A few key takeaways from this article on a 2022 Deloitte study:
- Climate change is now in 78% of corporate reports; 2.5x the 30% in 2021
- 90% are now addressing TCFD (Task Force on Climate-related Financial Disclosures)
- 82% disclosed at least some Scope 3 emissions (which impacts SME vendors)
- An additional 16% plan to report on Scope 3 (meaning, by next year, 98% will be asking their vendors to report on carbon emissions)
- 90% reported their purpose, up from 41% five years ago
- 100% incorporated the importance of employee wellbeing
If you are a SME and thinking, “This is not going to impact me; it is only happening in big companies”, read the Scope 3 bullets again. For an organization to report their Scope 3, they need carbon emission data from their vendors (which is the vendor’s Scope 1). If you are a vendor to a large company, your phone is going to ring. They are going to want to see your carbon emission data, want you to prove you are pursuing a sustainability program, and want to see that you have a carbon reduction/neutrality plan incorporated in your sustainability plan.
This is an opportunity for SMEs looking to take market share.