Nowadays, successful companies need to look at the broadest definition of sustainability to build a corporate culture that ensures a long-term sustainable business, says Petra Einarsson, who is a director of several companies after a long career at Sweden’s Sandvik and as CEO of Stockholm-based pulp and paper manufacturer BillerudKorsnäs. The close oversight and due diligence of supply chains is an emerging requisite. Companies need to document their sustainability commitment with policies and audited data to rebut claims of “greenwashing” and, increasingly, to access financing. In the governance area, the onus is on greater transparency. Companies must also demonstrate robust safety and health practices, respect for human rights and a diverse and inclusive corporate culture. Social considerations encompass far more than previous notions of “corporate social responsibility” with its focus on the development of local communities. Today, however, our interviewees agree that companies cannot risk ignoring the social and governance aspects of ESG. Since the landmark 2015 Paris Agreement, the reduction of GHG emissions, biodiversity and, more recently, the reduction, reuse and recycling of waste have gained special prominence. Traditionally, process industries have been focused on environmental performance and it remains a priority for many companies. Since sustainability and purpose are inextricably linked, each company needs to have a truly meaningful purpose that drives everything from decision-making to operations to talent acquisition and retention.įor this report we talked to board members, CEOs and senior management of process industry multinationals - mainly European paper and plastic packaging companies - on the main ESG pressure points for the sector. It must urgently wake up to environmental, social and governance (ESG) demands and adapt to a world in which leading sustainability performance is increasingly linked to financial success. The process industries sector is not immune to these pressures. Mounting concern about climate change over recent years has been accompanied by citizens’ demands for a more just society - magnified by social media - that covers ethical corporate behavior more broadly. The stark “now or never” warning in the latest report by the UN’s International Panel on Climate Change is a cry for action by governments and businesses to tackle head-on the reduction of greenhouse gas (GHG) emissions.
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