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We note a slight increase in the amount of companies (8 out of 10) who are thinking long term and agree a need to change to be future fit
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Strategy and business model:
Norwegian companies state that sustainability is integrated into their vision, purpose and core strategy - 8 out of 10 companies also recognise they have to make changes to their business model to be future fit Nearly all organisations surveyed confirmed they are actively focusing on specific sustainability topics to maximise positive impact - implementation is lacking/too slow |
Similar to 2020, sustainability remains a strong focus in marketing,/branding/comms, innovation R&D
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Integration:
Similar to 2020, sustainability remains a weak strategic focus in sales, accounting and reporting - regulatory changes may alter this status going forward The level of cost savings from sustainability has improved slightly - Increased impact of sustainability on brand value and reduced risk showcases stronger commitment by senior management |
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Investments/performance:
Companies confirm they will invest more in new sustainability/ESG opportunities over the next 5 years 6 out of 10 companies indicate that sustainable business performance is now part of their organisation’s quarterly review |
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Strategic Focus & Competence:
The level of competence in sustainable business among companies has improved across the board, senior management, middle managements and sustainability specialists. 81% of respondents found that the senior management team is committed to sustainability. |
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The level of competence is still too low. Less than 3 out of 10 respondents agree that the company has enough competent employees to work strategically with sustainable business. Companies and managers must invest time and resources in their employees and give them a clear mandate to make change happen.
Enhance commitment, knowledge & measurement
- Increased focus on sustainability integration in functional areas
- Sustainability is embedded in the core strategy of companies (supported by net zero commitments)
- More strategic focus and commitment post Covid - evidenced by stronger customer, employee and investor loyalty
- More dedicated resources to be expected, including success stories
- Still a low level of knowledge in different parts of the organization
- Sustainability performance is not fully tied to business performance
- Under exploited sales opportunity: sustainable products and services
- Role of tech for sustainable outcomes is highly valued but underutilised