可持续性势在必行：金融的不可或缺的作用-量化

IBM

Institute

for

Business

Value

|

Research

InsightsThesustainabilityimperativeThe

integral

role

of

finance—quantifiedHow

IBMcan

helpWe

help

transform

finance

organizations

fromimproving

the

efficiency

of

their

finance

processes

tocreating

smart

functions

with

intelligent

workflows—capable

of

finding,

connecting,

and

analyzing

data

touncover

deep

insights

that

can

strengthen

decision-making.

Our

financial

consultants

partner

with

clientsto

advise

and

manage

end-to-end

processes.To

learn

more,

please

visit:

/services/finance-consulting.2KeytakeawaysTransformational

finance

leadersview

organizational

sustainabilityinvestments

as

a

path

to

enterprisetransformation.As

sustainabilitybecomes

integrated

withinorganizations’

businessstrategies,

CFOs

must

takea

leading

role.They

are

role

models

for

sustainability

activities

in

financeand

are

more

involved

in

shaping

their

organization’ssustainability

agenda

without

spending

substantiallymore

on

the

finance

function.More

than

half

(53%)

ofTransformational

finance

leaderscontribute

to

business

cases

forinitiatives—60%

more

than

their

peers.They

lead

on

sustainability

quantification,

with

42%measuring

physical,

operational,

financial,

and

environ-mental

risks,

compared

to

about

a

quarter

of

their

peers.Nearly

half

(44%)

of

Transformationalfinance

leaders

align

incentives

foremployees

on

the

execution

ofsustainability

strategy.And

38%

align

incentives

across

ecosystem

partners

asthey

encourage

a

culture

that

can

focus

on

sustainability.12CFO

sustainability

priorities

are

expectedto

change

drastically

as

emerging

andcomplex

ESG

reporting

requirements

callfor

greater

transparency.IntroductionSustainabilitytalkisturningintoaction.The2022IBMInstituteforBusinessValue(IBV)CEOStudy,

withinterviewsfrom3,000CEOsworldwide,showcasesthedramaticemergenceofsustainabilityontothemainstreamcorporateagenda.Almost

half

of

CEOs

say

increasing

sustainability

is

one

of

their

organization’shighest

priorities

in

the

next

two

to

three

years—up

from

roughly

one-third

in

2021,an

increase

of

37%

in

just

one

year.

Sustainability

is

the

fastest

rising

issue

on

the1CEO

agenda

and

ranks

right

below

customer

experience

and

innovation.As

sustainability

becomes

an

integral

part

of

an

organization’s

business

strategy,the

CFO

must

take

a

leading

role.

The

CFO’s

position

is

so

important,

in

fact,

that

theUnited

Nations

has

convened

a

CFO

Coalition

for

the

Sustainable

Development

Goals,recognizing

that

“as

stewards

of

trillions

of

dollars

in

corporate

investments,

CFOsare

uniquely

positioned

to

reshape

the

future

of

corporate

finance

and

investment

asa

catalyst

for

growth,

value

creation,

and

social

impact.”2CFO

priorities

around

sustainability

are

expected

to

change

drastically

as

emergingand

complex

environmental,

social,

and

governance

(ESG)

reporting

requirementscall

for

greater

transparency

(see

Perspective:

Evolving

sustainability

standards

anddisclosures).

These,

along

with

investor

pressures

and

consumer

demands,

havemassive

implications

for

the

finance

function.

CFOs

are

poised

to

participate

in

theirorganizations’

sustainability

efforts,

adding

their

contributions

to

the

“planet”

aspectof

the

quadruple

bottom

line—profit,

people,

planet,

and

purpose.To

explore

the

expanding

sustainability

scope

for

finance,

the

IBV

partnered

with

theAmerican

Productivity

and

Quality

Center

(APQC)

to

survey

1,085

senior

financepersonnel,

including

CFOs,

finance

directors,

comptrollers,

and

finance

managers.This

study

explored

the

role

of

finance

with

respect

to

sustainability

and

the

actionsthat

are

being

taken.

Respondents

(“finance

leaders”)

had

overall

responsibility

forthe

finance

organization’s

business

processes

and

could

answer

questions

related

tostrategies,

budget,

full-time

equivalents

(FTEs),

and

practices.3PerspectiveEvolvingsustainabilitystandardsanddisclosures–

The

International

Financial

Reporting

Standards

(IFRS)

Foundation

announcedthe

creation

of

a

new

standards-setting

board,

the

International

SustainabilityStandards

Board

(ISSB).

ISSB’s

intent

is

to

deliver

a

global

baseline

of

sustainability-related

disclosure

standards

that

help

investors

make

informed

decisions

byproviding

information

about

companies’

sustainability-related

risks

andopportunities.–

Global

Reporting

Initiative

(GRI)

Standards

focus

on

the

economic,

environmental,and

social

impacts

of

a

company

in

relation

to

sustainable

development.

The

IFRS34Foundation

and

GRI

have

announced

a

collaboration

agreement

under

which

theirrespective

standards-setting

boards,

the

ISSB

and

the

Global

SustainabilityStandards

Board

(GSSB),

will

coordinate

their

work

programs

and

standards-settingactivities.5–

Sustainability

Accounting

Standards

Board

(SASB)

standards

focus

on

sustainabilityissues

most

likely

to

be

considered

by

investors

in

their

assessments

of

enterprisevalue,

such

as

those

that

might

influence

the

financial

performance

of

the

company.SASB

and

GRI

standards

are

different

approaches

to

materiality.6–

The

Value

Reporting

Foundation

(VRF)

was

consolidated

into

the

IFRS

Foundationin

August

2022.

