WEF cranks up demands for sustainability: how will businesses respond?

At the November 2022 COP summit, the World Economic Forum (WEF) reaffirmed that “the climate crisis requires urgent global action on mitigation and adaptation”. Translating words into actions is now the name of the game, and to support this, the WEF has outlined three key actions businesses can take to do their bit to help tackle climate change.

Those three actions? Firstly, "enhance resilience" by identifying and mitigating climate risks, such as extreme weather, throughout the supply chain. Secondly, "capitalise on opportunities" to operate more sustainably. And thirdly, "shape collaborative outcomes" through engaging with others, particularly by partnering with local communities.

As the WEF comments, “The more energetically business dedicates itself to [climate] adaptation, the more society as a whole is helped to adapt and benefit.” So how should they do this?

Cutting emissions by cutting the commute

For business decision-makers, the answer to taking action in the climate crisis lies most significantly in the third WEF point: the local community. If proof were needed, we need only to look at the impact of the COVID-19 lockdowns on global emissions to see the potential of cutting down on commuting and focusing on the local and hyperlocal.

According to Future Earth's Global Carbon Project, the 2020 lockdowns caused CO₂ emissions to fall by an estimated 2.4 billion tonnes. This was a record drop, with the largest share of the global decrease coming from reduced transport emissions on the ground and in the air.

Forward-thinking businesses have already worked out that hybrid working can be an invaluable tool here, particularly when they empower employees with the option to work in flexible workspaces in the heart of their local communities. Instead of lengthy commutes, employees can work from home or at a flex space within easy walking or cycling distance. As SAP points out, "What if, when making decisions about who comes into the office and when, executives considered the carbon footprint generated by employee travel and commutes… along with the sustainability causes that their employees support?"

A 15-minute city

Using a hybrid of the traditional office and flex space means employees spend less time commuting, immediately lowering a company’s carbon footprint dramatically. The idea of the 15-minute City – a place where everything a resident needs in life is found within 15 minutes of their home – puts this into practice, making commuting a thing of the past.

Of course, the sustainability benefits of hybrid and flex spaces go further still. Infinitely scalable, they allow companies to be totally flexible in their office spaces so that they always have the right amount of space for their current needs – no more powering (and paying for) office headquarters that sit empty part of the time.

Greener workspaces for a greener future

Flex spaces are the future of work. As such, it is little surprise that these buildings have sustainability baked into many core elements of their infrastructure and facilities, making modern workspaces greener than ever.

In South Africa, it has been shown that in many areas, well-designed buildings can operate without mechanical heating, ventilation and cooling for most of the year. Building performance simulations make it easier today to understand and predict how a facility will perform, allowing us to intervene and ultimately design and construct the best spaces possible.

While sustainability is at the heart of the hybrid model, these sustainability-focused features are essential to achieve greener workspaces.

The move away from headquarter-dependence

The answer to a more sustainable future for the world of business lies in a move away from depending on their headquarters. IWG founder Mark Dixon comments: “To fully normalise this shift in behaviour, I believe many more companies need to offer their employees the opportunity to work partly at home, partly from a nearby workspace, and maybe just occasionally at HQ.”

There are many things businesses can do to be more sustainable, and hybrid working – which also meets employee needs by offering a better work-life balance – appears to be one of the significant steps that can be taken. Better for people, better for the planet and better for profit: it's a win, win, win.

About IWG PLC

Through our companies we provide that choice, and serve the whole world of work: Regus, Spaces, No18, Basepoint, Open Office and Signature. We create personal, financial, and strategic value for businesses of every size. From some of the most exciting companies and well-known organizations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.

Join us at www.iwgplc.com

For Franchise opportunities go to: https://franchise.iwgplc.com/

CONTACT DETAILS – SOUTH AFRICA PRESS OFFICE:

GO CONTENT LAB

Gidgette Osborne

go@gocontentlab.co.za

082 574 2308