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Towards a Sustainable Future: Collective Action, Innovation, and Governance

September 24, 2024

The FINN Partners and 1BusinessWorld2024 Climate and Sustainability Leadership Summit, held on the first day of Climate Week NYC, brought together visionary corporate leaders, innovators, and NGO changemakers to discuss climate issues and sustainable solutions. The Summit took place on Monday, September 23rd, and featured 18 global corporate and NGO leaders. Here is a summary of the Summit grouped into key themes discussed throughout the day.

Introduction

As the world grapples with the accelerating impacts of climate change, the urgency of sustainability efforts has never been more apparent. From wildfires and floods to social inequities and biodiversity loss, the scale of the crisis demands immediate and innovative responses from all sectors-governments, businesses, and individuals alike. This summary of the sessions from the day explores how corporate governance, individual action, and technological innovation can converge to create a sustainable future. Drawing from the sessions with sustainability leaders, we examine the collective role we must all play in turning this vision into reality.

The Urgency of Climate Action and Systemic Change

Global consensus around the climate crisis has coalesced over the past few decades, but the pace of action lags the mounting evidence of environmental degradation. Dr. Peter Schlosser captured the gravity of the situation when he said, "We are pushing the planet beyond safe operating spaces, and the time for incremental change has long passed." The stakes are clear: if humanity does not rapidly shift towards more sustainable practices, we risk further destabilising the ecosystems we rely on for survival.

Amy Terpeluk echoed this sentiment, stressing the need for immediate action: "Climate change is no longer something we can push to the future. The action we take today will shape the world we live in tomorrow." Her sense of urgency reflects a broad consensus that the time for debate is over. System change across sectors is needed, from agriculture and urban infrastructure to energy and consumer goods.

The role of systems thinking is critical. Sustainable urban development, such as Babcock Ranch in Florida, demonstrates how cities can integrate natural ecosystems into their design while preparing for extreme weather events. Syd Kitson noted, "We designed Babcock Ranch to be resilient from day one, ensuring that it could withstand hurricanes and floods while remaining energy self-sufficient." This proactive approach to sustainability highlights the need for long-term planning and investment in infrastructure that can adapt to the inevitable changes ahead.

Role of Governance and Corporate Leadership

While individual actions are crucial but not enough to shift the global trajectory, the corporate world must lead by example, integrating sustainability into its core strategies. This starts with governance. Helle Bank Jørgensen, an expert in sustainable business practices, noted that many corporate boards lack the sustainability expertise required to address climate risks: "Only 2% of boards are equipped to tackle pressing issues like climate change and biodiversity, which means we are navigating critical risks with limited understanding."

This knowledge gap is concerning, particularly as businesses are increasingly held accountable for their environmental and social impacts. Sustainability is no longer a "nice-to-have" but a material risk that boards must manage. Kevin Vranes highlighted the importance of data in this process: "You can't manage what you don't measure. ESG data allows businesses to track their environmental impact, from carbon emissions to water usage, and make informed decisions." Data transparency builds trust with investors and ensures that companies can track their progress towards sustainability goals.

Jørgensen further emphasised the need for long-term thinking in governance: "We need to integrate climate action into the broader business strategy, not just as a compliance issue but as part of the company's long-term viability." By aligning business goals with environmental sustainability, companies can mitigate risks while capitalising on the opportunities presented by the green economy.

Innovation as a Key to Sustainable Solutions

Innovation is at the heart of many sustainability solutions. Across the sessions, the recurring theme was that technology and innovation will be key drivers in transitioning to a more sustainable world. Whether through renewable energy, circular economy models, or data-driven decision-making, innovation offers the tools to transform industries.

One of the most promising areas of innovation is the hydrogen economy. Assaf Sayada explained that hydrogen could revolutionise the energy sector, reducing reliance on fossil fuels: "Hydrogen has the potential to decarbonise sectors that are hard to electrify, like heavy industry and long-haul transportation. It's a critical piece of the puzzle." Although still in its early stages, hydrogen infrastructure development signals a future where renewable energy sources dominate.

