5 ESG trends to take seriously in 2024
Ollie | February 23, 2024
2023 was the hottest year on record. Weather spiralled out of control. Floods tore open homes. Wildfires ravished forests. Countries froze. And people fried eggs in frying pans under the sun.
Powerful businesses have a big say in climate change. That means if you’re reading this through a corporate lens, there’s hot spotlight on you.
No longer a tick-box exercise, sustainability is integral to your business and the planet. Here are 5 Environmental Social Governance (ESG) trends to take seriously in 2024.
ESG trends that define workplace sustainability in 2024
Transparency is the headline.
Honest ESG reporting
Image by @wocintechchat via Unsplash Images
Greenwashing is when a company deceptively markets themselves as sustainable. While companies have flown lies under the radar in the past, today the spotlight is too broad. For example, coffee brands Nespresso and Keurig (Canadian) have been exposed for misleading recycling claims on their single-use coffee pods. Claiming they are ‘recyclable’, while this is only true by accessing specialist recycling machinery.
In contrast, governments are compiling clear-cut sustainability regulations in 2024 focused on reporting and transparency. For example, the Non-Financial Reporting Directive asks large companies to produce a non-financial report on their ESG performance, alongside their annual management report. This covers environmental matters; social matters and employee treatment, respect for human rights, anti-corruption and bribery, and diversity on company boards (in terms of age, gender, educational and professional background). Similarly, the UK’s Streamlined Electricity and Carbon Reporting regulation requires companies to share full details of their energy use and emissions.
Put simply: there’s nowhere to hide.
Discover More: Office coffee without single-use plastic pods
Looking beyond carbon
Reducing carbon emissions has taken centre stage when talking about the climate crisis. But there’s more to the story. Recent findings show we have may overlooked methane. This greenhouse gas accounts for a third of net warming since the Industrial Revolution and is fast increasing – covering 16% of global emissions. Incredibly, it is more than 28 times as potent as carbon dioxide at trapping heat in the atmosphere. Back to us, the onus therefore falls on practices like composting organic waste, implementing leak detention in energy industries and finding ways to reduce landfill.
Discover More: 7 easy ways to make your workplace more sustainable
More love for biodiversity
We rely on nature. Yet our treatment of the planet damages the biodiversity that underpins business operations and economic health. A PwC analysis revealed that 55% of global GDP (equivalent to $58 trillion) relies on nature. Saying this: protecting biodiversity and limiting deforestation is crucial – as companies realise their economic value is dependent on the natural world remaining intact.
ESG clarity with stakeholders
Clarity on ESG is vital – internally and externally. You must be transparent about your sustainability efforts and areas to improve with your stakeholders. As well as communicate your ESG credentials honestly to your external audiences.
Adapting to a changing world
Image by @markusspiske via Unsplash Images
An immense focus of sustainability is on protecting the planet for future generations. But what about now? Look around – the extreme weather of 2023 destroyed lives. Temperatures soared to record-breaking heights. The emphasis then turns to us – how can we adapt to, and care for, this world? From sheltering workers during heatwaves to catering preventive to potential floods, hurricanes and other erratic weather – the onus is on you (as a business owner) to adapt and care for your teams.
Discover More: FreshGround’s sustainability policy
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Let’s discuss your workplace sustainability needs. Our eco-efficient coffee machines and water dispensers are free from plastics – making integral features in sustainable offices.