Has the time to act finally come?

Guest Writer:
Endre Fazekas
founding member
Lánchíd Klub

Plus firms also need to manage the tasks related to digitalisation and prepare for using robots and artificial intelligence solutions. International regulations are forcing changes, too, from the Global Reporting Initiative (GRI) of the United Nations through the European Climate Law to the EU’s Corporate Social Responsibility Directive (CSRD).

Businesses can’t leave preparing for the changes to the last minute. Besides the legal obligation for preparing and implementing a corporate climate and sustainability strategy, it is in the interest of every firm to have such a programme. What is more, those companies that do take carbon footprint reduction seriously pose requirements not only for themselves, but also for their partners across the supply chain. What we need is a complete change of attitude, with the focus in sustainability being on many more factors than just global warning! The managements of companies with profit hungry owners aren’t in an easy situation. Managers must explain it to these owners: the sustainability performance of a company is an important part of its value in the eyes of investors, together with the concept of ethical profit.