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Shaping a greener future : The role of sustainability consulting

Introduction


Global warming, ice melt, wildfires, storms… climate change reshaped our world for the last decades. Social norms have also evolved, with a greater focus on diversity, employee well-being and a more significant consideration of employees in decision-making within companies. The aspect of ESG (Environment, Social and Governance) has then emerged and become increasingly important, both for governments and society. Companies face growing pressure from investors, regulators and consumers to demonstrate responsible practices. It is a real challenge that companies have to take on and it is where sustainability consulting comes in.


Companies transitioning to ESG


Companies’ approach to minimizing their environmental impact consists of a set of strategies that prioritize environmental responsibility. These strategies can be done when a product is made and after its consumption. Adopting eco-friendly materials and designing products with recyclability in mind can be one of them. Reducing packaging waste is also appreciated by environmentally conscious consumers. After a product has been consumed, it is preferable for the companies that produce it that it be recyclable.


Besides implementing eco-friendly strategies, companies also tend to be more ethical. Companies which decided to transition towards sustainability improved their supply chain management. They established long-term relationships with suppliers, allowing them to build resilience, reduce risk and maintain compliance. It also increase companies’ credibility, as 79% of global consumers now prefer brands with ethical sourcing practices, according to PwC’s 2024 Consumer Survey.


Ethics is also about employee well-being and social impact that companies can make. Offering work schedules, compensation, work-life balance can positively affect employees’ well-being and lead to productivity boost.


Sustainability consulting : A helpful tool for companies to shift towards responsible practices


Sustainability consulting can play an important role in helping companies transition to sustainable practices by offering them innovative and cost-effective solutions. Consultants usually start with making an audit, to understand where the business currently stands in terms of environmental impact and identify room for improvement. Then, they set clear and achievable goals for the company whether it is on environmental or social aspects. The one we see the most is being net-zero by 2050, but they do not necessarily need to stick with regulations.


The company can set its own goals to drive its transition toward responsible practices. Consultants recommend to engage stakeholders in goals’ achievement, in order to foster a culture of environmental responsibility. Additionally, communicating with transparency on company’s sustainability commitments and progress with stakeholders is well perceived and can enhance its credibility.


Real-life example of sustainability consulting mission


Sustainability is playing an increasingly vital role in today’s society and companies worldwide must keep pace with evolving ESG regulations. The Mosaic Company, located in Florida (United States) wanted to better understand how climate change could impact its global operations in the future to both shape strategic planning and comply with potential ESG disclosure requirements. PwC has been mandated by The Mosaic Company to perform a qualitative risk assessment and quantitative scenario analysis, to understand the associated risks that could appear and estimate financial impacts. The auditing company also used third-party climate scenarios to project the potential costs and benefits of future carbon policies for its client. Sustainability consulting played an important role, as this initiative helped The Mosaic Company make more informed decisions involving responsible efforts.


Conclusion


Sustainability consulting is vital for companies facing increasing ESG regulations and a need to become more eco-friendly, having impacts of their reputation. Identifying possible improvements and implementing responsible strategies are the daily tasks of a sustainability consultant, which companies are eager for, as ESG regulations become increasingly strict. The sustainability consulting market is expected to triple in 3 years, compared to 2023.


References


Syngesy. (2024). Climate change adaptation strategy : a challenge for business and for ESG


Enano,E. (2024). Sustainable business : building a greener and ethical future. https://www.maddyness.com/uk/2024/01/20/sustainable-business-building-a-greener-and-ethical-future/


Achilles. (N.C). What you need to know about supply chain ethics.


Wren, H. & Writer, S. (2024). What is employee well-being and why is it important ?


IPSA Consulting. (N.C). The role of sustainability consulting in transforming modern businesses.


PwC. (N.C). The Mosaic Company : Preparing for tomorrow’s climate, today. https://www.pwc.com/us/en/library/case-studies/mosaic-climate-modeling.html


Bawa, P. (2024). The ESG and sustainability consulting market : the road ahead. https://www.verdantix.com/insights/blogs/the-esg-and-sustainability-consulting-market-the-road-ahead

 
 
 
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