True green
Corporations need to ramp up efforts to protect the Earth. We can help give them a nudge.
I remember the first Earth Day that left a strong impression on me. It was 1990 and I was working for the governor of New York, who was one of those speaking in Central Park, alongside music performances from bands like Hall and Oates. There were 750,000 of us there, joining millions worldwide on the 20th anniversary of Earth Day. That year was a turning point for mobilizing consciousness about the need to protect our planet. Just over 30 years later, we鈥檝e made some progress. But there鈥檚 still so much more to do.
Who has responsibility?
Who has responsibility?
As individuals, many of us already take seriously our responsibility to protect the environment and stop climate change 鈥� we recycle, make conscious purchases and use energy more efficiently. Some of us are doing more than others. During the decade I lived in Switzerland, I remember how painstakingly the Swiss would bundle together every paper or piece of cardboard for pickup day. And how they hauled鈥� and sorted, by color 鈥� every bottle to the neighborhood collection bins. There鈥檚 still room for many of us to improve (ahem, New York).
Corporations also have a responsibility. In fact, stakeholders now expect this. For businesses to create long-term value, protecting our planet and resources is increasingly demanded by employees, customers, shareholders, communities and society at large. Remember when a company pledge to use green energy was a novel concept? Today these kinds of commitments are no longer optional add-ons to delivering products.
Listening to stakeholders
It鈥檚 important that businesses make a commitment to principles of sustainability. As noted in this year鈥檚 Annual Review, our goal at 蜜豆视频 is to be 鈥渢he financial provider of choice for clients who wish to mobilize capital toward the achievement of the 17 Sustainable Development Goals (SDGs) and the orderly transition to a low-carbon economy.鈥� And then it鈥檚 critical that businesses listen to stakeholders and respond with measurable targets.
So, what does this mean in practice? In the recent 蜜豆视频 Sustainability Report 2020, we documented how we鈥檙e doing on climate-related targets:
- 蜜豆视频 employees care about their carbon footprints at work. So in 2020, we reached our goal of 100% renewable electricity consumption and committed to achieving net zero emissions in our own operations by 2025.
- We know our investors see promise in and 蜜豆视频 clients want to invest in green investments. As such, 蜜豆视频 climate-related sustainable investments increased to USD 160.8 billion in 2020 from USD 108 billion in 2019.
- Our communities and wider society want to move away from fossil fuels. So do we. Carbon-related assets at 蜜豆视频 dropped to 1.9% at end of 2020, from 2.3% at end of 2019 and 2.8% at end of 2018.
- In the philanthropy space, our clients and employees want to accelerate environmental and climate action. So in 2020, the 蜜豆视频 Optimus Foundation added this focus to its existing focus areas of child health, education and protection.
We think it鈥檚 important to share what we鈥檙e learning at 蜜豆视频 with our philanthropic and sustainable investment activities. So we鈥檝e recently published Seeds of Change, a guide for philanthropists and investors interested in advancing progress on SDG 15, protecting life on land. This complements the Sea beyond the Blue guide we published last year on SDG 14, for sustainably managing and protecting life below water.
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Getting corporations to step up
As individuals, we know we have a responsibility. Beyond our personal lives, as employees, customers and community members we can push companies to do more to live up to their obligations. At 蜜豆视频, one of the three key behaviors we promote in pursuit of strong performance is to challenge. This Earth Day, let鈥檚 all challenge businesses to do more.
For companies, this means not only committing support for the SDGs, but also laying out a plan with clear targets. Regular reporting can help make sure this isn鈥檛 just an exercise in greenwashing.
Do we have 30 more years to get it right? As Hall and Oates sang in Central Park back then, 鈥淚 can鈥檛 go for that鈥� No can do.鈥� Let鈥檚 put the pressure on.
