On-demand Webcast: Navigating ESG: From Challenges to Opportunities

In our latest SAP Concur webcast, Navigating ESG: From Challenges to Opportunities, Kevin Craig, Managing Director at SAP Concur Canada digs into how Canadian businesses are increasingly recognizing the importance of ESG, its impact in business travel and the crucial role of leaders in achieving sustainability objectives. Joining Kevin were experts Marie-Josée Privyk, Founder and ESG Advisor at FinComm, Claire Patra, Partner, Sustainability Reporting at EY Canada, Mark Corbett, Co-Founder and CEO of Thrust Carbon, and Sylvain Muller, SAP Concur Sr. Director of Product – Sustainability.  

ESG, The Carrot and The Stick

We discussed the Global Reporting Initiative’s “Carrot & Stick” report on ESG-related regulations. Here, the “carrot” offers opportunities to address global challenges, while the “stick” highlights stakeholder pressure to prioritize ESG, making materiality assessments crucial for competitiveness and risk mitigation.

Claire noted that with Canadian companies adopting the International Financial Reporting Standards (IFRS), climate disclosure regulations are expected in 2025. Marie-Josée emphasized the complexity of compliance across regions and the need for a standardized global approach, while Mark added that treating emissions and carbon management as critical resources, using technology for better data management and cost allocation.

Evaluating The Progress of ESG Initiatives in Canadian Businesses

The discussion shifted to ESG measurement frameworks and the need for transparency, especially in with new greenwashing laws under Bill C-59. Claire explained, “If a topic is material, stakeholders expect policies, actions, and targets to be in place. This transparency is crucial in a rapidly evolving regulatory environment”. Adopting frameworks like the Task Force on Climate-Related Financial Disclosures (TCFD) and standards from the European Sustainability Reporting Standards (ESRS) is crucial for consistency and clarity in ESG commitments.

ESG As a Driver for Long-Term Success

Kevin shared polling results showing that over half webcast attendees see ESG as primordial for business growth while 21% consider it as important but secondary. It showed that despite challenges like inflation and post-pandemic complexities, ESG remains both a critical challenge and a strategic opportunity, requiring the need for a long-term approach. Marie-Josée emphasized that ESG is essential to business strategy, not just a “nice to have”.

The Role of Leadership and Organizational Culture in Driving Sustainability Efforts

Today, leadership and organizational culture in promoting sustainability. Effective strategies include clear objectives and robust ESG policies. A notable example from SAP Concur annual Global Business Travel Survey revealed that 32% of Canadian travel managers prioritize sustainability, even limiting travel if no sustainable options are available. The panel also discussed emerging ESG trends like biodiversity loss, highlighting the need for Canadian businesses to address these issues under new international standards.

Final Thoughts

Today, companies such as SAP Concur are addressing ESG priorities by assisting customers in integrating sustainability into their travel programs and providing tools to help achieve sustainability goals. You can learn more on our sustainability travel webpage.  

Watch the on demand webcast and contact us with any questions on how to build sustainability into your travel and expense program.