“Sustainability is increasingly crucial for businesses and incorporating it into your corporate strategy will be critical. This shift is necessary to address investor pressure, consumer demands, regulatory compliance, talent acquisition, and to boost productivity.“
-World Economic Forum
In a previous article, we explored a step-by-step plan to assist you in establishing a Sustainability Committee for your company. This committee oversees the planning, implementation, and monitoring of your ESG endeavours according to your company DNA. Now that you've taken the crucial first step, are you ready to become a sustainability leader? Setting up a Sustainability Committee is a great start, but there's a whole roadmap to explore. If you're wondering the significance of having a Sustainability Committee, we invite you to dive into the following discussion to uncover its importance. This article dives into the exciting "what's next" steps to maximise your ESG impact and navigate your path towards a sustainable future.
How to Develop a Sustainability Strategy
Developing a comprehensive Sustainability strategy involves a six-step process comprising Awareness, Engagement, Strategy, Actions, Reporting and finally, Storytelling.
Let’s explore each one:
1. Awareness
Just like how oxygen fuels a fire, awareness is essential for any sustainability journey. Without it, even the most ambitious goals can falter. At Sunview, we're committed to igniting a company-wide ‘green spark’, not just within leadership.
Starting with Sunview’s sustainability crusaders – these passionate employees undergo specialised learning courses through the United Nations Climate Change Learning Programme, sharpening their knowledge and becoming internal sustainability champions.
These champions collaborate with various departments to educate and inform all employees. We implement interactive workshops, engaging town halls, internal newsletters and launching green campaigns such as Sunview’s Meat-free Meal campaign – aimed to raise awareness and incorporate sustainable practices within the organisation. During this campaign, we've received more than 100 meat-free meal submissions internally within a span of 2 months.
By collaborating closely with employees, we recognise their role in fortifying Sunview's sustainable journey. Integrating sustainability into the heart of daily operations is the key. When 'green' becomes the appealing norm, it is effortlessly integrated into every facet of our organisational culture.
2. Engagement
Now that we've identified our company’s GHG emissions, let's take the next step with a materiality assessment. A materiality assessment is a formal exercise designed to identify social and environmental issues that are related to your business. It is a tool that will guide strategies and communication, ensuring we focus on the areas that matter most to both our stakeholders and our company.
The material assessment process involves:
- Identification: Identify and list down potential ESG issues.
- Stakeholder Engagement: Gather insights from internal and externalcollaborators.
- Prioritisation: Rank issues based on relevance and importance.
- Materiality Matrix: Visualise critical topics using a matrix for clarity.
- Refinement: Fine-tune with stakeholder feedback.
- Adapt and update: Regularly review to reflect changes in business, industry, and stakeholder expectations for ongoing relevance.
Through this assessment, companies will gain clarity on what truly matters and focus efforts on the key sustainability goals that are most important for the company and its stakeholders.
3. Strategy
This point is where your company truly defines its unique path towards sustainability. It involves aligning your business goals with impactful initiatives. Here's how Sunview can help:
- Mission-Driven Initiatives: Here's how you can craft dynamic sustainability strategies. The key lies in aligning your business goals with impactful initiatives. Every action should contribute to your overarching sustainability mission, whether it's combating climate change or upholding human rights. Ask yourself: "How does this initiative advance our ESG objectives?" For instance, if your company aims to offset its carbon footprint, transitioning to solar power is a powerful step. Take our client, Harumi Manufacturing, for example. By adopting solar power, Harumi achieved an estimated return of investments in less than 3 years with average yearly savings of just under RM500,000, and reduced their carbon emissions by an impressive 713,811.05kg-CO². Each initiative should not only contribute to your ESG goals but also bring about measurable positive change, just like the experiences of numerous clients we've assisted.
- Innovation & Collaboration: Embrace innovation and be fearless in exploring uncharted territories! Actively seek partnerships with organisations that share your commitment to sustainability, like Sunview. We offer expert consultation, energy audit, solar panel installation, comprehensive 360° sustainability solutions including ESG advisory, climate project development, emission trading services and cutting-edge AI-powered machines with dedicated after-sales support. This unlocks new possibilities to accelerate your progress.
- Continuous Learning & Adaptation: The path to sustainability is rarely linear. Be prepared to adapt and learn as you go. Monitor your progress, gather feedback, and refine your strategy based on real-time data and insights.
Talk to us and learn more on how our 360° sustainability solutions can help to transform your businesses’ sustainability strategy.
4. Action
Once your sustainability plan is in place, it's time to translate it into action. Whether it's adopting renewable energy or teaming up with conscious-minded suppliers, every step you take is an investment in a greener future. And we understand that budget can be a factor, that’s why we're proud to offer our SunValue Zero Capex solution – a suite of energy solutions tailored for businesses and requiring no upfront investment. Find out more https://www.sunview.com.my/esggoal#esg-solution.
Navigate your implementation process wisely by investing in necessary software and data tools. Subsequently, employ Red, Amber & Green (RAG) markers as you implement, track and monitor the progress of your projects. Red flags indicate challenges requiring immediate attention, amber signals areas needing adjustments, and green celebrates achievements. This colour-coded system spans projects, departments, and key indicators, offering a streamlined overview of your sustainability landscape.
5. Reporting
Our dedication to sustainability necessitates transparent and thorough communication. That's why we're leading the charge in sustainability reporting by partnering with industry leaders to develop a first-of-its-kind software tool.
This translates to streamlined reporting, allowing companies to effortlessly gather data for annual reports, disclosures, and stakeholder engagement. With a data-driven approach, Sunview builds trust and fosters accountability. Remarkably, in the KPMG's 2022 survey, 96% of the world's top 250 largest companies already prepared a sustainability report. Closer to home, Malaysia's stakeholders are raising their voices, demanding greater accountability on ESG matters.
6. Storytelling
Data is crucial, but facts alone rarely spark action. As Karen Eber, a sustainability expert, says, "Data informs, but stories ignite. They engage emotions and build trust, inspiring us to take action."
Don't bury your sustainability wins! Transform dry data into compelling infographics and share success stories on social media, corporate blogs, or internal newsletters to position your company as one that shares human values.
By using the power of narrative and diversifying storytelling platforms, you'll achieve more than just documenting progress. You'll inspire others to join the movement, ultimately driving long-term success and profitability for your business.
Conclusion
Developing a sustainability strategy isn't just a box to check; it's a powerful catalyst for positive change within your company and for the environment. We at Sunview are committed to support you on this journey. With our expertise in the area of sustainability, we are here to help move your company in the right direction by connecting you with our subject-matter expert advisory board and our solar power products such as SunValue, which eliminates upfront costs, and SunVertax, designed for businesses seeking maximum energy independence and potential tax advantages.
Equipped with our 360° sustainability solutions from load analysis and energy assessment, along with customised financing options, your business is primed to drive real change. Minimise carbon footprint, enhance ESG compliance and secure long-term growth for your enterprise. Take action today - schedule your consultation and see your Sustainability Committee soar.
