ICC United Kingdom

“Developing comprehensive sustainability plans and investing in innovative technologies were highlighted as critical for tackling interconnected challenges effectively”

The ICC United Kingdom Sustainability Conference convened industry leaders, policymakers, and civil society to deliberate on the critical need for collective action to achieve sustainability goals. Through a series of high-level discussions and collaborative dialogues, several strategic themes emerged as pivotal to driving systemic change.

Driving sustainability through scale, innovation, and networks

A fireside chat emphasised the transformative potential of scale, innovation, and network effects in advancing sustainability. Speakers stressed the need for bold, innovative thinking and the adoption of groundbreaking technologies, coupled with fostering interconnected networks to amplify collective impact. Cross-industry and cross-border collaboration were highlighted as essential accelerators for transitioning toward sustainable practices.

Improving sustainability disclosures and the regulatory landscape

The conference identified sustainability disclosures as a systemic challenge requiring coordinated efforts from governments, corporations, and civil society. Key insights included:

  • Leadership Commitment: Senior executives and boards must demonstrate clear ownership of sustainability goals, fostering cross-functional collaboration to pre-empt conflicts and delays.
  • SME Support: Providing capacity-building programs and simplified reporting tools is essential for small and medium enterprises (SMEs) navigating complex regulatory frameworks.
  • Global Alignment: Harmonising standards such as the Corporate Sustainability Reporting Directive (CSRD) with global frameworks can enhance efficiency and compliance.

Decarbonising Supply Chains

Decarbonising supply chains emerged as a pressing priority, with only 45% of companies currently disclosing Scope 3 emissions. How to address this challenge?

  • Supplier Engagement: Educating and collaborating with suppliers to build capacity and align on decarbonisation objectives.
  • Enhanced Data Practices: Leveraging tools such as the CDP SME questionnaire to improve data accuracy and reporting.
  • Systemic Support: Addressing barriers within supply chains to facilitate a smooth transition toward lower emissions.

Unlocking Sustainable Financing

Sustainable financing was identified as a critical enabler for green initiatives. Discussions focused on:

  • Digital Innovation: Utilising digital trade to enhance transparency and reporting, including the potential for an ESG passport for supply chains.
  • Policy and Risk Management: Developing policies to provide certainty and reduce risks for stakeholders.
  • Capacity Building: Raising awareness and building skills to support the deployment of sustainable financing solutions.

Championing a Just Transition

Ensuring a just transition requires equitable distribution of the costs and benefits of climate action. Key recommendations included:

  • Social Safeguards: Addressing critical issues such as living wages, access to clean water, and workplace safety within supply chains and communities.
  • Collaborative Responsibility: Encouraging businesses to work with governments to protect vulnerable populations and ensure fair outcomes.
  • Community Engagement: Extending support from internal operations to immediate communities and global supply chains.

Integrating Biodiversity into Business Strategies

Recognising the interdependence of climate and biodiversity, the conference urged businesses to incorporate biodiversity into their sustainability frameworks. Investor interest in nature-focused initiatives is growing, but integration remains a challenge. Collaborative conservation efforts, risk mitigation, and aligning with investor expectations were identified as strategic priorities.

Adopting a Holistic Approach to Sustainability

Businesses were urged to address sustainability challenges cohesively, balancing climate priorities with issues like plastic waste, biodiversity, and the circular economy. Developing comprehensive sustainability plans and investing in innovative technologies were highlighted as critical for tackling interconnected challenges effectively.