2022 was a hot year for the climate. But actions speak louder than wordsand progress in areas such as food sustainability and reversing deforestation has been mixed over the past year. Stphane J.G. An infographic based on the latest Climate Watch data highlights that energy usage contributes to 73.2% of global greenhouse gas emissions. Within three years, these analysts said ESG performance will be viewed as a top three decision factor for IT equipment purchases; over 50% of RFPs will include metrics regarding carbon emissions, material use, and labor conditions. Our work on water stress in Jordan highlights the need for resilience. Thank you to all our colleagues across S&P Global who contributed to this research: Laurence Allen, Rameez Ali, Marion Amiot, Giacomo Bareato, Corinne Bendersky, Erin Boeke Burke, Beth Burks, Carlos Cardenas, Bernard de Longevialle, Florence Devevey, Alexandra Dimitrijevic, Jaspreet Duhra, Silvia Favasuli, Michael Ferguson, Rita Ferreira, Taos Fudji, Pierre Georges, Lotte Griek, Lapo Guadagnuolo, Bertrand Jabouley, Roman Kramarchuk, Raoul LeBlanc, Gregg Lemos-Stein, Rick Lord, Tom Lowenstein, Matt MacFarland, Rose Marie Burke, Mary Minton, Matthew Mitchell, Anna Mosby, Karl Nietvelt, Laurent Ruseckas, Francesca Sacchi, Jamie Salo, Roberto Sifon-arevalo, Michael Stoppard, Vijay Subramanian, Priya Suvarna, Cornelis theunis Van der lugt, Kieran Trevor, Barbara Velado, Emmanuel Volland, Ken Wattret, Nora Wittstruck, Xizhou Zhou. 2023 Restaurant Sustainability Trends - Foodservice, Zero Waste Read more about how we track global trends. Dedicated to the advancement of knowledge on world competitiveness. Being tech-savvy, the digital natives are willing to take a more data-driven approach in order to lead the way towards a net-zero future. 6 trends that will shape sustainability in 2023 | News | Eco-Business Taking a stack of post-it notes, team members write down all the things that are concerning them from their personal and professional perspectives. For example, long-term energy transition goals will be weighed alongside nearer-term considerations such as energy affordability and security. Download Transcript (PDF, 106 KB) The large-scale trends shaping the ESG investing world have become well recognized: Climate change risk and the road to net zero, the growing existential threat of biodiversity loss, social inequalities, regulation and, lately, debate and controversy over greenwashing and what ESG should be. From 2023 we may see more second-hand, vintage and repurposing brands becoming central to the way we shop. Here are the top 5. estimated that the transition to net zero alone will provide business opportunities of $12trn per year. Net Zero & Energy: The recent focus on scope 3, carbon credits and carbon removal is set to accelerate. Grow your network and explore the latest thinking on todays critical business challenges and opportunities. Economies and nature are interconnected. High rates of inflation in many markets are causing the prices of many products to rise steeply. Didier Cossin, Professor of Governance and Finance, Founder and Director of IMD Global Board Center, Sophie Coughlan, Associate Director, IMD Global Board Center. Economic recovery after the pandemic has not been as fast as expected, while the Russian invasion of Ukraine has put extra pressure on consumer and business budgets due to supply chain and energy disruptions. What Recent Trends Say About Sustainable Shopping In 2023 More From Forbes Apr 27, 2023,10:15am EDT Embracing Humanity In The Age Of AI: The Importance Of Company Culture Apr 27,. Photo courtesy of Unilever. For any business owner, whether you own a SaaS product or any other kind of company, the climate is likely high on your agenda too. Sustainability Conferences to attend in 2023. A total of 60% of family businesses with strong digital capabilities, surveyed by PwC in 2021, placed sustainability at the core of their daily operations. In fact, only 10% of global professionals consider that their company is very effective at communicating sustainability to consumers, according to Euromonitors Voice of the Industry: Sustainability Survey 2022. Go on - they only take five minutes. More Sustainable Materials. Meanwhile, the number and duration of droughts globally have risen by almost a third since 2000, according to the U.N. Brands that help consumers to adopt sustainable lifestyles will be better-positioned, and therefore preferred, when conscious consumers see increasing disposable incomes again. 