Companies face growing pressure from all corners of society to be more sustainable, but if business leaders respond to each demand in isolation, they will fall short. Instead, engaging with and garnering support from a diverse range of communities and stakeholders is crucial for making their businesses more sustainable.
Our new research flips the script, exploring what business leaders need from key stakeholders whose influence and input significantly shape corporate sustainability strategies. Rather than focusing solely on the demands placed on companies, our study emphasises the often-overlooked needs of businesses to achieve their sustainability goals. It underscores the importance of mutual understanding and collaboration, starting with the acknowledgment of what companies require from others to thrive.
We surveyed global leaders of large companies in a range of sectors to find out where they stand, and we discovered that many of today’s business leaders are forward-thinking. For example, forty-five percent say they are willing to sacrifice profits for sustainability. A majority believe that degrowth is essential for a sustainable future, and many support more inclusive measures of success beyond GDP.
An appetite for change
The insights are promising, but they also raise further questions. While business leaders express positive intentions, is the progress on sustainability enough? Where are the best opportunities to go further or speed things up? And how can stakeholders support businesses in achieving more?
In exploring those questions, our research found that:
| Driving sustainability is all about teamwork, with business leaders and key stakeholders working in harmony. By understanding and tackling the needs and challenges of each group, companies will create a much more robust and practical sustainability strategy. It's equally important for companies to be clear about what they need from stakeholders and to communicate it in order to keep everyone on the same page. |
| A significant part of the challenge is the mindset that leaders bring. Effective sustainability leadership involves a range of critical skills and attitudes – especially the willingness to embrace uncomfortable situations and to have tough conversations. Leaders who actively organise contradiction and welcome diverse perspectives tend to make real progress. |
| Revisiting traditional ways of prioritising stakeholders is crucial. By reassessing which stakeholders are most important for sustainability goals and dealing with potential points of friction, leaders can better manage these relationships and inspire their organisations to achieve meaningful sustainability outcomes. |
The views and opinions expressed in this article are those of the participants of the survey or interviewee(s) and do not necessarily reflect the views or opinions of ING
Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on ing.com/climate.
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