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10 Useful ESG Case Studies [2024]

In an era marked by rapid technological advancements and globalization, the role of corporations in shaping our planet’s future has never been more pronounced. The term Environmental, Social, and Governance (ESG) has emerged as a compass, guiding businesses in their quest for sustainable growth that respects both planetary boundaries and societal needs. As companies grapple with the complex interplay of profit and purpose, some have risen as beacons, pioneering paths that harmoniously blend business objectives with broader environmental and social imperatives. This article encapsulates a curated collection of corporate narratives that underscore this evolution. From redefining supply chains to innovating products for sustainability, these stories encapsulate the transformative journeys of global giants. Their tales shed light on the challenges faced and celebrate the innovative solutions they’ve employed, setting benchmarks for industries worldwide. This article invites readers on an insightful journey, exploring the depths of commitment, strategy, and action that these luminaries have showcased in the ESG realm.

Related: Top Business Sustainability & ESG Trends

Case Study 1: Embracing a Greener Footprint

Company: Unilever

Task or Conflict: With its global footprint, Unilever found itself at the forefront of sustainability debates. Being one of the world’s most expansive consumer goods companies meant that its environmental impact reached vast extents. Every step from sourcing raw materials to product distribution had an environmental implication. The pressing question was: How could Unilever innovate to significantly reduce its impact while maintaining its expansive growth?

Solution: To address this, Unilever introduced the “Unilever Sustainable Living Plan” in 2010. This wasn’t just a mere strategy but a holistic blueprint that aimed to intertwine profitability with sustainability. The plan focused on comprehensive areas ranging from waste reduction, sustainable ingredient sourcing, to advocating for carbon neutrality across its operations.

Overall Impact:

• By 2020, Unilever remarkably ensured that 75% of its factories achieved zero non-hazardous waste to landfill.
• The company’s carbon emissions saw a notable reduction.
• Sustainable ingredient sourcing practices were put in place, leading to more eco-friendly products.
• Positive ripple effects were observed in its supply chain, leading vendors and partners to adopt similar practices.

Key Learnings:

• Large corporations can seamlessly integrate sustainability while scaling up.
• Proactive sustainability initiatives lead to both environmental and financial dividends.
• Consumer awareness and preferences are shifting; they prioritize and support sustainable brands.
• Collaborative efforts within the supply chain magnify sustainable impacts.

Case Study 2: Pioneering Ethical Fashion

Company: Patagonia

Task or Conflict: Fashion, though glamorous on the surface, has hidden challenges – primarily environmental. Patagonia, deeply rooted in outdoor and adventure values, wanted to ensure its products did no harm to the planet. The challenge was not just to produce clothing but to do so in a manner that was environmentally conscious, without compromising on quality.

Solution: A significant leap of faith was taken when Patagonia decided to use only organic cotton for its cotton products in the 1990s. This decision meant embracing environmentally friendly farming practices, devoid of harmful pesticides, and ensuring that every cotton garment was a testament to sustainable production.

• Patagonia’s water consumption and chemical pollution from production processes saw a marked decline.
• By championing organic cotton, they positioned themselves as an ethical fashion leader.
• Their stand inspired other brands, elevating industry-wide sustainable practices.
• The brand witnessed an increase in consumer loyalty and trust, attributing to its ethical stances.
• It’s possible to deliver quality while being environmentally conscious.
• Brands taking industry-first sustainability steps can spark wider market transformation.
• Ethical decisions resonate with consumers, establishing deeper brand loyalty.
• Challenges in sustainable transitions are outweighed by long-term benefits, both to the environment and the brand.

Related: Top Business Sustainability & ESG Challenges

Case Study 3: Energizing a Renewable Future

Company: Ørsted

Task or Conflict: Ørsted, formerly DONG Energy, stood at an energy crossroads. Once a robust pillar of the fossil fuel industry, the company grappled with its identity amidst global calls for sustainability. The dilemma was existential: would Ørsted cling to its fossil fuel legacy or transform and lead in the era of green energy?

Solution: Choosing the path less traveled, Ørsted embarked on a dramatic shift. They strategically divested from their oil and coal businesses, reallocating resources and investments into offshore wind farms. This pivot wasn’t just about business—it was a testament to the company’s vision of a renewable energy future.

• Their transformation led to a staggering reduction in CO2 emissions, surpassing 80% from 2006 levels by 2021.
• Ørsted emerged as a global beacon in wind energy, becoming a market leader.
• Their transition prompted other energy companies to evaluate and adjust their green energy strategies.
• The company’s value and global reputation saw a significant uplift, resonating with green investors and stakeholders.
• Radical business transformation is possible with vision and commitment.
• Sustainable energy solutions are not just environmentally beneficial but also commercially viable.
• Leading in green transitions sets positive industry standards for others to emulate.
• Stakeholder and investor perspectives are evolving, with a clear tilt towards sustainability.

Case Study 4: Democratizing Finance with Mobile Money

Company: Safaricom

Task or Conflict: In the heart of Africa, millions lacked access to traditional banking facilities. This gap in financial inclusivity not only limited personal growth opportunities but also hindered economic progress at large. As a dominant telecom player in Kenya, Safaricom recognized the potential of leveraging mobile technology to bridge this divide.

Solution: Rising to the challenge, Safaricom pioneered M-Pesa, a revolutionary mobile money platform. More than just a transactional tool, M-Pesa provided an ecosystem allowing individuals without bank accounts to send, receive money, pay bills, and even avail of financial services at their fingertips.

• M-Pesa’s introduction brought over 20 million Kenyans into the formal financial fold.
• Small businesses flourished, leveraging M-Pesa for seamless transactions and capital access.
• Rural areas, traditionally excluded, experienced a surge in economic activities.
• By enhancing financial literacy and access, broader socio-economic disparities were addressed.
• Innovation tailored to local challenges can yield globally recognized solutions.
• When effectively harnessed, mobile technology has the power to revolutionize traditional industries.
• Financial inclusivity is a cornerstone for broader economic and social development.
• Collaboration between tech and finance sectors can yield transformative results.

Related: Impact of ESG on Credit Ratings

Case Study 5: Setting the Gold Standard in Green Tech

Company: Google

Task or Conflict: In the sprawling world of technology, data centers stand as silent powerhouses, consuming vast amounts of energy. With its expansive digital infrastructure, Google confronted the ecological implications of powering its global operations. As a tech leader, the challenge was twofold: reduce its carbon footprint and set a precedent for the industry.

Solution: With a commitment to reshape its energy narrative, Google embarked on a journey to champion renewable energy. By strategically investing in green power sources and forging partnerships with renewable energy producers, Google aimed to balance its vast energy consumption with green energy production.

• By 2017, Google achieved a remarkable milestone, matching 100% of its operational energy consumption with renewable sources.
• Their green energy initiatives reduced the company’s carbon emissions drastically.
• Google’s commitment influenced other tech giants, catalyzing a shift towards renewable energy across the industry.
• The company’s green stance bolstered its corporate image, resonating with environmentally conscious stakeholders.
• Even the most digitally advanced sectors have a pivotal role in environmental stewardship.
• Corporate responsibility, combined with strategic action, can lead to industry-wide transformations.
• Investments in green technology are not just ethically sound but also commercially rewarding.
• Leading by example sets a trajectory for peers, amplifying sustainable impacts.

Case Study 6: Steering the Auto Industry Towards Sustainability

Company: Toyota

Task or Conflict: The rumble of engines, while signifying progress, also echoed a growing environmental concern. With its reliance on fossil fuels, the automobile sector grappled with its carbon-intensive nature. As an industry leader, Toyota sought to revolutionize this space, aiming for a balance between mobility and sustainability.

Solution: Toyota’s visionary approach led to the birth of the Prius in 1997, the world’s first mass-produced hybrid vehicle. This innovative car, by combining traditional gasoline engines with electric motors, aimed to offer a more fuel-efficient, environmentally friendly driving experience.

• The Prius set the stage for a new era in eco-friendly transportation, achieving global acclaim.
• Toyota’s push into hybrid technology signaled a broader shift in the automobile industry towards sustainable solutions.
• The company’s dedication to green tech research accelerated innovations in battery efficiency and renewable energy integration.
• Consumers, with options like Prius, became more eco-conscious, driving demand for sustainable vehicles.
• Proactive innovation is essential to address industry-wide environmental challenges.
• Consumer behavior shifts when presented with sustainable alternatives that don’t compromise on quality or experience.
• Pioneering sustainable solutions can position a brand as both an industry and environmental leader.
• Collaborative research and development can expedite the journey towards sustainable solutions.

