The Carbon Disclosure Project (CDP) was founded with the objective of establishing an international economic system that operated within sustainable environmental boundaries while preventing climate change. Its founder, Paul Dickinson, recently discussed how sustainability was growing more important for corporations and how strategic initiatives and policies would open opportunities for business at the recently held Workiva Amplify EMEA conference.
Dickinson, who started CDP over two decades ago, believes that firms need to view ESG regulations as business opportunities.
At the conference, he explained that with sustainability issues growing in importance, investments in clean energy would go up. Investments in green energy already surpassed that of fossil fuel energy in 2016 and have been growing ever since.
Based on his expertise, Dickinson added that regulatory environmental reporting would probably encourage investment in sustainability and additional development while reducing risk for organizations. Dickinson also argued that sustainability could make money, explaining that the government’s social responsibility in the context of climate change was to make decarbonization profitable.
According to this strategic advisor, making the switch from fossil fuels to renewable energies profitable would greatly increase investments. For this to work though, governments and organizations would have to work together to also improve ESG regulations. He cautioned that without this, it’d be very hard to convince anyone to invest in decarbonization.
Dickinson gave the example of Elon Musk, the richest individual globally, who manufactures electric vehicles. Another example was Schneider Electric, led by Jean-Pascal Tricoire. Schneider Electric is currently the 5th biggest firm in France and the 12th biggest in Europe.
With a market capitalization of €160 billion ($171bn), the company specializes in energy management and automation. It is focused on creating impact and empowering all to make the most of energy and resources.
During the discussion, Dickinson pointed out that technology would also play a leading role in ESG while the demand for skills focused on sustainability reporting and financial data would increase. The EyeNetwork co-founder also believes that artificial intelligence will play a crucial role in sustainability, after issues with energy consumption are sorted.
The adoption of AI at a large-scale is expected to increase energy consumption exponentially, as training artificial intelligence models requires significantly more computational power. Dickinson notes that once this issue is fixed, artificial intelligence may aid in the development of more effective models for carbon consumption.
In his conclusion, he emphasized that firms needed to be working with governments on regulation and consolidation to improve real economy policy as well as make sustainability profitable.
Many enterprises, such as Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) that have embraced ESG could have seen the opportunities inherent in these principles and they are therefore looking to capitalize on them before laggards catch on.
NOTE TO INVESTORS: The latest news and updates relating to Reflex Advanced Materials Corp. (CSE: RFLX) (OTCQB: RFLXF) are available in the company’s newsroom at https://ibn.fm/RFLXF
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