2020 has only seen its first six months of life, but it’s already sketched its name in the history books. It’s safe to say that 2020 has been nothing like the world anticipated. The year that was foreseen to be the year of sustainability, started with devastating bushfires across the globe, historic social uprisings, and stay-at-home orders – all under the cloud of the COVID-19 pandemic.
As 2020 approaches its halfway point, many wonder how sustainability work will develop. Naturally, the climate crisis is still a critical yet pending threat and cannot take a backseat. Before stepping into the other half of this year, we’ve piled a list of Worldfavor blog posts that have generated the most traction in the last six months – a simple reminder that the global effort to build a better, sustainable future remains relevant and top of mind, and help inform the work that needs to be done the rest of the year.
1.Summary of the EU Taxonomy that was Launched in 2020
In March earlier this year, the European Commission updated their EU Taxonomy. It’s “a tool to help investors, companies, issuers and project promoters navigate the transition to a low-carbon, resilient and resource-efficient economy.” Since many don’t have time to read the entire 600 page document of information and recommendations, we’ve summed up and discussed what it means in terms of sustainable finance and how to implement changes. Read more
2. The Sustainability Buzzwords, Acronyms, and Abbreviations You Need to Know – Part 3
As sustainability work constantly progresses, the lingo changes too. To stay up-to-date, we’ve updated our popular buzzword guide with some of the latest terminologies and definitions to know. Read more and download the updated guide here
3. The Bittersweet Benefit of COVID-19: A More Sustainable Future?When the COVID-19 pandemic accelerated in Europe late February, the whole world paused and waited nervously for what would happen next. No one was unaffected and countries, industries, economies were halted. In times of difficulty and heartache, looking on the bright side can be a challenge. And while the positive sustainable outcome due to COVID- 19 is more bittersweet than bright, we wanted to shed a light on those facts as well. That is why we gathered insights from experts on how the world’s current situation is affecting sustainability work, and the future glimmers with hope. Read more here
4. An Overview of Corruption in Supply Chains
Having full control over areas in your supply chain that are vulnerable to corruption may be a challenge, but it’s a must. The UN Global Compact released a report on fighting corruption in the supply chain and found “that the cost of corruption equals more than 5% of global GDP (US $2.6 trillion), with over US $1 trillion paid in bribes each year.” More businesses need to take responsibility and act against it now. In this post, we discuss how corruption factors interfere with supply chains and what can be done to mitigate risk. Read more here
5. Why Building Trust is Essential to Mitigate Supply Chain Risks
On par with supply chain risks, one of the most important elements in building a strong team, culture, and company is trust. Unfortunately, many businesses are currently experiencing the collapse of their supply chains due to a global crisis. A recent report shows that 24% of the companies lacked adequate supply chain risk mitigation plans to deal with the severity of supply chain disruption caused by COVID-19. In this blog, we have listed 3 ways in which building trust can relieve supply chains, helping companies mitigate future risks and better prepare for unforeseen circumstances. Read about them here
6. How To Scale Up Your Supplier Response Rate
Having a strong relationship with suppliers is key in building sustainable business operations. This is because organizations need critical information from suppliers in order to understand their supply chain impact and make informed, sustainable decisions. However, this may be easier said than done and can be very time-consuming. To tackle this challenge, we’ve created a guide for how to automate and digitize your data collection from your suppliers. This will simplify your business’ workload, so you can focus on taking proactive action instead. Read and download our free guide here
7. Worldfavor Receives Award For Best Digital Sustainability Management Solution Globally in 2020
This last blog is actually not taken from our sustainability blog, but we couldn't help but include this highlight as well!
Capital Finance International (CFI.co) announced Worldfavor’s Sustainability Platform as 2020’s winner for Best Digital Sustainability Management Solutions Award and is one of our most-read articles so far this year. We are proud and humbled about this acknowledgement and take it as a huge encouragement in our work towards building a more sustainable world, along with our amazing industry-leading customers. Our journey has just begun! Read about the award and what it means here
Related blog posts you might like:
- 7 Social Frameworks to Know
- The Sustainability Buzzwords, Acronyms, and Abbreviations you need to know – part 3
- Summary of the EU Taxonomy that was launched in 2020