Related: High-Paying ESG Jobs

Case Study 7: Crafting a Sustainable Living Space

Company: IKEA

Task or Conflict: Furniture, an integral part of our living spaces, carries with it environmental costs, from deforestation to manufacturing emissions. IKEA, a household name in affordable furniture, faced the intricate challenge of producing en masse without depleting the planet’s resources.

Solution: IKEA’s solution was rooted in its supply chain. By ensuring sustainable wood sourcing and emphasizing eco-friendly production methods, the company aimed to offer products that consumers could buy with a clear conscience.

• IKEA’s commitment led to a considerable decrease in deforestation associated with its raw material sourcing.
• The brand witnessed a surge in consumer trust, attributable to its sustainable initiatives.
• Production processes were overhauled to be more energy-efficient, leading to reduced emissions.
• Due to efficient resource utilization, sustainable practices translated to cost savings in the long run.
• Embracing sustainability requires a holistic view of the supply chain, from raw material sourcing to product delivery.
• Consumer trust is enhanced when a brand’s values align with global environmental concerns.
• Efficiency and sustainability, when synchronized, lead to both environmental and economic benefits.
• Educating consumers about sustainable choices fosters a loyal, eco-conscious customer base.

Case Study 8: Beauty with a Conscience

Company: Natura Cosmetics

Task or Conflict: The beauty industry, dazzling on the outside, often hides the complexities of its supply chain— sourcing rare ingredients, ensuring quality, and maintaining ethical standards. Natura Cosmetics, a globally recognized brand, found itself navigating the waters of producing beauty products that were top-notch in quality and ethically produced without harming the environment or communities.

Solution: Natura took a community-centric approach. The company forged strategic partnerships with local communities in the Amazon, ensuring they were part of the value chain. This move prioritized fair trade and sustainable sourcing and ensured that a portion of the revenue flowed back into these communities for their upliftment.

• Natura Cosmetics became a beacon for sustainability in the beauty industry.
• Partnering with local communities ensured a steady and ethically sourced supply of unique ingredients.
• Economic conditions in partner communities witnessed a positive turnaround.
• The brand established a unique selling proposition, marrying quality with conscience.
• Sustainable sourcing isn’t just an environmental choice, but a business strategy that yields multifaceted benefits.
• Direct community engagement ensures authenticity and strengthens the supply chain.
• Ethical practices can become a brand’s strongest differentiator in competitive markets.
• Sustainable decisions not only protect the environment but also ensure long-term business viability.

Related: How to Improve ESG Ratings for a Corporate?

Case Study 9: Quenching the World’s Thirst Responsively

Company: Nestlé

Task or Conflict: Water, essential yet finite. With its vast operations spanning continents, Nestlé, a food and beverage titan, realized the monumental responsibility they held in utilizing this precious resource. As droughts, water shortages, and ecological changes intensified globally, Nestlé’s water stewardship became a pivotal business and ethical focus.

Solution: Nestlé delved deep, initiating ‘Water Resources Reviews’ across its operational spectrum. These reviews scrutinized water usage, identified potential risks, and mapped out strategies to ensure responsible consumption. Local water stewardship initiatives were also established, working closely with communities to ensure shared benefits.

• A strategic reduction in water withdrawals was achieved, hitting nearly 50% per ton of product between 2010 and 2020.
• Nestlé’s initiatives positively influenced local ecosystems, restoring balance in several water-stressed regions.
• The company’s global operations became an efficient and responsible water management case study.
• Collaboration with communities led to localized solutions, ensuring the longevity of water resources.
• Every company, irrespective of its size, has a role in global water stewardship.
• Local solutions often yield the most sustainable results in global challenges.
• Collaboration and dialogue with communities provide insights that data alone cannot.
• Proactive water management is not just a business imperative but an ecological and societal necessity.

Case Study 10: Banking on a Greener Tomorrow

Company: HSBC

Task or Conflict: With its immense capital and influence, the financial sector plays a pivotal role in shaping global priorities. HSBC, one of the world’s largest banking institutions, recognized its power to either fuel or curb environmentally detrimental practices. The bank faced the challenge of directing its vast financial resources toward profitable yet environmentally responsible projects.

Solution: In a bold stride, HSBC launched its Green Bond Program. This initiative wasn’t just about token environmental gestures but a commitment to provide $100 billion in sustainable financing and investments by 2025. Through this, HSBC aimed to financially back projects that had clear, measurable positive environmental impacts.

• Green projects worldwide witnessed a surge in funding, driving innovations and sustainable solutions.
• HSBC’s commitment to green finance acted as a catalyst, prompting other financial institutions to reconsider their investment priorities.
• The bank’s green bonds offered investors a lucrative yet environmentally responsible investment avenue.
• HSBC’s image transformed from just a financial behemoth to a bank with a conscience.
• The financial sector holds the reins to major global shifts toward sustainability.
• Investments in green projects are not just ethically right but also offer promising returns.
• Leadership in sustainable finance can inspire an industry-wide paradigm shift.
• Stakeholders, from investors to customers, resonate with institutions that prioritize planetary welfare.

Related: Importance of ESG & Sustainability for Businesses

Closing Thoughts

These enriched ESG case studies spotlight the profound measures companies are taking to weave sustainability into their operational tapestry. Their stories underscore the fact that with the right blend of vision, strategy, and execution, a sustainable future is not just a dream but a tangible reality. Each story, unique in its challenges and solutions, paints a broader picture of a corporate world that’s evolving in its ethos and processes. They illuminate the myriad ways companies across different sectors and regions champion sustainable practices.

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ESG Case Studies

The esg initiative at the wharton school, the environmental, social and governance initiative seeks to advance academic research on esg topics. , we drive innovative research in the field of esg to investigate when, where, and how esg factors impact business value., esg integration in finance, esg integration in strategy, esg and organizational change.

Parnassus Investments and Wells Fargo & Co.: Balancing Morals, Metrics and Materiality

A look at the efforts of Ben Allen, CEO of Parnassus, to invest in Wells Fargo while advancing the financial welfare of the firm’s investors and the ESG values so important to many of them and to the staff of the firm.

Engine No. 1: An ESG Upstart Challenges Fund-Industry Assumptions About Organizing An ETF and Everyone’s Assumptions About Proxy Fights

A look into Engine No. 1’s efforts to combine a new ETF that both met a need in the market for active ownership and satisfied gatekeepers with a hedge fund that occasionally pursued activist campaigns needing the support of the Big Three to succeed.

Striking a Balance Between Valuation and Values: Investment Managers Weigh Whether Investments in a Major Oil Company and an Ethanol Producer Serve their Dual Mandate

A look at the decisions Michelle Dunstan and Jeremy Taylor, co-managers of the Alliance Bernstein Global ESG Improvers Strategy, had to make in their effort to buy stocks they believed had the best chance to deliver excellent long-term financial results and improve their ESG performance.

Calculating the Net Present Value of Sustainability Initiatives at Newmont’s Ahafo Mine in Ghana

This case study examines the value and strategy of estimating the net present value of sustainability at Newmont’s Ahafo Mine in Ghana.

Choppies’ Waters: Retailing in Botswana and Sub-Saharan Africa

This case study looks at the impact of Choppies, under the guidance of CEO  Ramachandran (“Ram”) Ottapathu, on Botswana and Sub-Saharan Africa.

Designing and Implementing an Integrated Project Management System at Minas-Rio

This case study examines the design and implementation of an Integrated Project Management System to achieve the ultimate goal of First Ore on Ship (FOOS) by November 30, 2014, by Paulo Castellari, CEO of the Anglo American subsidiary Iron Ore Brazil.

Glenmede: How to Credibly Bring an ESG Lens to Investing and Secure Buy-in from Analysts and Clients

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Abraaj Group’s Integration of ESG Policies into the Turnaround of K-Electric

This case study explores the efficacy of the Abraaj Group’s strategy in changing the K-Electric company’s direction, with the aim of transforming it into a sustainable, growth-oriented, private sector utility.

