SUSTAINABILITY
Then there ’ s the host of financial barriers , complexities that come with regulatory and compliance obligations and pressure to demonstrate business value to justify sustainability investments in what is a challenging economy .
Focusing on the issue of product innovation and circularity , Sheri says : “ There are rising expectations to produce sustainable products and comply with regulatory requirements .
“ Companies also experience challenges in demonstrating and sharing life cycle assessment data of material flows . They need to be investing in product data transparency , innovation and redesign to meet shifting consumer preferences and regulatory requirements for sustainable products .”
Meanwhile , when it comes to social and community impact , Sheri says firms must achieve a social licence to operate .
“ This means effective integration of diversity , equity and inclusion ( DEI ) and ESG strategies and overcoming challenges with regional or local certification processes , supplier identification and programme structures ,” she adds .
“ In summary , these barriers reflect the complexities and multifaceted nature of implementing sustainable practices within supply chains , requiring comprehensive strategies and continuous improvement efforts .”
However , EY is evidently in the business of solving problems and breaking down these barriers , no matter how obstructive they may seem .
168 September 2024