The black summer of 2019-2020 has seen the Australian landscape suffer unprecedented destruction. Climate change will continue to dramatically alter our environment, threatening political stability, degrading entire ecosystems, displacing whole communities and undermining business operations. To respond, businesses will need to undergo drastic transformations, embrace emerging economic opportunities and deeply embed principles of sustainability. Businesses no longer have the luxury of time. They must step away from a business as usual approach and reposition themselves as more responsible and sustainably savvy.
In 2020, activism will continue to grow globally; lack of trust in both public and private institutions shows no signs of waning; investor pressures on businesses to perform better in environmental, social and governance (ESG) matters will become more pointed; the gap between those that understand business ethics versus those that do not will grow; and the need for business leaders to set bolder human rights and environmental targets will become more pronounced.
This report outlines the key pressures facing businesses in 2020, and what companies can do to take advantage of the opportunities presented by the challenges in our landscape to ensure their long-term viability.
The opportunity for business to respond and lead the change is clear. How they choose to tackle these major pressures however will be both critical and defining.