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The Kerovka simulation is a highly innovative software tool that is used as part of an organised workshop, either in a classroom or in remote format, to deliver an intense experience that helps participants with a wide variety of experience levels to develop skills for dealing with challenges such as managing crisis scenarios, and leading responsibly & sustainably.

About the Environmental, Social and Governance Initiative

The Environmental, Social and Governance Initiative conducts academically rigorous and practically relevant research with industry partners and across all Wharton departments that investigates when, where, and how ESG factors impact business value. Informed by research, we offer 30+ courses that MBA and undergraduate students can assemble into a major or concentration, over a dozen co-curricular experiences, and three Executive certificate programs. Led by Vice Dean Witold Henisz, the ESG Initiative advances Wharton’s best-in-class education of current and future leaders, enabling them to serve a world undergoing tremendous change.

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Capitalizing on ESG – The Business Case for Sustainability

This blog complements a recently published thought leadership paper ( download for free ) as well as an IDC Webinar on 25 February 2021 ( register for free ).

The Rise of ESG

The character of corporate sustainability has been changing significantly over the last few years. The topic has become much more than a normatively driven way for businesses to do good. Many enterprises are in the process of moving from a simple corporate social responsibility (CSR) approach to a more integrated, purpose-driven and metrics-focused concept of looking at sustainability strategically in the context of improving operational and financial performance, risk profiles, employee attraction and retention, brand value, etc. Business strategies focusing on environmental, social, and governance (ESG) topics account for that shift by addressing sustainability in a more holistic manner.

IDC’s research shows that sustainability/ESG has become primarily a CEO/CFO-level topic. This certainly constitutes a change compared to previous views on corporate sustainability and highlights the level of coordination that is necessary amongst members of the c-suite and board to ensure the adoption of a successful sustainable business strategy.

“Who is mainly responsible for the sustainability/ESG strategy and implementation in your organization?”

CSR, ESG, and Purpose

For a long time, the principal purpose of corporations was defined as maximizing shareholder return, e.g., expressed by Milton Friedman’s famous characterization of corporate social responsibility as “hypocritical window-dressing” in an article he wrote in 1970 for The New York Times Magazine. Today, companies are looking at sustainability in different ways – commercially and non-commercially focused:

• Commercially through metrics driven ESG efforts that are part of a sustainable business strategy
• Non-commercially through normatively driven corporate social responsibility (CSR) and philanthropical efforts

A purpose-driven strategy aligns an organization’s normative goals and efforts with its need for positive operational and financial performance, and risk management. This requires companies to adhere to ESG reporting standards and frameworks and use ESG metrics to capture, assess, report and benchmark relevant sustainability information.

While companies are increasingly aligning their sustainability efforts with their stated purpose, there is still a large prevalence of boilerplate language being used in reporting and disclosing these efforts, which makes it difficult to hold enterprises accountable. This is particularly relevant in times when companies around the globe are putting out bold statements about their environmental and social responsibility: accountability and putting words into action are a central element of completing the switch from CSR to truly impactful sustainable business strategies.

Corporate ESG Stakeholder Groups, Topics, and Issues

Intangibles such as intellectual capital, customer relationships, and companies’ brand value vis-à-vis its employees and customers are increasingly affecting valuations, creating additional pressure for companies to find appropriate ESG metrics for the sustainability topics that matter to their business. The handling of ESG issues (greenhouse gas emissions, water usage, diversity and inclusion, human rights, etc.) can affect business performance in different ways, e.g., revenue growth (demand for products and services), cost (operational efficiency), assets and liabilities (valuation), or cost of capital (operational risks).

While there have been various efforts to standardize and consolidate ESG reporting standards and frameworks, ratings, etc., we observe a continued struggle on the end-user side to prioritize the demands and requirements that companies receive from different stakeholders and the resources they are able to deploy to respond to these demands. However, it will be critical for companies to find effective ways of capturing, reporting and disclosing, assessing, and benchmarking their ESG performance using relevant and standardized metrics, in order to fully capture the opportunities that lie within ESG and to underline their commitment to their stated purpose.

The Growing Landscape of Stakeholder Groups That Increases the Complexity of ESG Measures

Corporate value is no longer defined by the creation of shareholder value only. To determine material and other important sustainability topics, companies also need to take into consideration a diverse set of stakeholders that affect and are affected by an organization’s business. While investors remain an important and influential stakeholder group, other stakeholder groups such as employees and customers need to be taken into consideration when companies define their purpose and strategy.

When it comes to ESG issues, they oftentimes affect different stakeholder groups- but they don’t always do or they might affect stakeholder groups in different ways, creating different kinds of demands and requirements. Stakeholders can be external (investors, customers, etc.) or internal ones (CSCO, employees, etc.) or sit somewhere in between (suppliers, communities, etc.). Identifying material and relevant ESG topics in the context of all stakeholder groups is essential for fully leveraging ESG as a driver for business performance and a hedge against sustainability-related business risks.

This also means that companies might need to blend CSR- and ESG-focused approaches and allocate resources accordingly. For instance, investors are mostly interested in enterprises’ performance on material ESG issues and sustainability topics that can potentially become financially material. This evaluation is highly industry-specific and focused on topics that really affect the enterprise value of a given company. Employees and customers, on the other hand, do not necessarily care about ESG materiality but about topics that they consider important- regardless of industry or impact on a company’s core business. This requires additional efforts that are more focused on brand value and reputational risk, purpose, belonging, etc., and are not always aligned with topics that are considered material.

The complexity and multi-faceted character of sustainability requires companies to take a comprehensive, end-to-end approach that considers various aspects of sustainability, e.g., geographical and industry-specific differences, normative and business-driven implications, internal and external stakeholders, and its impact on the different business functions. In many ways, sustainability has become a new business imperative, similar to “digital”. It will be ingrained into everything that businesses do and can and should not be seen as a separate or “nice-to-have” item any longer.

If you would like to learn more about IDC’s ESG Business Services research, visit our website or watch this brief video .

Learn more about making the business case for sustainability with our webinar on February 25 at 11am EST. Register now to reserve your space:

Bjoern is IDC’s global sustainability research lead. His research focuses on how environmental, social, and governance (ESG) topics impact and shape business strategies and technology usage. He provides insights into market opportunities, adoption strategies, and use cases for sustainability-related technologies and services. Bjoern helps IDC’s clients understand the impact of technology-enabled, sustainable transformation processes in the context of sustainable business strategies, operations, and products and services through research reports, news publications, and speaking engagements at industry events such as Climate Week NYC.

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ESG and Commercial Real Estate Case Study

New and complex laws intended to increase the sustainability, climate resilience, and efficiency of commercial buildings are rapidly emerging across the US and worldwide. While some laws have required the disclosure of energy and water use in buildings for years, numerous state and local jurisdictions are now instituting "building performance" laws that require building energy use reductions and carbon emissions caps, together with penalties for failing to meet these new standards. DLA Piper can help commercial real estate owners and property managers understand and take proactive steps to meet these requirements in ways that support sustainability initiatives while avoiding unexpected financial burdens.

Navigating an evolving regulatory landscape

Building performance laws typically hold building owners responsible for legal compliance. But in commercial real estate, the drivers of actual energy and water use in buildings are generally its tenants. This means that buildings not only have to be built to specific requirements, but landlords and tenants must cooperate to ensure that building use and operation meet stated requirements. Strong working relationships and enforceable agreements with tenants and property managers are critical to avoiding penalties and other unanticipated costs.

We are at the forefront of helping clients proactively understand the requirements coming into effect, plan for them, anticipate new requirements, and negotiate "green" leases that help landlords and tenants strategically align priorities and behaviors, and avoid unwanted liabilities. We are also helping our clients understand how these laws could apply to their buildings under various future regulatory scenarios if their buildings rely on utility services from the grid (which may be powered by fossil fuels).

