7-Steps To A Sustainability Statement With Purpose
Did you know that you can’t authentically be a purpose-driven business without a robust sustainability strategy?
While purpose and sustainability are not the same thing, there are clear overlaps. Purpose is about the impact you want to make on the world – why your organisation exists, and why the world would be worse off if it didn’t.
Your sustainability strategy helps you get specific about the issues across your value chain that need to be addressed to make that impact happen.
WHAT DOES SUSTAINABILITY MEAN TO YOU?
Sustainability and sustainable development are terms often used interchangeably in business. They both refer to the damage we do to our planet when we are consuming resources faster than they can be replenished.
However, a close look at sustainability and sustainable development reveals nuances that differentiate them.
SUSTAINABILITY VS. SUSTAINABLE DEVELOPMENT - DEFINING THE DIFFERENCE
Sustainability is a broad term that describes managing resources without depleting them for future generations. It is often thought of as a long-term goal (i.e. a more sustainable world).
Sustainable development refers to the many processes and pathways to achieve sustainability (e.g. sustainable agriculture, production and consumption, good governments, research and technology, education and training, etc.). This is reflected in the United Nations Sustainable Development Goals (SDGs), the world’s shared plan to end extreme poverty, reduce inequality, and protect the planet by 2030.
In summary, both definitions go beyond environmental considerations, which concerns earth’s natural resources, to also include economic and social aspects. Sustainability is focussed on the future outcome and sustainable development focuses on how we will get there.
SUSTAINABILITY AND YOUR COMPANY
There’s a lot to gain for companies committed to sustainability.
Even before the pandemic, there was a foundational shift that had largely been facilitated due to the perceptions of an increasingly skeptical public, who believed (and still do) that companies have a larger responsibility to society than purely delivering a financial return on investment.
The combination of the pandemic and the social justice movement have magnified the effect that environmental and social forces can have on business, now making these considerations fundamental to strategy development and managing risk at board level.
Key stakeholders want to know that you have a corporate purpose or vision and responsible business practices. And as we’ve just established, there’s more to creating a sustainability statement than simply vowing to save the planet.
In our disrupted world, company’s who are able to transparently illustrate their purpose and commitment to sustainability are rewarded with people’s trust and they show this by voting with their wallet.
YOUR SUSTAINABILITY STATEMENT
A concise statement that relates to your overriding purpose and mission is an effective way to illustrate your commitment to sustainability, your objectives and how you incorporate this into your daily work practices and planning.
The statement needs to illustrate how the company supports society’s current needs in an efficient way, while also planning for the future.
It also needs to have measurable outcomes, and should be updated regularly.
What does sustainability success look like for your company? And how can you communicate your contribution to the United Nations SDGs?
7 steps to your sustainability statement:
Your sustainability vision
Start with a short sentence (seven words or less) explaining what your unique sustainability vision is for your company - will you focus on the social and economic aspects or just the environmental?
If you're looking for guidance, you can set a vision on how your company could contribute to the United Nations SDGs for 2030. Examples include PwC commits to net zero by 2030, or Country Road ‘Protecting What Matters’, Patagonia and IKEA.
Set clear objectives with timeframes
You need to find the right balance between intention, commitment and measurement. Don’t over or under commit. Get the balance right between aspirational, yet action-oriented.
Communicate how you plan to achieve these goals
Transparency and clarity are key. Talk about what initiatives you have in place, where you would like to progress to, and how it benefits all your key stakeholders and our planet’s health. And most importantly, how you will measure your impact.
Be consistent
Include your commitment to sustainability and sustainable practices in your company values, purpose, and mission. Incorporate some of these objectives into your business plans and publish on your website.
Accountability
Consistently reporting on efforts in relation to your sustainability goal is imperative. Develop key performance indicators or metrics to track progress against your objectives.
Authenticity is key
Being authentic will build trust and deepen engagement with your key stakeholders.
Actively seek feedback and ideas
It is vital to engage and integrate stakeholder feedback (including employees) to make your statement complete.
Once you follow these seven steps you should consolidate this information into one page to form your sustainability statement.
This should be published on your company website and integrated with your company purpose and values as we saw in point 4 above, as well as your annual reports, business planning and measurement indicators.
References:
https://online.maryville.edu/blog/sustainability-vs-sustainable-development/
https://en.unesco.org/themes/education-sustainable-development/what-is-esd/sd
https://www.theworddepot.com.au/blog/purpose-brands-driving-change-are-trusted-more
https://www.pwc.com.au/about-us/social-impact/trust-capacity/environment.html#:~:text=PwC%20commits%20to%20net%20zero,terms%20over%20the%20next%20decade.
https://green.harvard.edu/commitment
