Human activity is leading to climate change, limiting the availability of fresh water, altering the oceans’ chemical and acidic makeup, and changing the habitats of other species coexisting with humans on the planet.
Today, coupled with a steep economic growth curve, human neglect of the environment is rampant, and the results are evident in the rising number of natural catastrophes around the world 14, as well as the rise of complex challenges that have left nations looking for solutions and ways to better govern our planet and environment.
Corporations and firms are the key players in generating economic activity (and consequently imposing environmental externalities), and they have the potential to initiate change and devise solutions that make economic growth more environmentally-friendly and sustainable.
Consumers are now demanding more sustainable practices from the businesses they deal with, and, in some sectors, rewarding such companies with their loyal business, or even premium payments.
Governments are increasingly looking towards business for financial resources and competencies (such av s innovation) that lie beyond the scope of public sector agencies. As a result, a new modus operandi – namely collaborative governance – is emerging, allowing the government to use external institutions and resources to coordinate and undertake collective effort.
Given the challenges and constraints facing governments today, there is a strong case for businesses to share the burden of creating a liveable world for this generation and the next.
To ride the Green Wave and simultaneously improve their bottom line, companies must identify the environmental needs of their customers and seize eco-advantage through breakthrough products and green marketing, while also paying attention to their costs.
Businesses around the world have indeed come along way, from looking at environmental issues as a distraction or public relations exercise, to adopting a full sustainable strategy.
Sustainability is good for the community, good for business, and good for Majid Al Futtaim’s shared future.
For Majid Al Futtaim, being Net Positive implies that it must measure impacts, reduce impacts, and create positive impacts.
Whether Majid Al Futtaim becomes Net Positive in 2040, a few years earlier, or a few years later, is almost irrelevant. What is critical is that the journey has started, the leadership is behind it, the mindset has changed, and Majid Al Futtaim is setting an example in the region.
For Majid Al Futtaim, there is no looking back, and the future is Net Positive.
Conserving global biodiversity without compromising economic development is a defining challenge of the 21st century.
Businesses, which rely on everything from fresh water to protection from natural disasters, are recognizing that they need to look at the big picture – how their activities are linked to biodiversity and ecosystem services – in order to thrive, and the number of businesses that are setting more targeted and measurable environmental goals, and making commitments to achieving a net positive impact on biodiversity, is increasing.
It is very encouraging to see more and more companies aiming to have a net positive environmental footprint while also generating a positive impact on their bottom line. This is the start of new era in how we do business, perceive the business role in society, and how we manage our environment.
Given that each company’s vision, offerings and processes are different, there is no one-size-fits-all approach to becoming Net Positive.
For those companies who want to embark on a net positive journey, it is critical to accept, at the outset, that this is a marathon, not a sprint. More importantly, it is a marathon along new routes that are still emerging.
The scope for large scale change driven through corporate sustainability efforts is also expanding as the fourth industrial revolution unravels unprecedented possibilities for innovation and new breakthroughs.
The business imperative to invest in sustained innovation around 4IR technologies stems from the potential of these innovations to expand market opportunities. They enable businesses to produce and sell more while achieving cost reductions, exploring new revenue streams and securing the planet’s future.
In this process of embracing a Net Positive approach, 4IR technologies have a critical role to play, and they must be leveraged to create longterm positive impact at minimum cost. These technologies will also help spur innovation in product development and allow businesses to effectively monitor impact as well as consumer sentiment.
