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How EY can help
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EY sustainable finance teams helps financial services companies define sustainability goals that create value and make a measurable difference. Learn more.
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So, what does a corporate strategy that meets these requirements look like? Where should a company start? Needs vary greatly and depend on the specific business model. But all strategies have one thing in common: they’re not about individual departments but cross-functional solutions. No one person, no single department can define and implement a strategy like this alone. In other words, introducing a dedicated sustainability function is not enough.
The issue impacts the product and service portfolio, research and development, purchasing, production, and sales; but also all other corporate functions such as human resources, legal and compliance, and risk management. To implement sustainability in a company credibly, effectively and over the long term, the topic must be viewed as a guiding principle and integrated across all business areas.
It is vital that companies build the capacity and expertise to achieve this now – and that doesn’t just mean at the board and C-suite level; all employees should be involved. After all, employees are the key stakeholders in any sustainability strategy. The measures taken should be tangible in their day-to-day work. Every company and every individual needs to understand that sustainability and decarbonization are not just risks but also an opportunity.