How business can sow climate optimism and drive action

illuminem summarizes for you the essential news of the day. Read the full piece on TIME or enjoy below:

🗞️ Driving the news: Jesper Brodin, CEO of Ingka Group (IKEA), emphasizes the urgency of climate action as global warming surpasses 1.5°C, urging businesses to embrace sustainability not just as an obligation but as an opportunity
• At COP28, he shared IKEA's progress in reducing emissions by over 30% since 2016 while growing the business by 23.7%
• Investments in renewable energy and recycling highlight how climate-smart practices align with profitability

🔭 The context: With customers increasingly concerned about climate change but unable to afford premium sustainable products, businesses face a dual challenge of affordability and impact
• IKEA's initiatives focus on cutting waste, boosting renewable energy use, and reducing carbon across its entire value chain
• Other companies, through coalitions like the WEF Climate Alliance, have also demonstrated that reducing emissions can drive economic growth

🌍 Why it matters for the planet: Accelerating climate action is critical to limiting warming to 1.5°C, a goal currently at risk
• Collaborative efforts between companies and policymakers are essential to shift the global economy toward sustainability
• Companies that act now can lead this transition and inspire collective responsibility

⏭️ What's next: Brodin calls for faster and more impactful collaboration across society, stronger frameworks from policymakers, and transparent communication to counter greenwashing
• With five years left until 2030, the decade’s midpoint demands urgent acceleration in action from all stakeholders

💬 One quote: "The biggest risk as a leader is knowing you could have done something, but didn’t," said Jesper Brodin, CEO of Ingka Group (IKEA).

📈 One stat: Since 2016, IKEA has reduced its climate footprint by 30.1% while growing its business by 23.7%

Click for more news covering the latest on sustainable business