Sustainability in organizations may be defined as the impact of organizations on the environment or society. The implementation of sustainable solutions refers to intending to positively influence society and contribute towards resolving some of the world's prevailing challenges around sustainability. Enterprise-level sustainability solutions are critical in curbing the ill effects of unsustainable business practices.
Several warnings are being sounded across the globe about the reverse effects of climatic change. Experts have regularly emphasized the devastating impacts of unsustainable living practices.
Here are a couple compelling reasons amongst others that demand urgency and focus on sustainability.
From hurricanes to tornadoes and forest fires, the predominant reason for natural disasters, over the years, has been global warming. Limiting global warming has become important. This can be achieved through adopting sustainable solutions because even a 2-degree increase in the atmospheric temperature may make the masses uninhabitable. To add on, emissions are threatening global health standards.
The most important aspect of sustainability is planning for future generations. Scientists have been consistently focusing on the recovery of the ecosystem by supporting a livable environment. This can be achieved only when all the nations and governments practice equitable usage of resources along with the implementation of technologies that result in a zero-carbon future.
Beyond saving the planet, the recent big push in sustainability goes back to 2015 whenseveral nations across the globe adopted the Paris agreement.
The Paris agreementis an international treaty dedicated to tackling global climate change. One of the main aims of the Paris agreement is to limit global temperature from rising more than 1.5 degrees Celsius because experts say this is the only way to help the world avoid the most severe impacts of climate change by 2030. The negative effects include everything from flooding in coastal towns and cities to areas experiencing extreme droughts and more severe weather events.
In line with the Paris agreement, the United Nations (UN) also established 17 Sustainable Development Goals (SDGs). These SDGs are designed to be an outline to achieve a better and more sustainable future for all. The SDGs are essentially a universal call to action for the world to end poverty, protect the planet, improve education and health, and tackle key environmental challenges by 2030.
A key metric that investors use to gauge a company’s level of sustainability is Environmental, Social, and Governance (ESG). Companies that fail to take ESG into account are at risk of experiencing a significant financial impact. A better ESG score management translates to a lower cost of capital and correlates to lower regulatory, environmental, and litigation risks. The reason that ESG investments are viewed so positively is due to how well they align with long-term thinking, and potential risk reduction; companies who have good ESG management tend to be better equipped for crises due to this emphasis on sustainability. Thus, when looking for long-term value, ESG investments offer the opportunity for investment that can manage risk and create opportunities, whilst also contributing towards a more sustainable future.
IBM Envizi is a comprehensive software platform that allows organizations to manage sustainability. This ESG suite automates the collection and consolidation of more than 500 datatypes along with supporting ESG reporting frameworks.
The IBM Envizi ESG suite comes with powerful visualizations and customizable dashboards that help effectively manage environmental goals, identify opportunities to boost efficiency, and assess sustainability risks.
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