COP26 – Five underestimated opportunities for business to accelerate progress toward a sustainable future

Following the call to action for G20 leaders to step up their climate commitments by my friend and COP26 President, Alok Sharma, it’s also time for business leaders to make a step change in their commitments – and actions. Accenture will be holding more than 30 virtual sessions during COP26 to discuss how business leaders can accomplish this – and we hope you can join us.

The CEOs I talk with understand the challenge and the urgency to address the climate crisis. In our upcoming UNGC CEO Sustainability survey, 59% of respondents believe they are operating in line with a 1.5°c target – yet only 2% have formal targets registered with the Science-Based Targets Initiative.

The good news is that there is still time – just – to reach the targets set out in the Paris agreement and the UN Sustainable Development Goals, but we need to act fast. I believe there are a number of underestimated opportunities for business leaders to start actioning today to drive business value and sustainable impact while accelerating progress toward their long-term goals.

1.????Tapping into new investment opportunities

From net-zero cities to eMobility to nature-positive economies, industries are converging to create marketplaces that are opening new opportunities for business leaders to meet the growing demand for sustainable products and services. Leaders that invest today to develop new partnerships and business models will better position their organizations to compete and thrive in a net-zero future.

2.????Setting clear targets and measuring sustainability progress in the data revolution on ESG and net zero

Leaders understand the value of being able to reliably measure, report and analyze business performance. And measuring the progress on sustainability targets is just as critical, however measurement capabilities in many organizations are lagging behind their sustainability commitments. Accurate ESG measurement and reporting not only enables more informed decisions but also builds trust – between governments, companies and society – a pre-requisite for an effective sustainability transition.

3.????Reshaping organizations and building capabilities

To become a sustainable organization, leaders rightly look to transform their business and operating models, but just as important is prioritizing stakeholder value and making it a shared responsibility across all levels of the organization. Transforming for a sustainable future also requires a focus on training for leaders and employees to strengthen the skills and capabilities needed to achieve more sustainable outcomes. Our latest research outlines key actions leaders can take today to shape a sustainable organization.

4.????Integrating net zero and sustainability into brand, products and services

Brands are promises and consumers are increasingly rewarding or punishing brands based on how well they deliver on their sustainability promises. This requires companies to rethink and reinvent their systems – from product design and marketing to customer care. It’s also about creating new customer experiences that are both sustainable and offer value aligned with consumer values. Shifting customers’ brand perceptions is a gradual process, so companies must start activating purpose-driven brands today to affect consumer behavior tomorrow.

5.????Joining forces within and across industries

Opportunities for emissions reductions do not end at company boundaries. Waste energy and material streams can find useful applications at partners on a single site or along the value chain. Industrial clusters, which are composed of co-located industrial companies from one or more sectors, are a great example of an opportunity to scale low-carbon solutions by sharing risk and resources to contribute to our climate ambitions while unlocking greater economic and social value for all.?

Core to all of these opportunities is unleashing the potential and interconnectedness of a new era of digital and physical infrastructure. For example, IT represents a large and growing source of carbon emissions. Moving to the public cloud from private data centers can reduce a company’s IT carbon footprint by more than 60%, rising to almost 80% if the move is designed to maximize sustainability.

At Accenture, we are working with our clients every day to help them deliver a sustainable future at the intersection of business value, sustainable impact and disruptive technology. And we will be at COP26 broadcasting a live series of sessions on these topics and more to help business leaders make good on their commitments.

I believe COP26, along with Paris, is going to be one of the most important climate events in 20 years – and so it must be digitally inclusive. As the leading digital services provider, Accenture is well positioned to serve as the digital connector for business leaders around the world to benefit from insights on key topics of discussion, whether or not they’re in Glasgow this November.

Please see our agenda and join us to hear from our industry and content experts, our ecosystem partners, our clients and other stakeholders on the latest insights live from COP26 and how businesses can take action today to both contribute to and capitalize on the opportunities that lie ahead.?