Practice example: Building decarbonization and clean energy law tracking

Our client, a leading international real estate owner focused on the life science and technology sectors, is subject to numerous ESG laws that are difficult to find, hard to understand, and frequently changing. Our client needed help to identify, summarize, and then track proactively the rapidly changing legal landscape of international, state, county, and city laws, regulations, and building codes that are driving decarbonization of buildings and forcing utilities to replace fossil-fuel-powered electricity with clean energy sources. This client sought a trusted partner to track and summarize laws that fall under the following interrelated, cross-disciplinary legal topics:

• "Benchmarking and Disclosure Laws": Laws that require building owners to calculate and report building-specific energy usage, energy efficiency measures, water conservation measures, and/or projected greenhouse gas (GHG) emissions from energy usage at a building (or buildings) on a regular reporting schedule.
• "Building Performance/GHG Emissions Cap Laws": Building performance laws or building codes that either (i) prohibit buildings from producing/emitting GHGs beyond certain established caps (which caps may be progressively reduced to reach "net zero" over time), or (ii) require buildings to be built to higher energy efficiency or green building standards.
• "Bans on Fossil Fuel Use or Fossil-Fuel-Powered Utility Connections in Buildings": Laws or building codes that prohibit the use of natural gas (or other fossil fuels) as a direct source of energy for specified buildings; that prohibit building connections to fossil-fuel-powered utility/building infrastructure; and/or that prohibit installation of equipment that use natural gas.
• "Electrical Grid - Clean Energy - Renewable Portfolio Standards (RPS) and Clean Energy Sourcing Requirements": Clean and renewable energy sourcing requirements for public utilities in target cities, including state renewable portfolio standards and regional compacts, that could affect carbon emissions caused by using energy from the grid.

We assembled a cross-disciplinary team from our deep bench of environmental/ESG and real estate lawyers who have the relevant expertise and skills to track the complex web of decarbonization laws in 22 cities across the United States and United Kingdom. We identified and summarized current laws at the national, state, county, and city levels, and we continue to track changes to these laws and provide updated summaries and regular quarterly reports to capture evolving trends in real time.

Our client views compliance with ESG-related requirements as critical to its continued success in the marketplace and to its ability to attract a wide range of investors far into the future. By helping our client understand the range of ESG-related requirements affecting its portfolio, assist with current compliance, plan for future compliance, and avoid fines and penalties, we are helping our client achieve these important business objectives.

Comprehensive coverage

The above example is significant, not only because we are tracking emerging laws at the cutting edge of sustainable real estate as they unfold, but because we are covering laws at every scale, down to the most granular level, from national and regional laws to local codes. This scope of coverage is particularly important as more government agencies try to regulate sustainability by increasing climate disclosures while forcing carbon emissions reductions, both in the United States and the European Union. Companies will need to align company-wide reporting with their business operations across numerous jurisdictions, which inevitably will include their real estate assets. Because of our large US and global platform, we are able to offer clients a one-stop shop to understand and track these requirements and translate them in business-friendly ways.

Getting started

The intersection of sustainability and real estate presents numerous challenges that should be met with a thoughtful and deliberate strategy. Our ESG and real estate lawyers are ahead of the curve in helping clients understand the issues and develop practical, real-world solutions to mitigate these multi-dimensional challenges.

We look forward to working with you.

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Case Studies

A bank takes steps to be net-zero by 2050.

• 10 Sep, 2021
• Theme The Path to Net Zero
• Segment Banking

The Client: A large global investment and commercial bank

Users: The enterprise risk, sustainability, and quantitative analysis teams

Back in 2016, S&P Global Ratings issued a report warning that banks could face credit rating downgrades if they failed to address risks associated with climate change. 1  If a bank’s business activities were concentrated in an area that could be marred by climate change, the report said, this could weaken its business position and put its creditworthiness under pressure. As environmental, social, and governance (ESG) issues continue to gain the attention of investors and other stakeholders around the world, the warning is even more relevant today. 

This global investment and commercial bank is one of the larger financers of fossil fuels around the world. In response to the Paris Agreement, the bank committed to attain the goal of net-zero by 2050 and needed to develop a strategy to make that happen. The enterprise risk, sustainability, and quantitative analysis teams were tasked with the first step in this journey — understand the bank’s current level of financed emissions in its investment portfolio.

Pain Points

Carbon footprinting is a typical starting point for assessing the greenhouse gas (GHG) emissions associated with a portfolio, as it offers a baseline from which to mitigate risks. Carbon intensity (CI) is a measure that scales GHG emissions by company revenue to facilitate comparisons of emissions across entities of different sizes. Companies with lower CI values generate fewer tons of GHG emissions per $1 million USD of revenue than those with higher CI values. The teams lacked this data to quantify financed emissions in a way that was both meaningful and actionable and needed information to:

• Review all the securities in the portfolio and determine the Scope 1, 2, and 3 emissions for each company in tons of CO 2 per year.
• Determine carbon emissions for small-and medium-sized enterprises (SMEs) that don’t disclose this information.
• Assess the bank’s ownership of each company based on the value of holdings in the portfolio as a percentage of the company’s market capitalization.
• Link environmental data to the company’s customer base.

Team members also wanted to easily access data via a desktop solution, plus an efficient data feed option. They began discussions with S&P Global Market Intelligence (“Market Intelligence”) to learn more about the firm’s offering.

The bank was committed to attaining the net-zero goal laid out by the Paris Agreement and needed to understand its current carbon footprint as a starting point.  

Looking for ESG insights tailored to you?

The solution.

Market Intelligence discussed a wide range of capabilities that included data from S&P Global Trucost, a sister division that assesses risks relating to climate change, natural resource constraints, and broader ESG factors. These capabilities would give the teams the ability to:

Evaluate the carbon footprint of the portfolio

S&P Global Trucost Environmental Data contains information on over 16,000 companies, 2  covering Scope 1, 2, and 3 with metrics on quantities and intensities of carbon-equivalent emissions (tCO2e, tCO2e/US$ revenues) and their estimated damage cost equivalents (US$), along with impact ratios. It includes sector revenue data that gives revenues and percentages of company revenues derived from each of 464 business sectors. Data goes back to 2005, where available.

Estimate carbon data when not reported

Private Company Data covers 16 million private companies around the globe, 10 million private with financial statements, and 500,000+ early stage companies supported by data from Crunchbase. With this in hand, users can compare private companies against similar ones that are publicly available to estimate emissions. 

Bring in company financials

S&P Capital IQ Premium Financials provides standardized data for over 5,000 financial, supplemental, and industry-specific data items for over 150,000 companies globally, including over 95,000 active and inactive companies across multiple industries. Data is available at numerous frequencies and point-in-time representations of a financial period include press releases, original filings, and restatements.

Access data as needed

A desktop solution for quick access would be available alongside Xpressfeed TM that automates the download and management of Market Intelligence data. Xpressfeed enables delivery as needed in a ready-to-query relational database to link to internal applications.

Easily manage integration with internal data

Company Relationships is a global database of all relationships that exist between companies in the S&P Capital IQ universe. It can be used to build a corporate family tree to determine the ultimate parent of a company.  

Global Instruments Cross Reference Service enables users to easily link a security to its ISIN, CUSIP/CINS, and more to understand which securities are issued by the same firms. 3

Get comprehensive data intelligence

Key benefits.

Members of the enterprise risk, sustainability, and quantitative analysis teams were impressed with the depth of the Trucost environmental data and the ability to link it to financial details and other capabilities offered through Market Intelligence. This would enable team members to multiply their ownership percentage by the relevant carbon emissions for a company and sum all companies to create the overall carbon footprint of the portfolio. This would serve as the baseline from which to measure improvements over time. In particular, the teams saw value in having:

• A comprehensive environmental data set with many links already in place to core line items of interest to the bank.
• Renowned financial data that has been adjusted for nonrecurring charges to enhance cross-company comparability and that can be easily traced back to the source documents.
• The ability to estimate carbon intensity for non-reporting firms using private company data that has been standardized to facilitate comparisons with both public and private firms.
• Improved workflows with easy integration of data with internal applications using a powerful data feed solution and cross-referencing capabilities. 

The teams subscribed to the solutions to set up their net-zero roadmap. They will eventually use the information in internal credit risk models and as a guideline for the business as it helps with the transition to a green economy.

We’re here to help you accelerate your sustainability journey. Get connected with an ESG specialist who can advise you on your next steps.

Learn more about how "the quality imperative" differentiates our essential sustainability intelligence., uncover risk scenarios, reveal transition pathways, and optimize your net zero opportunities., find out more about the data sets and solutions used in this case study..

