability is placed on the agenda of the general directors of the companies in 2025. family businesses in MexicoThis is how José Mario Rizo, partner at Salles Sainz Grant Thornton México, explains it.
Likewise, businessmen worldwide consider that the Climate action is synonymous with innovation. Likewise, these are the three problems that organizations will focus on this year, according to Deloitte:
- Innovation (such as Artificial Intelligence and digitalization (38%).
- Economic prospects (38%).
- Climate change (37%).
According to the study “Deloitte 2024 CxO Sustainability Report”, 50% of organizations dedicated to research and development have already begun to implement technological solutions to achieve climate goals, and 42% plan to do so in the next two years.
Sustainability is a requirement for companies
Currently, implementing sustainable strategies protects companies from uncertainty, but also build trust with customers and the environment, comments José Mario Rizo through Grant Thornton’s blog.
Therefore, so that the companies are competitiveneed to create strategies with a sustainable approach because 60% feel pressured to comply with regulations regarding climate action, according to Deloitte.
In addition to facing regulations, 60% Companies also feel pressure on the part of the members of the boards of directors to adopt sustainable strategies, coupled with the fact that they also feel strong tension on the part of shareholders and investors.
Obstacles to being a sustainable company
Around 76% of the executives surveyed express that they feel concerned about climate change, but they have also manifested obstacles when creating or trying to implement sustainable processes:
- Lack of sustainable solutions or insufficient supplies (21%).
- Lack of political support and actions to achieve change (21%).
- Concern about adopting an incorrect posture that alienates clients and collaborators (19%).
- Focus on short-term business challenges and investor and shareholder demands (18%).
These aspects delay the fulfillment of the companies’ objectives, because the report states that those companies that “go slowly” run the risk of being less competitive.
4 key points to be a sustainable company
For a company to remain firm and begin to change towards more sustainable processes, it is necessary for leaders to be part of the change, therefore, these are four points that must be consider for this year:
» 1. Clear strategy: Modifying or improving processes for sustainable purposes requires planning, so it is recommended to establish concise objectives and metrics to have accurate information, and organizational leaders must ensure compliance.
Furthermore, four out of ten companies have transformed their business models based on climate change and sustainability as part of its strategies, Deloitte points out.
» 2. Work culture: Taking care of the well-being of staff is also part of a sustainable company and that is why it is important to start creating a culture based on diversity, inclusion and training.
This point becomes relevant because there must be congruence in all aspects when it comes to addressing sustainable issues or under ESG (Environmental, Social and Governance) criteria.
» 3. Supply chains and data: Some companies opt for incremental strategies, that is, 14% focus on incremental modifications to operational processes to become more sustainable, explains Deloitte.
Likewise, improvements can be made in the supply chains with monitoring resource use, waste management and reducing the carbon footprint.
» 4. Invest in technology: Allocate the budget to technology with the intention of improving processes but at the same time improving energy efficiency. Likewise, with these investments it is possible to know the environmental impact in real time, improve the quality of products and make more sustainable decisions.
It is worth mentioning that during the last year, 69% of organizations have slightly increased the investment aimed at sustainability (between 6 and 19%), while two out of ten companies allocated more than 20% of their budget and 14% has remained the same, according to Deloitte.
