CHICAGO – November 8, 2023 – Evotix, the world-leading environment, health, safety and sustainability (EHS&S) software company, unveils five pivotal sustainability trends shaping business operations in 2024.
Propelled by global challenges, technological advancements and mounting stakeholder expectations, these five trends serve as a roadmap for organizations aiming to stay ahead of the curve, remain compliant and positively impact global sustainability.
Surge in Regulation and Regulatory Changes
In 2024, increasing regulation and regulatory mandates will drive significant shifts in the EHS&S landscape. As global emphasis on sustainability and environmental stewardship grows, organizations will face a surge in EHS&S reporting requirements. This is evident in regions like Europe with the Corporate Sustainability Reporting Directive (CSRD) mandating comprehensive disclosures from larger European Union (EU) companies about their environmental and financial impacts. It’s anticipated that North America and other parts of the world will follow suit. For instance, North America’s Methane Emissions Reduction Action Plan targets a 30% methane reduction by 2030 from 2020 levels. In addition to that federal legislation, California has enacted the Climate Corporate Data Accountability Act, which requires U.S. companies doing business in California, with annual revenues of US$1 billion or more to report their direct and indirect greenhouse gas emissions.
EHS&S managers and their teams require comprehensive sustainability and compliance training to navigate regulatory reporting complexities. Beyond analytics dashboards, they need advanced data solutions and the right strategic platform to provide holistic views on regulatory challenges. It's not just about tracking, analyzing and reporting; it's about deriving actionable insights, setting benchmarks and targets for compliance and sustainability as well as ensuring teams are well-equipped with the latest knowledge to implement and uphold these standards.
Growing Emphasis on Sustainable Energy and Usage Data
The dominant 2024 EHS&S trend focused on the rising emphasis on sustainable energy and usage data. This shift signifies a growing commitment among businesses to align environmental responsibility with operational efficiency. By harnessing real-time energy consumption metrics, organizations can make informed decisions that promote sustainable practices while achieving significant financial savings. Analyzing energy data can guide enterprises toward innovative energy solutions that exceed regulatory standards and elevate their environmental stewardship. This trend underscores the convergence of sustainability and fiscal prudence for organizations and a future where business growth and environmental responsibility go hand in hand.
In 2024, EHS&S professionals must stay informed of these trends, ensuring that their companies are leading the way toward a greener, more efficient future.
Overcoming Barriers in EHS&S Adoption
Despite the benefits of sustainability software, a notable 2024 EHS&S trend reveals a hesitance among businesses to invest in and implement these essential tools. This reluctance stems from a "wait and see" approach, heavily influenced by a growing but inconsistent regulatory landscape. Many businesses won’t allocate funds without clarity on the reporting requirements. EHS&S managers should be aware that while initial hesitation might seem prudent, the long-term implications of not adopting these tools can be detrimental. Staying current with compliance regulations, managing vast data sets for sustainability reporting and ensuring stakeholders' health, safety and well-being becomes increasingly challenging without automated, all-in-one software.
In the ever-changing EHS&S world of 2024, forward-thinking EHS&S managers will advocate for the importance of timely software adoption and C-level executives will champion the cause, not just as a means for compliance and EHS&S management but to ensure operational excellence, reinforce global sustainability and position the company as a socially responsible entity.
Justifying Sustainability Claims and Reporting
In an age where data speaks volumes, merely voicing commitment to sustainability is no longer sufficient. Whether showcasing a 10% reduction in carbon emissions or vouching for more sustainable processes, the demand is clear: provide concrete proof. In 2024, there is a necessity to validate environmental and ethical claims. For EHS&S managers, this underscores the importance of rigorous data tracking and management systems. Whether pursuing new business opportunities or satisfying existing stakeholders, the adage 'proof is in the pudding' rings truer than ever. And it’s not just environmental factors under scrutiny either; supply chain transparency and ethical human resource practices are equally crucial. More and more stakeholders are demanding consequences for corporate greenwashing.
As 2024 unfolds, EHS&S managers must work to ensure every sustainability assertion is fact-based, building a foundation of trust in today’s global landscape.
Rising Need for Sustainability Software
As businesses globally recognize the critical role of EHS&S in their operations, they increasingly acknowledge the importance of sustainability software. What’s their motivation? The vast quantities of financial, environmental, social and governance data organizations must track demands an organized and efficient approach. From supply chain management to waste diversion, sustainability software not only helps in efficiently managing and analyzing this data but also streamlines compliance processes. With built-in features such as templates to manage environmental audits and assessments, dashboards to improve environmental impact, the ability to define approvals and workflows and set automatic reminders, businesses can ensure they never miss a beat when reaching their sustainability goals. Such software also helps to track, analyze and improve an organization's environmental impact, keeps data and KPIs data in one place and offers a comprehensive and proactive view of an EHS&S environment. Companies risk regulatory fines, huge financial losses and reputational damage without such a system.
The decision to invest and incorporate sustainability software in 2024 isn't just about adapting to a trend but embracing a more responsible, efficient and future-forward business model.
“As EHS&S transforms, businesses must remain agile and adapt to new regulations and regulatory shifts,” said Catryna Jackson, Evotix’s EHS and sustainability specialist. “Being transparent, accountable and supporting sustainability statements with real data is key. As we look to 2024, the businesses that lead will embrace these changes and turn to software tools for smoother, more efficient EHS&S management."
About Evotix
Evotix, now a combined business unit with the EHS&S division of SAI360, offers a comprehensive suite of EHS & ESG software and services for mid-size and enterprise clients. The highly configurable platform features extensive functionality to help organizations create a safer, smarter and more sustainable workplace. Whether looking to streamline EHS activities or expand sustainability and ESG reporting capabilities, Evotix’s solution is fully adaptable to an organization’s current and evolving needs. Founded in 1993 and headquartered in Chicago, Evotix serves more than 600 clients worldwide across industries, including manufacturing, food and drink, construction, retail, transport, warehousing, housing, education, public service, mining and metals, energy, utilities and engineering. To learn more about Evotix, visit www.Evotix.com, listen to the “Two Bald Guys Talking Safety” podcast or visit Evotix’s resource library.
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