1 “S&P: Banks that ignore climate risk face credit downgrade,” S&P Global Ratings, June 5, 2016, www.climatechangenews.com/2016/05/06/sp-banks-that-ignore-climate-risk-face-credit-downgrade/. Credit ratings are prepared by S&P Global Ratings, which is analytically and editorially independent from any other analytical group at S&P Global. 2 All data as of February 2021. 3 ISIN=International Securities Identification Number; GICS=Global Industry Classification Standard.

• The Path to Net Zero

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Fortifying company growth with ESG

PwC’s team collaborated with the client to identify relevant issues where it could walk the ESG talk even further. These conversations helped identify the material environmental and societal issues where the forgings manufacturer could play a meaningful role.

#TogetherWeFuture

Forgings manufacturer

Building strategy and setting up a roadmap to help the company achieve its ESG commitments

Ramkrishna Forgings Limited (RKFL), a manufacturer and supplier of open and closed die forgings, wanted to integrate Environmental, Social and Governance (ESG) components into its business and operations.

Our community of solvers from the ESG team along with RKFL connected with its stakeholder groups to identify relevant issues where it could walk the ESG talk even further. These conversations helped identify the material environmental and societal issues where the forgings manufacturer could play a meaningful role.

As a result of these interactions, RKFL narrowed down on the following three core areas to focus on as its ESG vision in a bid to achieve carbon neutrality by 2050.

Environmental consciousness – by preserving and protecting the environment across its operations

Communities – by aspiring to be the employer and partner of choice for their employees and suppliers respectively and helping local communities thrive

The long-run – by operating ethically and responsibly, with transparency

Among its commitments is the aim to ensure that 50% of its energy use will be from renewable sources by 2028. It also committed to source locally, recycle 100% of its water use by 2025 and decrease 50% of its overall waste through the 3R approach.

The manufacturer aims to incorporate future-ready employee upskilling and well-being programmes in 2023. The client wants to collaborate with its suppliers to ensure they comply with their ESG vision by 2024 through training and workshops. 100% of key suppliers will also be audited on their ESG compliance in the same year.

The Solution

To ensure that the company met its three-pronged mission, our community of solvers laid out an achievable road map to help it through the process. It helped the company set a sustainable strategy as well as achievable yet ambitious targets to ensure it meets its proposed goal of carbon neutrality. A governance team will be formed to deliver, monitor, and report the company’s ESG performance in accordance with global standards and reporting frameworks as well as SEBI’s circular on Business Responsibility and Sustainability Report mandate.

Ready to begin your ESG journey? PwC India can help.

Get Started with ESG Consulting

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Sustainability drives automotive market cap

How Volkswagen is driving clarity and confidence in their sustainability strategy.

Call for change

Having a bold Environmental, Social and Governance (ESG) strategy matters to investors, employees and the public—but not if they don’t understand it. Despite having launched the most ambitious decarbonization and digitalization initiative in automotive history, the Volkswagen Group (VW), the world’s largest automaker by volume, had a market cap well below that of its rivals. VW realized they needed to better articulate their ESG strategy.

To address this, the auto major wanted to implement a more cohesive sustainability narrative—from environmental to diversity to human rights and resource efficiency—that would resonate with its culture and its individual brands. VW also wanted to sharpen its overall ESG focus, defining the initiatives, responsibilities and KPIs that would make sustainability synonymous with the corporate strategy.

Achieving this would clarify its sustainability strategy—to become an emission-free, digitally-connected leader in mobility—and drive greater awareness among stakeholders, including the investment community.

When tech meets human ingenuity

Accenture broke the project into three phases. Phase one involved determining where VW stood in relation to its peers. Since investors trust S-Ray, a machine learning platform that generates ESG ratings of companies based on millions of data points for over 7,000 listed companies, the team identified the data needed to generate an S-Ray score and ESG rating in line with VW’s industry-leading efforts.

Next, the team conducted C-level workshops to develop support for the company’s ESG vision, emphasizing decarbonization, circular business models, workforce transformation and human rights in supply chain. The third phase saw the team help articulate VW’s ESG narrative, which included key initiatives, responsibilities, KPIs and a plan to communicate all the company’s efforts.

A valuable difference

In six months, the team consolidated VW’s ESG narrative from 18 sustainability topics to just four major topics, with easily understandable ambitions and KPIs for each area so the company can measure its progress more efficiently. Targets were set in areas such as decarbonization, circular economy, human rights in business and workforce transformation.

With ESG objectives woven into its operational and functional processes, there’s now a clear connection between VW’s S-Ray score and the overall corporate strategy, integrating the NEW AUTO plan to pivot VW to a global software-driven mobility provider that powers the future of EVs and fully networked transportation.

Customers are already on board—in December 2020 VW’s electric ID.3 was the second best-selling car in Europe and by 2021, the Volkswagen Group was being seen as the market leader in e-mobility.

With ESG analysis and real-world ESG performance becoming clearer, VW is able to accelerate its sustainability strategy. Its overall growth ambitions are reflected in its market cap rise, which is becoming consistent with that of other global enterprises. VW’s roadmap is set for further growth as investors look to make smarter bets on how we’ll all get where we want to go—together, and for the planet.

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Meeka Hossain and Jeffrey Klein’s Creative Los Angeles Wedding Blended Bengali and Jewish Traditions

Products are independently selected by our editors. We may earn an affiliate commission from links.

Content creator Meeka Hossain and talent manager Jeffrey Klein had their meet-cute in Barneys’ shoe department in Beverly Hills during the summer of 2018. “Our first date went so well that it ended up lasting nearly 24 hours,” says Meeka. Three and a half years later, on New Year’s Day, the couple would take the next step in their relationship. “After an early breakfast on the Malibu pier, we went for a hike in the Santa Monica Mountains,” remembers Meeka. “When Jeff felt we were far enough into our hike, he paused in the middle of a secluded canyon to propose. He wanted the moment to be just for us—without any photographers—so we could own that memory completely.”

One special touch of the engagement? Meeka’s sister, jewelry designer Stella Simona of Haati Chai , designed the ring together with Jeff. “I hadn’t seen my engagement ring before the proposal, nor did I give any hints about what I wanted,” says Meeka. “Jeff wanted a design with a vintage feel inspired by my heritage, and Stella nailed it, bringing his vision to life.”

The couple admits that wedding planning was “more stressful than we ever imagined.” After touring venues in Mexico and India, as well as interviewing 10 wedding planners, neither felt a connection to their potential options. “Ultimately, our real-estate agent—who also found us our house—suggested the stunning Paramour Estate ,” says Meeka. With a date available six months away, Jeff and Meeka would need to quickly start planning to achieve a wedding that blended both their style and cultures.

“I decided to take it on myself and teamed up with my friend  Misha Sumitra , the events and marketing manager at Saie ,” Meeka says. “Neither of us had planned a wedding before, but I love and trust her expertise and creativity. Every idea I brought to her was met with a resource or a solution. Together, we came up with outrageous ideas like transforming the valet parking lot at the Paramour into our dinner setup. Despite having hosted so many weddings, we were told that ours achieved a lot of ‘firsts’ for the venue.”

As planning kicked into high gear, Meeka and Jeff began looking for a wardrobe befitting the scale of their wedding celebrations. The first night would take place at a Case Study House in Silver Lake with the couple’s family and wedding party. The rehearsal dinner also doubled as a birthday party for Jeff, who wore a Sandro suit and Bottega Veneta slippers for the event. Meeka decided to wear a custom two-piece set by  Wiederhoeft  from  Loho Bride that night. “I fell in love with the corset details and intricate hand-beading done in India, which made it perfect for my fusion wedding,” she shares. “I added length to the skirt and designed a tulle neck scarf inspired by a traditional Indian dupatta.”

For the ceremony, Meeka chose a classic strapless Vera Wang gown. “Funny enough, the first wedding dress I tried on was it ,” she says. “I decided on Vera Wang and never looked back. I knew I wanted something timeless and with a long train. The drop waist and simplicity of the dress gave it a slightly edgy, understated feel that perfectly matched my personal style, while the veil added that delicate touch to tie the whole look together.” She paired the ensemble with Jimmy Choo heels and pearl studs for a minimalist touch. Jeff wore a suit by his favorite designer, Alexander McQueen , to say his vows. Meeka adds, “A sheer  Acne Studios shirt provided a soft contrast, and he accessorized with heirloom pieces—his grandfather’s gold pocket watch and gold diamond ring.”

