the case for climate alliances

Climate change-like other business sustainability challenges-is a systemic problem that demands systemic solutions.2 Policy makers and regulators play a critical role, but, given the magnitude of the problem, the pace demanded by the science of climate change, the skills and resources required, and...

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Bibliographic Details
Published in:Stanford social innovation review 2024-10, Vol.22 (4), p.48-57
Main Authors: Gasparini, Matteo, Haanaes, Knut, Tedards, Emily, Tufano, Peter
Format: Magazinearticle
Language:English
Subjects:
Alliances
Climate change
Collaboration
Social responsibility
Sustainability
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Summary:Climate change-like other business sustainability challenges-is a systemic problem that demands systemic solutions.2 Policy makers and regulators play a critical role, but, given the magnitude of the problem, the pace demanded by the science of climate change, the skills and resources required, and the fractured political landscape, business leaders must move decisively. Joint research conducted from 2009 to 2017 by MIT Sloan Management Review and Boston Consulting Group (BCG) finds that 90 percent of more than 60,000 executives and managers surveyed in 118 countries believe "collaboration is essential to sustainability success. Three Bottlenecks AS MORE AND MORE firms define their climate strategies, the leaders tasked with implementation-from board members and senior executives to portfolio managers and procurement officers-soon find themselves faced with a monumental challenge. Specifically, we identified three bottlenecks standing in their way: lack of organizational readiness, in the form of willingness and capabilities; lack of market readiness, in the form of unresolved interdependencies; and lack of institutional readiness, in the form of consistent global policies and standards Organizational readiness | A 2021 NYU study of 1,188 directors of US Fortune 100 firms found that only about 1 percent had any sustainability credentials, such as experience in sustainable business practices, sustainable development, climate and energy, nature conservation, and environmental law.7 Similarly, in a worldwide survey of board members conducted by INSEAD and executive search consulting firm Heidrick & Struggles, 65 percent of respondents say that climate-change knowledge is not required for board service or CEO selection and 74 percent do not prioritize climate change in the board's competency matrix or executive-performance assessment.8 This lack of expertise is not restricted to boards or the C-suite.
ISSN:1542-7099