When it comes to sustainability, the future looks bright!
A lot has changed since the beginning of this decade. The world is more aware of climate change than ever before and people are increasingly concerned about their impact on the environment and society.
Companies and funds are responding by making sustainability a priority, and they're realising that it's not just good for their ESG reports—it's good for business too.
In 2022, companies all over the globe have taken a step forward to address the most pressing sustainable challenges. But what will sustainability look like in 2023?
What will be the biggest challenges for organisations who want to keep up with this changing landscape?
In this article, we'll take a look at some of the most important sustainability forecasts for the year 2023.
The usage of digital reporting tools will change the way companies conduct sustainability reporting, shifting the move from Excel sheets to smart, dedicated software.
The process will be more streamlined and efficient. And the time taken to complete reports will be reduced significantly, allowing companies to focus on improving their core business activities instead of spending time writing reports.
This will help organisations better measure their results and make smarter decisions about how to improve their sustainability practices.
A report by ABB found that 96% of decision-makers believe that digitalization is “essential to sustainability” and between 2020-2023, $7 trillion is projected as the global spend on digital transformation projects.
The U.S. Securities and Exchange Commission is proposing stricter rules with a common benchmark for how sustainable investment products are labeled, marketed and reported.
In Europe, due to uncertainty around SFDR, hundreds of funds may downgrade their Article 9 designation as some asset managers have taken a lax approach toward Article 9 requirements.
A Morningstar study found that 43% of the funds it analysed were targeting a sustainable-asset threshold of less than 50%.
Customers are becoming more savvy about what corporations are doing behind-the-scenes, and investors too! They want to see organisations who are transparent about their practices and willing to be held accountable when they misstep or make mistakes.
This year, many corporations have been targeted for their Greenwashing claims: a German consumer group filed a lawsuit against Deutsche Bank's asset management unit over alleged misrepresentations of a fund's green credentials in marketing materials, and the Securities and Exchange Commission ordered Goldman Sachs to pay a $4 million penalty for ESG fund claims.
JPMorgan Chase & Co. analyst Jean-Xavier Hecker predicts that enforcement of these claims will be the hardest in the climate change area.
Over the past years, companies and governments have been focusing on tackling climate change, one of the most pressing issues the world is facing, sometimes to the detriment of an issue considered even more important by some: the loss of biodiversity.
Following COP15 and the Taskforce on Nature-related Financial Disclosures (TNFD) draft frameworks, 2023 will be devoted to developing even more tools, standards and international initiatives to enable companies to address this issue.
Sustainability used to be the preserve of large companies. With growing customer needs and an evolving regulatory landscape, SMEs have a pivotal role to play to drive the sustainable change within supply chains. 2023 is the year to get prepared to upcoming regulations and take a proactive approach to sustainability issues.
And as of 2023 and beyond, we are here to help you reach your sustainability goals!
At Apiday, we've developed a unique set of tools and services to help you manage and automate your sustainability reporting.
Our online platform allows you to produce high-quality sustainability reports in record time!
All you need to do is upload the documents, we pre-fill your questionnaire and do the rest: building beautiful charts, dashboards, and actionable data from all your systems in one place.
So you can spot opportunities, focus on what matters the most and sky-rocket your sustainability performance!