As a nod to Meeka’s heritage, both the bride and groom wore custom Sabyasachi at the reception. “After meeting the designer in New York, I knew I wanted to be a Sabya bride, so we traveled to India for the perfect piece,” shares Meeka. “My red lehenga, from the Heritage collection, honored my culture and paid tribute to the women of Calcutta, where my mother is from.” She also wore a gold choker with rubies, emeralds, and pearls; a pearl and emerald nose ring; and bangles by the designer to complete the ensemble. As a sentimental touch, the bride re-created her mother’s wedding-day henna design on her hands and feet. For his look, Jeff wore a cream sherwani with a gold kurta underneath and slippers he purchased from a street vendor in Jaipur. “He accessorized with a custom  Haati Chai  earring, inspired by our family vacation at an elephant sanctuary in Jaipur. The hint of red in his earring, combined with his McQueen suit, hinted at the vibrant colors that would be revealed later in the night,” says Meeka.

The wedding party looks were thoughtfully curated as well, with the bridesmaids in saris and the groomsmen in kurtas. “The girls brought in the vibrant colors, while the guys balanced it out with neutrals,” shares the bride. “I personally selected each sari during my trip to India in March, choosing different jewel tones to complement my red lehenga.” Meeka called on her friend designer  Sam Adair to create the sari tops. “My sister and I gathered inspiration from our favorite Bollywood movies, which Sam brought to life with beautiful sketches,” she says.

On August 9, Jeff and Meeka, along with their bridesmaids and groomsmen, checked into the storied Chateau Marmont to celebrate the wedding all weekend long. The rehearsal dinner at the Case Study House owned by the couple’s friend Gina Correll also doubled as their own take on a Gaye holud. “In Bengali culture, the holud is one of the key prewedding rituals, where everyone wears yellow and orange and you put turmeric on the bride and groom,” explains Meeka. “So even without a full holud ceremony, I had my bridesmaids wear yellow to celebrate my culture.”

When the wedding day arrived, Meeka and her bridal party spent the morning getting ready together. “ Chanel  exclusively handled my wedding-day makeup, with artist  Kate Lee  creating my looks,” says the bride. “After a trial with Kate, I instantly loved her natural, soft glam approach. For my Vera Wang look, I aimed to look like myself, just enhanced.” Hairstylist Nicolas Flores created a sleek, slicked-back bun she would wear the entire evening. The couple decided to do a first look and took portraits in a vintage Mercedes.

Guests gathered on the grounds of the Paramour Estate before the ceremony began. The band Freedom Fry , who is managed by Jeff, played a few songs for the crowd before the procession began. “For our ceremony, we stayed away from the traditional arch or chuppah, and instead used soft, airy botanicals from the ground up, creating a more grounded feel with the garden and our surroundings,” shares Meeka of the scene. “Jeff described the ceremony as déjà vu because it was exactly what we envisioned from the start. From the sitar player composing our walk-down-the-aisle song to the canvas-draped benches filled with our closest friends and family, everything felt perfect as we exchanged our vows.” The couple also nodded to both their heritages in the ceremony. “We included a variation of the Indian ‘ring game,’” says the bride. “We filled a large bowl with uncooked rice and Jeff’s ring, and whoever found the ring first would be the ruler of the household—naturally, I won! To conclude the ceremony, we followed Jewish tradition by breaking a glass to symbolize our life together and everything that lies ahead.”

After the cocktail hour, the guests made their way to the dinner reception. “Our table was custom-built in the shape of a crescent moon. After the Jewish prayers over challah and wine, we shared a meal of traditional Bengali cuisine,” says Meeka. “We personalized each guest’s place setting with custom curry tins, and their seating assignments were revealed through a spice market–inspired display. After dinner, guests could fill their tins with spices to take home.”

The fun was far from over after the party headed indoors. Meeka and Jeff changed into their Sabyasachi looks and made a grand entrance through marigold garlands curated by floral designer Albasa . Then the newlyweds performed a fully choreographed, five-minute Bollywood routine featuring their wedding party. “The entire routine felt like a scene from a Bollywood film,” recalls the bride. “Both Jeff and I had solos, and my sister joined me to end the performance with a hit song from the Bollywood movie  Devdas . After our performance, we invited all the guests to join us on the dance floor. We had brought Indian slippers from Jaipur for guests to dance in once they got tired of their heels.” The couple even arranged for special Macallan cocktails, a speakeasy room, and a dessert installation that featured a mix of Bengali and Jewish sweets by  Sophie Dalah . While the guests eventually needed to leave the venue, the party continued late into the night back at Chateau Marmont.

Reflecting on the day, the bride shares she feels both happy and relieved. “Despite all the planning, there are always things beyond your control on the wedding day. It’s important to go with the flow and embrace the imperfections,” she says. “Looking at the photos brings back all the best memories and makes it all worth it!”

Ever since we started dating, Jeff and I have been exploring Case Study Houses, so it felt perfect to welcome our closest friends and family to a Schindler house for our rehearsal dinner.

I actually didn’t pick this Wiederhoeft set at first, but Loho Bride thought I might like it. Once I tried on that corset and knew the hand-beading was done in India, I was set on it.

I wore a custom Wiederhoeft two-piece set to our rehearsal dinner and designed a tulle neck scarf inspired by a traditional Indian dupatta. I also wore white satin Jimmy Choo pumps. Jeff put his outfit together the day of and selected a Sandro suit that he paired with Bottega Veneta slippers.

My older sister, Stella, and I are four years apart—just like her two boys, Noah and Liam. This image perfectly captures our sibling dynamic.

The female statue behind me embodied the energy I wanted to channel for the night: angelic, feminine, and bold.

Top 10 Sustainability Case Studies & Success Stories in 2024

During my academic research on corporate sustainability efforts, I realize that environmental and social practices have a significant impact on the long-term success of businesses. Some businesses outperform others in this area, giving them a competitive advantage.

See 10 sustainability case studies to incorporate sustainability strategies into corporate actions: 

1. UPS ORION: Improve transportation efficiency

Transportation activities accounted for almost 30% of US greenhouse gas emissions (GHG). 1 For a company like UPS, which distributes goods across regions, transportation activities make up the bulk of GHG emissions. As a result, enhancing transportation efficiency is crucial for organizations like UPS to remain sustainable.

As a solution, UPS adopted an AI system called ORION which is a route optimizer that aims to minimize the number of turns during the delivery. 2 Initiation began in 2012, and ORION saves UPS 10 million gallons of fuel per year, which means that in addition to the financial benefits, it decreases UPS’s carbon footprint by 100,000 metric tons per year, or the equivalent of removing more than 20,000 cars from the roads.(An average car emits 4.6 metric tons of GHG per year. 3 )

In addition to private solutions like ORION, there are public cloud route optimizer systems that businesses can deploy without building hardware. These tools help firms to use their software as a service by paying a subscription cost.

To learn more about ensuring supply chain sustainability with technology you can read Technologies Improving Supply Chain Sustainability .

Figure 2: US GHG emission distribution

Source: U.S Environmental Protection Agency 4

2. IKEA IWAY: Make business with ESG-oriented corporations

Supplier codes of conduct are established guidelines that require other businesses to demonstrate their operations’ social and environmental impacts. The objective is to reward companies that meet strong ESG standards. It is also one of the positive governance indications for organizations, as we highlighted in the ESG metrics article .

IWAY is the supplier code of conduct of IKEA forcing suppliers to meet certain environmental and humanitarian qualities to work with. 5 The initiative has been in place for over 20 years, and over that time, IKEA has refined it based on their prior experiences. IWAY six is the most recent version of IKEA’s supplier code of conduct, which evaluates:

• Core worker rights.
• Safety of the working place.
• Life-work balance of employees.
• Water and waste management of potential suppliers.
• Prevention of child labor. 

3. General Electric digital wind farm: Produce green energy efficiently

Wind turbine productivity varies greatly depending on the design, weather conditions, and geography of the location it is deployed. Using IoT and digital twins to collect data on each wind turbine and simulate possible modifications, such as adjusting the direction of the wind turbine, can assist corporations in locating their wind turbines in a wind farm more effectively.

