Going Out on a High!
Just like Ted Lasso’s team, our goal at 7 Centre is to go out like Willie Nelson—on a high!
Though many achievements marked the early part of 2023, the release of the International Sustainability Standards Board (ISSB) inaugural standards—IFRS S1 and IFRS S2—was the most significant kickoff to something beautiful in sustainability. The tone was set: Climate-related events and sustainability issues can impact companies, and they must disclose those material risks and opportunities to investors, creditors, and lenders. The standards serve as a blueprint, not a rationale for more discussion.
As a result of this disclosure requirement, 2024 will be the year of less talk and more action. As companies evaluate their greenhouse gas (GHG) emissions, including Scope 1, Scope 2, and Scope 3, entire supply chains will engage in reporting their part in helping their customers become high performers among their peers. It’s a competitive advantage that also works to increase customer loyalty.
With entire supply chains engaged, the need for increased collaboration and industry information sharing is a priority. Industries can rise to the challenge by providing peer benchmarking, sharing scenario analyses tailored to their sectors, informing their members about combined risks and opportunities, and helping everyone to keep pace with change. No single company can afford to compete in isolation anymore.
With mandatory reporting becoming a reality, investors will gain access to a wealth of genuine data, as opposed to the manufactured data once necessary to fill information gaps. This leads to true transparency and comparability, providing a much clearer picture for informed decision-making. The lack of quality data will become a thing of the past.
Another highlight was the acceleration and increased accessibility of AI technology, opening a new world of possibilities for content creation and research—with the right prompts and human insight. That includes ESG and Sustainability, with many companies finding efficient ways to help their customers achieve their disclosure goals at a lower cost.
7 Centre, the culmination of all that I cherish in life, is more than ready for 2024. We are overjoyed by the relationships we've built, the exchange of ideas, and the shared values with like-minded organizations, as well as our commitment to helping all businesses—regardless of size—remain competitive and make sustainability reporting a valuable business practice that they will look forward to for many years to come.
From all of us at 7 Centre, happy holidays, and let's all aim to stay on that high note in the coming year!
