Looking forward to 2024, finance leaders must gear up for the new challenges the new year will bring.
Along with challenges, of course, come opportunities for business growth and expansion.
Sustainability and sustainability reporting have been proven to be getting the attention of various organisational heads as these open doors for improvement and strategies.
Ernst & Young's Global Climate Risk Barometer report identified three actions companies must take as urgently as possible:
- Shift the mindset from burden to action. The “pacesetter” companies use disclosure to drive behaviour rather than see it as a compliance burden. Detailed, coherent and measurable data in disclosures is typically matched by the rigor and energy around strategy and action.
- Master the data to serve your carbon agenda. Use data to drive action and reduce emissions. Put in place governance structures to harness and manage data in such a way that it is always integrated into strategic and operational risk management.
- Elevate the discussion to drive impact. To truly inform the overall business strategy, address climate data and related impacts at board level. This, in turn, allows leaders to take a holistic approach that encompasses operations, people, supply chain and technology.
