Global systemic inequality significantly contributes to climate change and environmental degradation, with high-income countries benefiting from an unequal exchange that exacerbates resource extraction, exploitation, and waste generation. These nations not only secure a trade surplus with the highest value added but also import nearly all resources, creating a cycle of overconsumption and excess.
As the sixth richest country in the world, Ireland has a critical role in adopting ethical and well-researched governance practices across all levels, emphasising the need for transparent and balanced operations.
The EU is currently in the process of mandating reporting on sustainability, via the Corporate Sustainability Reporting Directive (CSRD). A set of reporting standards was published in early 2023. This legislation applies to large companies at first, i.e. those with more than 250 employees.
However, although SMEs are not required to report for a number of years, it is vital that we all put best practice processes and policies in place now in anticipation of the CSRD. There is also a strategic reason for SMEs to align earlier to sustainability reporting standards – such as access to finance, supply chain requirements or talent attraction.
The Cultural and Creative Industries are pivotal in steering society towards justice, equality, and a low-carbon future. Leveraging their unique ability to captivate and create shared experiences, the Cultural and Creative Industries are perfectly positioned to drive social and environmental change. This sector’s emphasis on multi-stakeholder engagement offers a prime opportunity to elevate awareness, embed environmental values, and initiate climate action, making it an integral player in fostering a sustainable global community.
To start to apply good governance practices, either as an individual or with your team, try applying a prioritisation matrix to the potential sustainability gains. A basic example is shown below and can be used to frame your thinking in any of the impact areas.