The fashion industry is also transforming, with circular economy models gaining traction. Florence Bulte, a sustainability leader in the luxury goods sector, noted: "Circularity is becoming a necessity, not just an option. Consumers, particularly younger generations, demand products that have a life beyond the first sale.". By promoting resale, rental, and recycling, brands can extend the life cycle of their products, reducing waste and resource extraction.

These innovations are not limited to technological solutions but extend to new business models. As Vranes pointed out, "Data-driven sustainability platforms allow companies to make more informed decisions across their supply chains." These innovations, from tracking carbon emissions to improving supply chain transparency, enable businesses to meet their sustainability commitments and improve operational efficiency.

Individual Action and Collective Responsibility

While corporate governance and innovation are vital, they must be complemented by individual action. Amber Nuttall's "8 Billion Imperfect Environmentalists" concept reminds us that everyone has a role in addressing climate change. "We don't need everyone to be perfect environmentalists," she said. "We need everyone to take imperfect actions-small steps that collectively lead to big change."

Nuttall's message is one of empowerment. Whether it's reducing plastic consumption, eating less meat, or raising awareness on social media, these individual actions add up. "The power of actionism is that it turns bystanders into participants," she explained. "We don't have to wait for governments or corporations to act; we can start where we are, with what we have."

This shift from perfectionism to pragmatism is critical. Nuttall highlighted the dangers of doom-and-gloom messaging, which can often paralyse people with fear rather than inspire action. "The same thinking that created these problems won't be the thinking that gets us out of them," she said. "We need to reframe the narrative-focus on hope and opportunity, not despair."

Climate Justice and Equity

Sustainability efforts must also address the deep social inequalities that climate change exacerbates. Leah Austin's discussion on the impact of climate change on Black childhood emphasised the disproportionate burden placed on marginalised communities: "Climate change doesn't affect everyone equally. It's the most vulnerable-children, people of colour, and low-income communities-who bear the brunt of the crisis."

Austin's call for climate justice is echoed in the agricultural sector, where smallholder farmers face climate change's consequences. Alison Ward noted that many farmers, especially in developing countries, lack the resources to adapt: "Farmers are on the frontlines of climate change, yet they often don't have the tools or support they need to become resilient." Ward highlighted the importance of investing in regenerative agriculture, which not only restores soil health but also improves the livelihoods of rural communities.

Empowering these communities is essential for building a more equitable and sustainable world. By ensuring that climate solutions are accessible to all-whether through education, financial support, or infrastructure-sustainability can become a tool for social upliftment, not just environmental preservation.

Collaboration and Collective Action Across Sectors

Sustainability is not the responsibility of any one sector. It requires collaboration across industries, governments, NGOs, and local communities. The discussions around cross-sector collaboration highlight how partnerships can drive progress. For instance, brands work together in the fashion industry to improve ESG data collection and transparency. In urban development, cities like Washington, DC, implement collaborative models to build more climate-resilient infrastructure.

Kevin Vranes noted that partnerships are key to scaling sustainability solutions: "No company or sector can tackle these challenges alone. Collaboration allows shared resources, expertise, and innovation". This spirit of collective responsibility is vital, particularly when addressing global issues like plastic pollution and biodiversity loss, which require coordinated efforts across borders.

Consumer engagement is another critical aspect of collective action. Anita Spiller pointed out, "Consumers have power-they just need the right choices in front of them." By offering sustainable alternatives and encouraging conscious consumption, businesses can empower consumers to make more environmentally friendly decisions.

Hope, Opportunity, and the Path Forward

Despite the enormity of the challenges we face, there is hope. Amber Nuttall's "hope in action" concept resonates with the broader theme that sustainability presents opportunities for innovation, growth, and positive change. "We can't just focus on the problem-we must focus on the solutions. That's where hope lies," she said.

