How can businesses continue to focus on sustainability in an uncertain economic climate?

A few years ago, sustainability was still a field for activist idealists. However, in 2024 the majority of Belgian businesses agree – sustainability is the way forward. Yet, in these uncertain times, even well-established companies are facing challenges. So how can businesses continue to focus on sustainability??

Why is sustainability still relevant today??

While in some cases, legislation imposes more sustainable solutions, this is not the only motivation for many companies. They realise that the survival of their business is dependent on discovering new ways of production and consumption: what company is not dependent on raw materials such as water, minerals or energy? We are coming up against the limits of our planet’s resources:?metals required by the technological sector are running out; water and available farmland are in short supply.?

Therefore, our own wellbeing is dependent on a healthy planet.?

And yet evolving towards sustainability is not something you should do merely out of a fear of scarcity. It is also a positive story: climate action leads to new jobs, wellbeing and job security. In truth, standing still in this area means going backwards.?Earlier this year, 32 member organisations have signed an open letter, urging policy makers to recognise the economic benefits of science-based climate targets.

"We, climate-conscious companies active in Belgium, see that the climate debate is often limited to highlighting the risks, negative impacts and costs of climate action. With this open letter, we want to emphasize the economic and social benefits of scientific climate targets. ..."

Every company can do business sustainably?

As the Belgian sustainability network, The Shift wants to bring together diverse partners and organisations. All businesses and NGOs, big or small. The strength of our community lies in the diversity of our members, encouraging everyone to learn from each other.?

?? The path towards sustainability for large companies?

Many big corporates have already taken major steps towards creating a more sustainable economy. However, they understand that a large part of their emissions is not being caused by them, rather by their suppliers and customers. Their big challenge is now to support their suppliers in working more sustainably, thereby decreasing their CO2 emissions collectively. This is what we are trying to achieve with our ‘Supply Chain Leaders Group’. Big companies within this group, including Proximus, Bpost, ISS and Schneider Electric, support suppliers via a knowledge platform, among other things, as well as providing them with training.??

Another way to further reduce the ecological footprint of our companies is to teach their customers to make conscious choices between new purchases and sustainable alternatives, such as recycling, even if that would result in fewer sales for the company in question.??

?? More sustainable entrepreneurship in SMEs?

Because of their smaller size, SMEs are more flexible than large companies. They are able to implement shifts more quickly and can therefore find it easier to embrace circular or inclusive business models. New and more sophisticated methods of sustainable entrepreneurship are emerging. The Shift wants to continue playing its pioneering role, supporting its members in their quest for improved sustainability.?

?? Tips: the way forward in uncertain times?

We find that the way forward lies in constructive cooperation across the sectors. Precisely due to the diversity of our members, we can fully understand the current challenges and seek out solutions together. A few take-aways:?

• Look at the full picture?

Want to work towards a more sustainable business model as a company? Start by mapping out the full picture and find out where you have the most impact on humans and the environment. This could be a positive or a negative impact. In addition, include outside risks and opportunities in your calculation. For example, if your biggest impact is in the area of fair pay, see this as a chance to include opportunities in that area when you review your business model.?

• You can’t do it alone?

Recognising that you can’t do it alone is also an eye-opener. The path to sustainability is not just inside your company or organisation, rather you should also involve your investors, customers, employees, etc. Politicians too must be willing to cooperate – in order to continue down the path towards a sustainable economy, clear policy is needed.?

How can The Shift help with your choice to be sustainable??

?? SDGs and scientifically recognised frameworks as a guideline?

"Working on sustainability also requires to set targets. For these purposes, we do not count on gut feeling, rather always following scientific and globally recognized frameworks."

The United Nations’ seventeen SDGs – Sustainable Development Goals – serve as a compass for every organisation wanting to go down a sustainable path. The Shift also uses these SDGs as a blueprint. We work in areas covering inclusion in the workplace, climate, biodiversity, and so on.?

The SDGs provide a broad framework for sustainability, so it is therefore important to prioritise. We look at what the most pertinent themes are amongst our members. Thanks to our extensive network, we have in-house expertise for every domain.?

Working on sustainability also requires to set targets. For these purposes, we do not count on gut feeling, rather always following scientific and globally recognized frameworks. For example, our climate action is based on the Science Based Targets Initiative, in collaboration with WWF – the objective being to keep global warming below 1.5 degrees in comparison with the pre-industrial era.??

By sticking to officially recognised targets, we can succeed in getting all stakeholders on board.?

?? Sustainability beyond Belgium’s borders?

Both inside and outside our borders, The Shift is seen as the key point of reference in Belgium when it comes to sustainability. Because sustainability is a pressing topic the world over, we are also active internationally:?

• We regularly bring big players to Belgium;
• We look at how we can implement tools and frameworks from abroad in Belgium;
• Conversely, we also share our experiences and knowledge abroad.?

A sustainable economic model is therefore one where different organisations work together and support each other. An incredible amount of time and energy is lost when companies develop their own separate sustainable processes. There is so much they can learn from one another.? By working together and learning from each other's experiences, The Shift’s members can work together towards finding the sustainable way forward.?

Author: Magali Frankl

Want more tips on sustainable entrepreneurship in economically uncertain times? In the episode of Trends Talk on Kanaal Z below, Magali Frankl, Director at The Shift, and Catherine Bals, Head of Sustainability at Proximus, one of our members, discuss this topic:

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