2023 Foodservice Food and Flavor Trends - IFT.org In the longer term, this will likely lead to increased adoption of new types of energy and fuels. However, the need to bring citizens and workers on board with the climate-action agenda will remain a challenge. Your subscription grants you access to the quarterly magazine plus daily articles, videos, podcasts and learning exercises. Automobile and fashion have had by far the heaviest adverse impacts on the environment and society, so actors operating in these two sectors have been ahead of the pack in reversing this trend. The COP27 climate conference was a mixed bag. Therefore, communicating sustainability through specific claims will still open up opportunities for companies to penetrate and improve their positioning in 2023. As new sustainability disclosure standards come into effect around the globe, stakeholders will have to grapple with the complexity and potential challenges regarding alignment of these initiatives. Resilience & Adaptation: There will be further progress on loss and damage and the global adaptation goal. The sustainability trends in 2023 are predicted to plunge beyond eco-friendliness. Circular solutions such as second-hand and previously owned products are also gaining traction amongst global consumers as, according to Euromonitors Voice of the Consumer: Sustainability Survey, fielded January to February 2022, 34% of global respondents mentioned their willingness to buy these products. With Scope 3 emission regulations on the rise and continuously changing, organizational leaders have realized the value of connected data to track, report, and reduce climate impact. The Taskforce on Nature-related Financial Disclosures (TNFD), which should finalize its recommendations in September 2023, will provide frameworks to identify, measure and disclose nature-related risks and impacts. She has worked in sustainability management, consulting, and education for more than 15 years. The durability of sustainable employment practices, implemented in recent years in response to significant shifts in workforce expectations, will be challenged by recessionary risks in many markets. We extract and organise ecommerce data from over 1,500 online retailers in 40 countries providing daily updates on pricing, assortment size and key attributes. Companies have been struggling to communicate sustainability to consumers. Social Sustainability: The cost-of-living crisis intensifies, but offers opportunities for more-inclusive climate action. Outlook 2023, Sustainability: five trends to watch. Successful examples include multi-stakeholder platforms like the Global Commitment, led by the Ellen McArthur Foundation and the United Nations Environment Program, through which 500 signatories such as Nestl, PepsiCo, Coca-Cola, Unilever, Mars, and LOral which together utilize 20% of all plastic packaging produced globally have committed to ensuring that all plastic packaging is reusable, recyclable, or compostable by 2025, among other circularity goals. Sustainable solutions can, and should, be affordable, so consumers do not struggle when seeking more conscious habits. In order for companies to return to the environment more than they take from it, circular models are needed, as they provide resilient solutions with a triple impact on businesses, people, and the environment. All stakeholders will bear the impacts from physical risks related to climate change. Urging business leaders to think further ahead, these analysts predicted a carbon flip after an intensive period of innovation in climate mitigation technologies that is already under way, to be followed by roughly 20 years of implementation for scalable solutions and replacement of carbon-based technologies.. Our consulting team answers your commercial questions with data and insights generated by our research experts, industry knowledge and 1,200 on-the-ground analysts in 100 developed, emerging and frontier markets. This important theme will continue into 2023, with the annual meeting of the World Economic Forum in Davos focusing on Co-operation in a Fragmented World. All too often, companies and business leaders are not getting any insights from ESG analyses, as they approach ESG reporting solely as a. an incredible amount of data, it does not provide insight on how to seize the enormous opportunities that the sustainable transformation will open up across all sectors. Economist Impacts Martin Koehring highlights why stronger collaboration will be required to accelerate progress in 2023, Head, World Ocean Initiative & Senior Manager, Sustainability at Economist Impact. The global energy landscape shifted in 2022 with record prices and supply disruptions related to the Russia-Ukraine war. Leadership is about being positive and seeing opportunities, and we are living in a time where climate leadership is critically important. If you are happy with this select "Accept All". With this in mind, we think that adaptation will become as material as climate transition in terms of protecting lives, assets and the productive capacity of the economy over time. While there is a degree of technical knowledge required, including integrated reporting methodologies and disclosure, there is the risk of a tick-box compliance focus that does not lever a real ESG identity. Moving to a cloud service provider that has made such commitments may help organizations reduce their own carbon footprint as well! There is an urgent need for private capital to enter frontier markets to help solve systemic grand challenges.