Opportunities abound in areas like renewable energy, circular economies, and sustainable agriculture. By embracing these innovations, businesses can position themselves for long-term success while contributing to the global effort to mitigate climate change. As Yishan Wong highlighted, "Investing in nature is not just good for the planet-it's good for business." Forest conservation, for instance, offers both environmental and financial returns, making it a win-win for investors.

The path forward requires systemic change, governance reform, innovation, and individual action. Each piece of the puzzle is essential; together, they create a comprehensive approach to sustainability. As Nuttall said, "The future is not something that happens to us-it's something we create."

Conclusion

Sustainability is no longer a distant goal but an urgent necessity. From the boardrooms of corporations to the everyday choices of individuals, we all have a role in shaping the future. By embracing innovation, fostering collaboration, and taking collective responsibility, we can turn the climate crisis into an opportunity for positive change. Now is the time to act because the future we create today will define the world of tomorrow.

This article was developed from these sessions

1. An Urgent Need for Climate Action and Progress | Amy Terpeluk & Brianne Chai-Onn, FINN Partners Purpose & Social Impact practice
2. The Hydrogen Economy at the Crossroads | Assaf Sayada, CEO Hydro X with FINN Partners host Nicole Grubner
3. The Futures of Our World: Life on a Planet with Natural Boundaries | Peter Schlosser, Arizona State University, with FINN Partners host Jennifer Robinson
4. Reimagining Waste: Circular Economy Solutions for a Sustainable Future | Albert Douer, Chairman and co-CEO UBQ Materials with FINN Partners host Nicole Grubner
5. Climate Change and Its Impact on Black Childhood | Dr Leah Austin, President and CEO of National Black Child Development Institute with FINN Partners host Ken Sain
6. Destination DC - as a Blueprint for Urban Destinations to Create Brighter Futures for People and Planet | Elliott Ferguson, President & CEO Destination DC with FINN Partners host Amy Skelding
7. Cities of the Future: How to Create Cities That Are More Efficient, Sustainable and Climate Resilient | Syd Kitson, Chairman & CEO Kitson and Partners with FINN Partners host Nicole Janok
8. Empowering Farmers for a Climate-Resilient Future | Alison Ward, CEO Cotton Connect with FINN Partners host Aman Gupta
9. Unlocking the Multi-Gigaton Potential of Fresh Water as a Carbon Sink | Eyal Harel, CEO of BlueGreen Water Technologies
10. Turning Sustainability Data Into Action | Kevin Vranes, Chief Product Officer, Worldly with FINN Partners host Brianne Chai-Onn
11. Strategic Sustainability: Circularity in Luxury Consumer Goods | Florence Bulté, Chief Sustainability Officer of Chalhoub Group with FINN Partners host Aila Hernandez
12. Financing Forests: Why Invest in Nature | Yishan Wong, CEO of Terraformation with FINN Partners host Brianne Chai-Onn
13. Reigniting People Around the World to Turn Off the Plastic Tap and Curb Plastic Pollution | Anita Spiller, Vice President of ESG at True Earth with FINN Partners host Renee Martin
14. Navigating Business in a Turbulent World | Erik Saito, SVP & GM EMEA and APAC, Workiva with FINN Partners host Margaret Hoerster
15. Sustainability Starts Here: The Board's Role in Global Change | Henning Stein, CEO of 1BusinessWorld & Helle Bank Jørgensen CEO & Founder of Competent Boards
16. How Innovation Will Win the Fight Against Mass Extinction | Dr. Robin Ganzert, President and CEO of American Humane with FINN Partners host Gil Bashe
17. Electrification of the Marine Industry | Benjamin Sorkin, CEO of Flux Marine
18. 8 Billion Imperfect Environmentalists | Amber Nuttal, Environmental & Sustainability Director, EXTREME with FINN Partners host Terri Bloore

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TAGS: Purpose & Social Impact, Sustainability & ESG, Environment

POSTED BY: Christopher Nial

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