Furthermore, the performance of wind turbines declines with time and may require maintenance; employing sensors and digital twins can assist in determining the appropriate time for repair.

Figure 3: How digital twins can optimize wind turbine productivity

Source: DNV 6

General Electric’s (GE) digital wind farms are based on these two elements. GE optimized turbines using sensors and digital twin real-time monitoring technologies. Each wind farm can create up to 10% more green energy as a result of the digital wind farm initiative, which helps to enhance our worldwide green energy mix. 7

4. Swire Properties green building: Minimize GHG emissions

Swire Properties is a construction company that operates in China and especially in the Hong Kong area. In 2018, the company built One Taikoo Place which is a green building that aims to reduce GHG emissions of Swire Properties in order to align with sustainability goals of the company’s stakeholders.

Swire properties use 3D modeling techniques to optimize the building’s energy efficiency. Reduce electricity consumption by using smart lighting systems with sunshine and motion sensors. 8 A biodiesel generation system has been installed in the building, which converts waste food oil into biodiesel. Swire Properties additionally uses low-carbon embedded materials and a lot of recycled materials in their construction. 9

Swire Properties was able to cut GHG emissions intensity throughout their portfolio by nearly 20% because of the usage of digital technologies and low carbon integrated materials. 10

5. H&M let’s close the gap: Deposit scheme for gathering raw material

In 2023, we consumed 1.8 times more resources than Earth generates annually because our economic outlook is based on production, use and disposal. 11 Such an economy is not sustainable and that is the reason why the concept of circular economy (CE) is trending nowadays.

The most basic principle of CE is to use trash as a raw material for production through innovation, recycling, or repairing and reusing existing products.

H&M’s “Let’s Close the Gap” project began in 2013 as a CE best practice that collects and categorizes discarded clothing from customers. 12 If the garment is in decent condition, they will restore it and find a new owner for it. If a garment reaches the end of its useful life, H&M will recycle it and reuse the material in new goods.

Customers who bring in their old clothes are rewarded with tokens that can be used to get a discount at H&M shops. Incentivizing customers creates a complete CE loop. In 2019, 57% of H&M’s raw materials were sustainable. By 2030, the company plans to improve it by 100 percent. 13

6. Gusto: Hiring female engineers to close gender inequality gap

Gender inequality remains a major social issue despite all the improvements. 14 There are two common types of gender disparity in the workplace. The first is gender pay disparity, which occurs when companies pay male employees more and provide better working conditions than female employees in the same position.

The second is occupational segregation, in which women are hired for non-technical jobs while men hold the majority of leadership roles. This was the situation at the software firm Gusto, where female engineers made up slightly more than 5% of the engineering team at the beginning of 2015. 15

Julia Lee, one of Gusto’s first female engineers, claimed that other engineers did not accept her ideas because she was a “female engineer.” Gusto initiated an HR drive to reduce gender inequality by prioritizing the recruitment of female engineers, prohibiting female workers from scrolling, and deleting masculine job ads like “ninja rock star coder.”

Gusto was able to improve its female engineer ratio to roughly 20% by the end of 2015 thanks to the campaign. 16 The average ratio among software businesses’ engineering teams was 12% in 2013. Therefore, this was a significant improvement in a short period of time.  

7. HSBC: ESG concerned green finance

Finance companies can help speed up the transition to sustainable business practices by supporting initiatives run by responsible businesses. HSBC has committed to investing $100 billion in sustainability projects by the end of 2025. 17 In 2021, HSBC’s ESG practices were rewarded with an AA rating by MSCI. 18

HSBC is also working toward a goal of using 100% renewable energy as their source of electricity by 2030. The company reduces its consumption of paper and single-use plastic packaging for coffee and beverages. 19

For more information about best ESG practices, you can read ESG Reporting Best Practices .

8. Signify light-as-a-service: Enhance production stewardship

The product-service system (PSS) is a business model in which producers acquire a product over its lifetime and rent or lease it to the users. PSS ensures product stewardship since the product always becomes the asset of the company. It encourages producers to provide high-quality, repairable items in order to extend the product’s useful life. As a result, it helps to close the circularity gap by ensuring better use of natural resources.

Signify, a luminaire producer, adopts such a business strategy where it demands a subscription fee according to the usage period of their lighting systems. Signify claims that PSS allows them to produce 0 luminaire waste and drops maintenance costs. 20

9. Airbus additive manufacturing: Manufacture lighter planes with 3D printing

Additive manufacturing is a process where a computer-aided design (CAD) file is converted into a stereolithography (STL) file, which is then sliced into layers to guide the 3D printing of an object. 21 AIMultiple expects that additive manufacturing will disrupt airplane manufacturing since:

• It speeds up the manufacturing of parts compared to traditional molding techniques.
• It is cheaper due to effective use of raw materials and time reduction of production.
• It enables the manufacturing of lighter parts by up to 45%, resulting in lighter planes that burn less fuel. 22 According to Airbus, additive manufacturing technology can reduce an A320 plane’s annual GHG emissions by around 465,000 metric tons, which is roughly the same as eliminating 100,000 automobiles from the road for a year.

To effectively use 3D printers, Airbus partnered with Materialise, a Belgium-based technology company that specialize in additive manufacturing. 23

For more information regarding improving corporate sustainability by digital transformation you can read Digital Technologies that Improve Corporate Sustainability .

10. Tata Power: Solar plants on the roofs

Rooftops offer a lot of empty space that can be used to install solar panels. Such initiatives have been taken in various parts of the world. Tata Power does it in India and generates green electricity by using idle places of buildings.

In 2021, Tata Power was able to spread their program throughout 90 Indian cities, producing 421 million watts of electricity, which is equivalent to nearly 40 thousand homes’ yearly electricity use in the US. 24 The average annual power usage for a residential utility customer in the US was 10,791 kWh in 2022. 25

We expect that in the near future, the cooperation between energy and construction companies will enhance the use of idle places in buildings in a more effective way. Such an industrial symbiosis reduces both sectors’ ESG risk.

For more information on the top carbon footprint calculators, check Carbon Footprint Calculator Software/Tools for Businesses .

To learn more about corporate sustainability you can contact with us:

External Links

• 1. Sources of Greenhouse Gas Emissions . United States Environmental Protection Agency. Accessed: 4/September/2024.
• 2. UPS To Enhance ORION With Continuous Delivery Route Optimization . UPS. Accessed: 4/September/2024.
• 3. Greenhouse Gas Emissions from a Typical Passenger Vehicle . United States Environmental Protection Agency. Accessed: 4/September/2024.
• 4. Sources of Greenhouse Gas Emissions . U.S Environmental Protection Agency. Accessed: 4/September/2024.
• 5. Creating a sustainable IKEA value chain with IWAY . IKEA. Accessed: 4/September/2024.
• 6. WindGEMINI Digital twin for wind turbine operations . DNV. Accessed: 4/September/2024.
• 7. Digital Wind Operations Optimization from GE Renewable Energy . General Electrics. Accessed: 4/September/2024.
• 8. Unlocking a sustainable future: Why digital solutions are the key to sustainable business transformation . Schneider Electric. Accessed: 4/September/2024.
• 9. One Taikoo Place . HKGBC. Accessed: 4/September/2024.
• 10. Unlocking a sustainable future: Why digital solutions are the key to sustainable business transformation . Schneider Electric. Accessed: 4/September/2024.
• 11. Earth Overshoot Day . Geneva Environment Network. Accessed: 3/September/2024.
• 12. The only trends worth following? Recycling and repairing . H&M. Accessed: 3/September/2024.
• 13. Faithful, M. H&M And IKEA Want Your Old Stuff Back, Here’s Why . Accessed: 4/September/2024.
• 14. Kelan, E. Why Aren’t We Making More Progress Towards Gender Equity? Accessed: 4/September/2024.
• 15. Adams, S. The Tech Unicorn That Went For Women Engineers: Here’s How It Worked Out . Forbes. Accessed: 4/September/2024.
• 16. Adams, S. The Tech Unicorn That Went For Women Engineers: Here’s How It Worked Out . Forbes. Accessed: 4/September/2024.
• 17. HSBC sets out net zero ambition . HSBC. Accessed: 2/September/2024.
• 18. Investing for a sustainable future . HSBC. Accessed: 4/September/2024.
• 19. HSBC sets out net zero ambition . HSBC. Accessed: 2/September/2024.
• 20. Green Switch Program . Signify. Accessed: 2/September/2024.
• 21. Wong, K. V., & Hernandez, A. (2012). A review of additive manufacturing. International scholarly research notices , 2012 (1), 208760.
• 22. Pioneering bionic 3D printing . Airbus. Accessed: 4/September/2024.
• 23. Bridging the gap with 3D printing . Airbus. Accessed: 4/September/2024.
• 24. Unlocking a sustainable future: Why digital solutions are the key to sustainable business transformation . Schneider Electric. Accessed: 4/September/2024.
• 25. How much electricity does an American home use? U.S. Energy Information Administration. Accessed: 4/September/2024.

