Developing an actionable sustainability strategy is no easy task. Consider these 4 best practices to help your company design a bulletproof strategy.
Whether to chart a new course or align with consumers and stakeholders, voluntarily disclosing corporate sustainability strategies is becoming unavoidable. A KPMG Survey found that 96% of the world’s 250 largest companies reported on their sustainability performance in 2020.
As the climate crisis intensifies and corporate sustainability commitments and goals are analyzed with heightened scrutiny, how can companies ensure their commitments adhere to increasingly high standards?
1. Gather Data and Exhaustively Measure Impact
You can’t manage what isn’t measured. So no matter the sustainability goal or commitment, an accurate benchmark is necessary to set precise, long-term goals.
Furthermore, end-to-end supply chain transparency will help determine how and where to reduce your company’s most prominent negative environmental impacts.
2. Align With Your Internal Verticals and Stakeholders
Shrewd companies are formulating their sustainability commitments through deep collaboration. Understand the expectations of consumers, employees, and other stakeholders.
A collective survey is an excellent starting point to uncover priorities and expectations.
3. Define a Sustainability Strategy that is Bold yet Achievable
Net-zero claims are becoming ubiquitous. Over 20% of the world’s largest companies have set net-zero targets.
The newly released UN Race to Zero Campaign determined that only 20% of net-zero targets meet their ambitious criteria.
Consequently, sustainability strategies must walk a fine line between ambition and practicality. While bold claims are necessary to help mitigate the climate crisis, failing to achieve these goals will be met with backlash.
4. Discover the Power of Environmental Management Platforms
At the end of the day, the data gap is the primary barrier for many corporate sustainability strategies. Collection and analysis can be costly and time-consuming.
In response, environmental accounting platforms are streamlining the process and reducing the need for expensive external consultants.
At Ampliphi, we help your company take a simple yet systematic approach to set ambitious and achievable targets. Our automated platform streamlines the data collection and analysis process. Focus your efforts on creating the most significant impact. Learn more to get started today.