So it would appear that, as a global society, we are finally making progress on the way we consume energy, with 2023 being the first year on record that our use of fossil fuels to generate electricity will drop as the switch to renewable energy increases. Read more about this in this BBC article.
There are many reasons to be encouraged about this report, not only has there been a reduction in the use of fossil fuels, but arguably more importantly, this is being led by China who have historically been one of the biggest consumers of oil, coal and gas.
Whilst this report is good news, what we must avoid is getting complacent, think that the hard work is done and sit back and rest. What this report and its findings represent is a great first step and what we must now do is build on that momentum and find more ways to avoid using fossil fuels, reduce our carbon footprints and minimise our use of natural resources.
Is ESG just about the environment?
But it doesn’t stop there, we have to support our communities as well, those surrounding where we work as well as those inside our business and look to protect our business by developing their sustainability.
It may seem that adopting this type of approach as a business will need a significant investment, but it doesn’t necessarily require it. The key is to develop a long term strategy that has specific KPI’s attached but that is achievable. With this approach not only will your business benefit from potentially reducing costs and improving efficiency, but there are many other benefits as well.
The most significant benefit will be additional business opportunities with more and more contract opportunities requiring evidence of a business’s ESG (environmental, social, governance) credentials. Without this you will not be able to tender or apply for many contracts and will face having a reduced profile, not to mention finding it harder to recruit and retain staff.