The political intentions to fight climate change have ignited a burning platform in the corporate world. Since 196 countries signed the Paris Agreement in 2015 to pursue efforts that limit the temperature increase to 1.5°C above pre-industrial levels, corporations and their eco-systems have slowly directed their attention towards contributing to the fight against climate change.
Notably, the financial sector has been moving. As Larry Fink, CEO of Blackrock, the world’s largest investment group, stated in his yearly newsletter to CEOs of the largest companies worldwide: “We focus on sustainability not because we’re environmentalists, but because we are capitalists and fiduciaries to our clients… every company and every industry will be transformed by the transition to a net zero world. The question is, will you lead or be led?”
Often, the reality is money talks, and business listens. The pressure from stakeholders is forcing corporates to become more sustainable. The Nordic countries might rightfully be considered a leading region in enforcing sustainable policies and acting on them. Sweden, Denmark and Finland are the most sustainable countries based on their environmental performance index (EPI) score. Furthermore, on the recently published “Global 100 list: How the world’s most sustainable corporations are driving the green transition” by Corporate Knights, 15 companies are headquartered in the Nordic region. That is remarkable!
A recent market research study conducted by IDC on behalf of T-Systems finds that sustainability is perceived as a risk factor among Nordic companies. This is a short-sighted strategy. With the enforcement of the EU Corporate Sustainability Reporting Directive (CSRD) at the beginning of this year, the natural focus is to comply with the massive reporting requirements on ESG factors. However, the era of corporate sustainability beholds much greater perspectives. The transition to greener can provide new revenue streams and futureproof your business.
A great example is Mærsk’s visionary statement in 2021 on being able to operate the world’s first carbon-neutral liner vessel by 2023 – seven years ahead of schedule. The ship was named in September 2023 by the EU Commission President Ursula von der Leyen - marking a new era for the logistics giant. The efforts in building a carbon-neutral liner can be seen as a way of reducing Mærsk’s footprint (the one side of the green coin), but it also offers the potential for selling new sustainable services to their customers (the other side of the green coin).
Recently, Mærsk revealed a new agreement with the Danish retailer Flying Tiger, which will transport its entire ocean freight transport volume under Maersk care with the ECO Delivery solution from 2024 onwards to significantly reduce its greenhouse gas emissions from ocean logistics. Mærsk is leading its industry and setting new standards. The liner is futureproofing its business as demands toward sustainable freight will only increase in years to come. Sustainability is perceived as a business opportunity. And that leads back to the question by Larry Fink, which should be at any CEO’s table: Will you lead, or will you be led?
Get more insights on why perceiving sustainability as a risk factor is short-sighted, and find road maps to accelerate your digital sustainability journey in our market research study.
