Collaboration on climate is the 'magic bullet' to accelerate change
At a recent event, Emperor came together with Coca Cola, The Rivers Trust and Thames 21 to advocate for accelerating the rate of positive climate change through strong collaboration and partnerships.
Recognising that access to clean, fresh, safe water is a fundamental human right, for Coca Cola it is also critical ‘ingredient’ in their product. Coca Cola place high priority on water stewardship with a strategy to actively pursue water security throughout the world and a programme of actions and interventions tailored to each region. Coca Cola Europe has met or exceeded their goal to replenish 100% of the water they use for the last four years, representing 58 billion litres of water replenished each year through 51 projects. It partners with organisations such as The Rivers Trust in the UK to find schemes to support that help improve the health of waterways.
At Emperor, we fully support and promote this type of activity. Companies working on climate change initiatives in isolation will not effect change quickly enough – that’s why breaking down silos between, and not just within, organisations and sectors is essential. A goal-orientated approach is the key. Global initiatives such as the UN Sustainable Development Goals, Race to Zero and UN CEO Water Mandate’s WASH4WORK help orientate a range of stakeholders towards the highest priority issues in their industry and geography.
Sustainability should guide decision making
For companies to make meaningful changes towards a more sustainable future, all decision making must be guided by sustainability principles. Working alongside others with shared ambitions and choosing partners that are oriented to your goals is essential.
Regulation is reinforcing this direction too. The Taskforce for Climate-related Financial Disclosures (TCFD) ensures companies examine, not only their impacts on the climate, but also how the impacts of climate change will affect their operations and financial standing in the mid to long-term. The Taskforce for Nature Disclosures (TNFD) is close on its heels. The EU, through the European Financial Reporting Advisory Group (EFRAG), has also recently closed the largest ever consultation process on a Corporate Sustainability Reporting Directive, which will significantly increase the breadth and depth of sustainability reporting, aiming to make data comparison more accessible. The number of companies having to adopt these standards will increase from 12,000 to 50,000 from 2023.
Six steps your business should be considering on its journey to a sustainable future:
- Ensure you are focusing on the sustainability issues that are most material to the longevity of your business and the health of the planet by doing a double materiality assessment.
- Review the timeframes around which you plan for change – making sustainable change takes vision and time.
- Create a collaboration strategy based on promoting your authentic sustainability story and balancing out the areas you would struggle to activate in isolation.
- Embed the plan throughout the business.
- Measure and monitor progress.
- Continue to regularly communicate both internally and externally about your progress.
Collaboration at scale
The increase in the number and severity of floods, drought and wildfires are our early warning signs and a strong barometer of climate change is the health of fresh waterways. Organisations must heed the increasing regulation and warnings that changes in rainfall patterns bring and create strong, purpose-enhancing collaborations in response.
Reversing environmental threats will not happen overnight. But we can make progress through innovation, determination, and collaboration at scale.
If you'd like to find out more about sustainability and what Emperor can do to support your journey, we'd love to hear from you. Please get in touch with [email protected]