Are you taking enough climate action to retain your top employees?

As we continue to experience the dramatic wildfire impacts across Canada and the US, it’s become almost impossible to ignore the signs of climate change. In fact, it looms right at our doorstep.

As overwhelming as this is, it’s important to remember that major climate solutions also exist today.  Our collective actions now will determine what kind of future we leave for generations after us. Perhaps more pointedly, the actions you take now may be the deciding factor in whether your business can withstand the turbulent times to come.

The importance of sustainability in attracting and retaining top young talent

This year, Deloitte surveyed more than 22,000 Gen Z and Millennials around the world about their attitudes toward the workplace, including questions about climate change and sustainability. Unsurprisingly, the results highlight that younger generations are deeply concerned about their future and are continuing to demand greater climate action from their employers. Here are some of the survey's findings:

• 42% of Gen Z and 39% of Millennials have already changed or plan to change their job or industry due to climate concerns.

• 50% of Gen Z and 46% of Millennials are pushing their employer to drive change on environmental issues.

• Just 15% of Gen Z and 16% of Millennials feel able to influence their organization’s sustainability efforts.

• Less than half of Gen Z (48%) and Millennials (44%) believe that business has a positive impact on society.

What’s the main takeaway here? If your organization wants to attract and retain top talent, it’s important to make environmental and social purpose a priority.
 

ISSB sustainability and climate disclosure standards announced

On June 26, The IFRS Foundation’s International Sustainability Standards Board (ISSB) announced the official launch of its new global sustainability and climate disclosure standards (IFRS S1 and IFRS S2). These standards are expected to be used by regulators around the world to inform their sustainability reporting requirements. They'll also be foundational to integrating sustainability into the broader financial reporting process.

A key purpose of the new standards is to create a common language in how companies report their sustainability risks and opportunities. The standards incorporate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)  and consolidate the requirements of several other leading sustainability reporting frameworks.

The new standards will take effect as of January 2024, with companies beginning to issue disclosures against the standards in 2025.  It should be noted that these standards are not yet mandatory in Canada. However, these standards could influence future Canadian disclosure rules.  Learn more about these standards and what they could mean for your business by watching these two short webcasts.
 

Why circularity is key to reaching our net-zero goals

Last month, we attended the first Canadian Circular Economy Summit in Toronto. The event covered themes like circular design and implementation principles, scaling circular culture, and circularity success stories in various sectors. Here are some of our key takeaways from the conference:

• Around 40-45% of our greenhouse gas emissions are linked to extraction, production of goods, and processing waste. This means we can’t get to net zero without a circular economy.

• Some key circular strategies involve consuming less, designing more resource efficient products, using goods longer, reusing goods/components, sharing goods, and the use of products as a service.

• The circular economy will yield more jobs, stimulate innovation, lead to cost savings, reduce emissions, use less resources, and promote biodiversity conservation.

• Government procurement can be influential in encouraging procurement of lower emission circular products and services (e.g., federal government purchases represents 15% of Canadian GDP)

For more on the benefits of a circular economy, please read our recent blog.

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