Yesterday, some of the most powerful CEOs in corporate America declared that driving shareholder value can no longer be their sole business objective. A group of 181 CEOs representing the Business Roundtable claimed that corporations have a responsibility to balance the needs of all their stakeholders – from employees to local communities.
Several societal trends have pushed corporations to look beyond their fiduciary responsibilities and consider their impact on society, including pressure from employees.
Nearly 40% of millennials – now the largest generation in the American workforce – report choosing a job because of the employer’s approach to corporate sustainability. Five years of statistics from EDF Climate Corps reflect this trend: Demand for climate-related jobs has nearly doubled in the last five years.
Millennials are different from previous generations in their preference for purpose over paycheck. They want to bring change.
Here are three insights I’ve identified from EDF Climate Corps’ pool of graduate student applicants that should matter to any CEO seeking to recruit and retain talent. The program receives over 1,000 applications each year and has an acceptance rate of 10%.
A lot happened in 2018. The U.S. made some notable progress with the first Muslim and Native American women elected to Congress, and and SpaceX launched the world’s most powerful rocket. (I also became a first-time dad! And remember Yanny vs. Laurel?). And we experienced some major lows, with hundreds of innocent lives lost to multiple mass shootings and families torn apart due to the current administration’s troubling immigration policies. Now, with 2018 coming to a close, attention is being redirected to the year ahead.
But before I begin anticipating what’s to come in 2019, I want to step back and celebrate a few big corporate sustainability accomplishments from 2018 that I’m particularly encouraged by.
This blog is a follow up to an earlier blog published: 4 Trends in Corporate Sustainability for 2018.
Earlier this year, I identified 4 corporate sustainability trends that all business leaders should be watching in 2018. Those trends were: growth in companies setting Science-Based Targets, greater attention towards reducing supply chain emissions, tech and internet companies stepping up on sustainability, and increased innovation.
I’m revisiting those trends to give an update on where they stand six months later, using real-world examples of how this is playing out by highlighting projects from this past summer’s cohort of nearly 100 EDF Climate Corps host companies.
For the first time since 2010, a Republican has introduced a climate bill. Business leaders are welcoming its market-based approach to fighting climate change.
Yesterday, 34 U.S. businesses sent a public letter thanking Rep. Carlos Curbelo (R-FL 26thDistrict) for introducing the MARKET CHOICE Act (H.R. 6463), a bill to fund infrastructure investment while cutting climate pollution. Companies that signed the letter include BP America, Campbell Soup Company, The Dow Chemical Company, DuPont, General Motors, Ingersoll Rand, Lyft, Inc., IKEA North America Services, LLC, National Grid, PG&E Corporation and Shell. The Sustainable Food Policy Alliance, which includes Danone, Mars, Nestle USA and Unilever also sent its own letter of support.
Why are these companies publicly thanking Rep. Curbelo and his cosponsors? Here are four takeaways for companies of all sizes.
If you were asked five years ago “What types of companies are thinking about – and acting on –sustainability?” you would likely answer with the usual suspects: Patagonia, REI, etc. Less likely on your radar, I’d venture to guess, were players like TPG Capital, Novartis or Caterpillar. Today, companies across all sectors are re-envisioning what it means to be sustainable, and EDF Climate Corps is helping them do so.
Last week I attended my 7th EDF Climate Corps training – the annual kick-off to the summer fellowship. I left the reception with the feeling that this year would be different than previous; partly due to my new role as manager of the program, but more so from the conversations I had with this year’s cohort of 115 EDF Climate Corps fellows. There was a shared feeling that the mindset around corporate sustainability has changed from a nice-to-have to a must-have. And it was inspiring to hear how this group of determined, talented individuals plans on helping some of our country’s largest businesses meet and strengthen their climate goals.
It’s inspiring people like these – coupled with the broader trends at play – which give me so much confidence in the EDF Climate Corps model to help more companies tackle larger, more impactful and more innovative energy-related projects. Here’s why: