The establishment and operationalization of a loss and damage fund was the historic conclusion of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which was held in the Egyptian beach city of Sharm el-Sheikh, on November 20. According to the findings of this year’s research conducted on the Top 100 companies by PwC, climate change is regarded as the threat to business success that is growing at the fastest rate—and, as a result, is the most pressing—from 10% to 13% annually. Given that other threats, such as technology integration, decreased or remained the same in terms of perceived importance, this is even more significant.
In order to undo the harm created by environmental carelessness, businesses have a major duty. The future in which mankind can live, work, and play sustainably will be shaped by those who actively engage in climate change action and education.
Businesses should stay close to the issues that people are concerned about and worry about in order to remain relevant and meaningful. They should also offer solutions to change how we consume things and reduce risks. Sector-specific approaches to securing the sustainability opportunity vary: Businesses must consider their right to play and how to do so.
Because climate change is becoming more personal, it has the potential to play a larger role in people’s decision-making. This must not be overlooked. Brands can maintain their engagement with the subject matter by regularly attending climate summits, sponsoring them, or participating in some other way. Real commitment to the problem can be seen when brands work together to tackle climate change together.
Brands need to consider or reevaluate how they generate value in light of the emergence of a new consumption culture. We did not learn about a sustainable business model in school or have been rewarded for developing it throughout our careers. It necessitates new perspectives and approaches to thinking and doing things. It’s challenging, but hopeful because the future can last.