Two Ways to Maximise Corporate Social Impact I Expert Opinion

In 2022, global energy-related carbon dioxide emissions grew by a shocking 0.9%, reaching a record high of over 36.8 gigatonnes. Immediate action is urgently needed from corporations commanding significant resources and influence.

At #OYW23, Ilka Horstmeier, a Member of the Board of Management at BMW AG, stressed the need for corporations to balance economic success and environmental and social responsibility. “Our aspiration is to reduce our CO2 emissions by 40% from 2019 to 2030,” she said.

In 2020, the automotive industry emitted more than 1.5 billion tonnes of carbon dioxide. Under Ilka’s leadership, 宝马 has since undergone a notable transformation in production, embracing methods that align with a more sustainable and circular automotive industry. This sets an example for all corporations trying to maximise their social impact in today’s world. Here are two tips from Ilka about how your organisation can achieve this goal:

1. Invest in Innovation

One of the ways that corporations can drive change is by effectively utilising technology. The quest for sustainability has become one of the critical drivers of innovation, and Ilka talked about BMW’s investment in sustainable technologies to help create a circular economy. Take BMW’s concept car, iVision, for example, which is fully electric, made from 100% recycled material, and fully recyclable. They also invest in and work on initiatives “to accelerate the change towards sustainable mobility.”

2. Invest in People

“But it's not only about the products,” Ilka said, “It's also about the people.”

One cannot emphasise enough the importance of young people at the intersection of innovation and climate change. For any corporation, it is essential to develop and retain the people pushing the boundaries to imagine the future of their business. Ilka said, “Leadership is not a position, it's an attitude.” For corporations to nurture this attitude, it is important for them to invest in programmes like One Young World, where their young talent can learn from and be inspired by diverse initiatives, people and solutions.?

How has your corporation maximised its social impact? Tell us in the comments section.