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Bristol Myers Squibb’s leadership in global diversity & inclusion

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Pharmaceutical

Helping Bristol Myers Squibb achieve its Global Diversity & Inclusion goals

Purpose <br> Transparency

Leading the journey with transparency

As one of the world’s largest biopharmaceutical companies, Bristol Myers Squibb (BMS) doesn’t just develop life-saving medicines. The company is also a leader in global diversity and inclusion (GD&I) initiatives, committing itself to advancing diversity and inclusion (D&I) efforts and improving health equity for better patient outcomes. And the hope is that these actions will inspire other companies in the pharmaceutical industry to do the same. 

For nearly two decades, GD&I—a critical pillar in environmental, social and governance (ESG) strategies—has been a top priority for BMS. In fact, in 2015, the company evolved its employee resource groups to People and Business Resource Groups (PBRGs) to focus on GD&I initiatives and build a workforce that better reflected the diversity of its patients and communities. The groups aimed to create a culture of inclusion and belonging and, ultimately, drive innovation and business results. In addition, CEO Giovanni Caforio signed  the CEO Action pledge for Diversity and Inclusion .

But BMS’ extensive efforts continue to grow. In 2020, the company and the Bristol Myers Squibb Foundation each made  $150 million commitments  to accelerate and expand diversity, inclusion and health equity efforts, including workforce representation. Internally, the company pledged to advance leadership representation by the end of 2022 by achieving gender parity at the executive level and doubling executive representation of Black/African American and Latino/Hispanic employees in the US.

What was BMS’ next step? To tell the world. And to share the GD&I strategy in the company’s first  Global Diversity and Inclusion report , which provides transparency into a broad set of metrics and brings the stats to life with authentic stories from employees.

Writing chapter one of an evolving story

To ensure companies are truly accountable to diversity, equity and inclusion goals, they need to question everything—including their data. BMS’ leadership understood that, and knew the company needed help to enable high-quality data processes as well as framing, qualifying and quantifying its story and aspirations. The goal? To produce a comprehensive report with insights that identify which initiatives are working well and which ones need to be improved—and to provide context that creates an emotional connection with readers.

Aligning strategy, culture and context

The same team members who brought PwC’s inaugural Diversity & Inclusion Transparency Report to life in 2020 tapped into the lessons they learned on that project, including how to communicate with authenticity and consistency, and the importance of a far-reaching communication and socialization plan. The BMS and PwC teams worked collaboratively to connect themes and storylines to the data—putting the report’s metrics in context by illustrating the real-world value of the actions. They also applied the data quality approaches PwC uses with many of its clients to help confirm the accuracy of the quantitative metrics in the report. 

While teaming to identify representation benchmarks, the biopharma company crystallized key messages around its GD&I journey by integrating diverse employee stories and qualitative examples that would resonate with readers. These efforts included cultural dexterity training and helping to curb the spread of COVID-19 through education and outreach campaigns in underserved communities throughout the world.

Rolling out the  first report

BMS strongly believes that GD&I initiatives require much more than simply reporting workforce data: They also should outline what a company stands for—and why. 

The teams assembled one of the most robust narratives of GD&I efforts in the biopharmaceutical industry to date. BMS’ commitments to addressing health disparities, clinical trial diversity, supplier diversity, increased employee giving and workforce representation—all in service to patients—has served as the North Star.

Working together, the multifaceted, multidisciplinary teams crafted a data framework and an actionable publishing timeline. They went through multiple iterations to get alignment with leaders across various functions. In the process, they uncovered additional insights and data points to help guide future initiatives, such as amplifying Everybody Counts (the company’s self-identification campaign) with leader messages and employee videos that breathe life and authenticity into these efforts.

Turning  ideas into actions

Working hand in hand, PwC helped BMS develop a landscape analysis to understand how to aggregate, calculate and determine how the company’s efforts compared to the benchmark analysis. This was a complex process that had to be performed on an aggressive timeline. 

While some members of the multidisciplinary teams tackled numbers, others focused on structure, messaging, insight generation and storyline—a task that’s as complex as data analysis. PwC helped BMS achieve an intricate balance between embedding relevant metrics and providing a compelling narrative with qualitative proof points and illustrative examples. PwC oversaw and helped to guide the whole process, ensuring that all stakeholders were on the same page and working toward the same goals—including meeting very tight deadlines.

Throughout the process, the stakeholders put their heads together to think through their GD&I story, align on the most important elements, find answers to the "so what?" questions, identify areas for growth and improvement—and communicate all of this to employees, customers, shareholders, the industry and the public in an authentic way. While the discussions weren’t always comfortable or easy, they were essential to finding answers and curating the company’s GD&I efforts.

Adding context to the data

BMS leaders had been tracking GD&I data for decades, but needed to provide context to tell a holistic story that employees, clients, healthcare networks and other stakeholders could relate to and easily understand. PwC helped prioritize the stories the company wanted to tell and documented the process, making it more rigorous and disciplined. BMS and PwC worked collaboratively with other agencies to create a meaningful report that married impressive business outcomes with a positive impact on individual people.

The integrated teams aligned on messaging and storylines and produced the robust  Global Diversity and Inclusion report , including within it many employee stories. These narratives, many of which were provided by the PBRGs, breathed life into the detailed metrics that document the company's efforts. Putting the statistics into context helped readers connect emotionally with the report, and BMS’ typical social media benchmarks were exceeded twofold. 

Putting a stake in the ground

BMS’ report was inclusive and transparent, painting a clear picture of the company’s diversity, equity and inclusion initiatives. These GD&I efforts put an initial virtual stake in the ground, inspiring employee engagement and helping to position BMS as a leader in the biopharma industry. 

Other benefits included a deeper understanding of the data in the report, as well as a workable timeline for future reports and guidance to assist with ongoing efforts. 

Building trust and goodwill

The transparency and context of the report contributed to a culture shift. Supported by these efforts and others, such as the Everybody Counts self-identification campaign, managers felt more encouraged to have honest, sometimes difficult conversations with their teams regarding diversity, equity and inclusion topics. That, in turn, often empowered employees to share their thoughts and personal stories about their life experiences with their colleagues and managers.

Reactions to the GD&I report have been positive, and BMS leaders expect that to continue, while acknowledging that the report represents just the first steps in an ongoing journey. The company continues to promote the GD&I dialogue within its industry and has made long-term commitments to gender parity, better representation of Black/African American and Latino/Hispanic individuals in the executive ranks, supplier diversity, employee giving, health equity and clinical trials. Further, BMS will continue to tell the world what it stands for, how it intends to achieve its ambitious GD&I and health equity goals and what pioneering efforts it plans for the future.

Bristol Myers Squibb’s commitment to GD&I produced a groundbreaking report

The biopharma company’s discussions aligned stakeholders on messaging and timelines., “this important effort is the beginning of an ongoing gd&i conversation and is our foundation going forward. pwc challenged our team to think about what is most important and how we can continue to make progress.” .

Linda Leonard Global Diversity & Inclusion Lead, Bristol Myers Squibb

“We’re proud to be part of Bristol Myers Squibb’s journey to address diversity and inclusion and health equity imperatives. This report is a critical step in helping to build trust.”

Luna Corbetta   Principal, PwC

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Luna Corbetta

Principal, Workforce Transformation, Pharma & Life Sciences, PwC US

Sheri Wyatt

Sustainability and Deals Partner, PwC US

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