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After over a century of rapid industrialisation, our world is once again on the brink of change.
As the impacts of climate change become more apparent, people are demanding far more from the businesses they support. Many consumers want to see profits backed by purpose and now have unprecedented access to information about the environmental and social impacts of the products they buy and the brands they subscribe to. Investors also are increasingly looking for companies to integrate sustainability into their strategies, aligning environmental and social goals with financial performance to drive long-term value and resilience.
The time for radical industrialisation is over. The age of radical accountability has begun.
In its landmark 2022 Our Future World report, the CSIRO identified sustainability, technology and consumer empowerment and trust among seven “megatrends” expected to substantially reshape our world over the next 10 years.
While the past decade has been characterised by the emergence of the experience economy and demand for personalised services, the coming decade will bring a strong consumer and citizen push for trust, transparency, fairness and environmental and social governance, CSIRO researchers predict.
Nicky Sparshott, most recently the Global Chief of Transformation for Unilever agrees. In August 2022, under her leadership, Unilever ANZ became one of the first organisations of its size to achieve B Corp certification, for which it regularly undertakes rigorous, independent assessments of its sustainability, social impact, accountability and transparency.
For Unilever ANZ, Sparshott says B Corp certification simply makes business sense — ensuring the business is on track to meet shareholder requirements in the short- and medium-term, while also delivering long-term growth opportunities for its household brands like OMO, TRESemmé, Continental and Streets ice cream.
“There is an increasing consciousness and desire amongst people in the community to see improvement in this [ESG] space. I think everybody wants to be able to make their own personal contribution but they don’t often know how.”
Opening the doors to radical transparency
The ESG agenda is gaining traction all across the Australian economy. Nationally, the number of certified B Corps has doubled since 2021 to 571 businesses across 85 industries, ranging from consumer products to construction, agriculture and pharmaceuticals.