· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Fortune or enjoy below:
🗞️ Driving the news: Corporate sustainability is currently facing a downturn, described by experts as a "sustainability recession."
• Despite the progress made during the pandemic, many companies are now retreating from their commitments due to increased regulatory pressures, political backlash, and the distraction of emerging technologies like AI
🔭 The context: Sustainability and ESG initiatives gained momentum as companies set bold goals for carbon reduction and social equity
• However, recent trends such as "greenhushing" and layoffs in sustainability departments suggest a widespread slowdown, driven by both internal and external pressures
🌍 Why it matters for the planet: The current retreat in corporate sustainability efforts poses a significant risk to global climate goals, especially as the impacts of climate change become more severe and costly for businesses and economies
⏭️ What's next: Despite the current challenges, sustainability is expected to make a strong comeback, driven by market forces, technological advances in clean energy, and the undeniable economic risks of climate inaction
💬 One quote: "Sustainability is coming back—perhaps in an electric vehicle this time, so you might not hear it coming
• But you might want to jump in." — Andrew Winston
📈 One stat: A new study estimates that climate change could lead to a 19% hit to global GDP, costing $38 trillion annually by 2049
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