It

follows

the

commitment

made

at

COP26

to

consolidate

staff

andresources

of

leading

global

sustainability

disclosure

initiatives

to

support

the

IFRSFoundation’s

ISSB

work

to

develop

a

comprehensive

global

baseline

ofsustainability

disclosures

for

the

capital

markets.

The

VRF’s

SASB

Standards

serveas

a

key

starting

point

for

the

development

of

the

IFRS

Sustainability

DisclosureStandards,

while

the

Integrated

Reporting

Framework

provides

connectivitybetween

financial

statements

and

sustainability-related

financial

disclosures.–

CDP

(formerly

the

Carbon

Disclosure

Project)

provides

a

global

disclosure

systemfor

companies

to

manage

environmental

impacts.

In

November

2022,

US

President78Joe

Biden’s

administration

announced

that

major

federal

suppliers

will

be

requiredto

disclose

their

environmental

impacts

through

CDP.

This

includes

publiclydisclosing

greenhouse

gas

emissions

(GHG)

and

climate-related

financial

risks,as

well

as

setting

science-based

GHG

reduction

targets.

And

at

COP27,

CDP9announced

that

it

will

incorporate

ISSB

climate-related

disclosures

standardsinto

its

platform.10–

The

Financial

Stability

Board’s

Task

Force

on

Climate-Related

Financial

Disclosures(TCFD)

enhances

reporting

on

climate-related

financial

information.114Sustainability

standards

and

disclosuresInfluencesComplementsTCFDISSBGRITask

Force

onClimate-RelatedFinancialInternationalSustainabilityStandards

BoardGlobalReportingInitiativeDisclosuresConsolidatesConsolidatesCDSBIFRSVRFClimateInternationalValue

ReportingFoundationDisclosureFinancial

ReportingStandards

BoardStandards

FoundationEstablishesConsolidatesCDPSASBIRCarbonDisclosureProjectSustainabilityAccountingStandards

BoardInternationalIntegratedReporting

Council56Alignment

of

finance

and

CEOson

sustainability

investmentsIn

our

survey,

we

asked

finance

leaders

to

characterize

their

organizations’

sustain-ability

investments

using

the

same

archetypes

from

the

IBV

CEO

Study

to

enablerole-to-role

comparisons

(see

“Study

approach

and

methodology”

on

page

28).12Surveyed

finance

leaders

generally

align

with

CEOs

at

approximately

the

same

rate

onthe

intent

of

their

organizations’

environmental

sustainability

investments

(see

Figure1).

Some

organizations

are

using

their

investments

to

fund

opportunities

while

othersview

investments

as

a

cost.

Still

others

remain

on

the

sidelines.FIGURE

1Finance

leaders’

views

are

consistent

with

CEOson

their

organizations’

sustainability

investments.17%26%47%10%17%26%47%10%Transformationalfinance

leadersAssessingComplyingOperationalfinance

leadersfinance

leadersfinance

leadersNo

sustainabilityinvestment

to

dateInvestments

toInvestments

inInvestments

reshapemajor

aspects

ofthe

enterprisecomply

with

regulations

some

core/noncoreand

mandatesbusiness

areasAssessing

CEOs15%Complying

CEOs29%Operational

CEOs43%Transformational

CEOs13%Q:

Which

statement

best

characterizes

your

organization’s

investments

in

environmental

sustainability

to

date?2022

IBV

CEO

Study:

Q6.

Which

of

the

following

statements

best

characterizes

your

investments

in

sustainability

to

date?7Finance

leader

archetypesAssessing

finance

leaders:17%

of

finance

leaders

and

15%

of

CEOs

statetheir

organizations

have

not

yet

made

anyenterprise-wide

investments

in

sustainability.While

some

are

exploring

options,

others

haveno

plans

at

all.Complying

finance

leaders:26%

of

finance

leaders

and

29%

of

CEOs

saytheir

organizations’

sustainability

investmentsare

used

solely

to

meet

compliance

andregulatory

requirements.Operational

finance

leaders:47%

of

finance

leaders

and

43%

of

CEOs

viewtheir

organizations’

sustainability

investmentsas

a

business

optimization

opportunity.Focused

on

operational

improvements

andefficiencies,

they

make

these

investments

incore

and

noncore

business

areas.Transformational

finance

leaders:10%

of

finance

leaders

and

13%

of

CEOs

statetheir

sustainability

investments

are

an

avenuefor

enterprise

transformation.These

four

archetypes

are

discrete

and

shouldnot

be

considered

a

maturity

model

wherethere

is

a

progression

across

archetypes.8The

IBV

CEO

Study

reported

that

both

Transform-ational

and

Operational

CEOs

achieve

bettersustainability

outcomes

and

better

business

perfor-mance,

with

higher

average

operating

margins

andEBITDA

than

Assessing

and

Complying

CEOs.13When

looking

at

the

finance

function’s

performanceacross

the

four

finance

leader

groups,

there

is

nosignificant

difference

in

the

finance

cost

as

apercentage

of

revenues.

Comparing

Transformationaland

Operational

finance

leaders,

the

Transform-ational

finance

leaders

are

better

at

businesspartnering,

which

is

critical

for

sustainability.

In

fact,they

spend

over

10%

more

time

on

decision

support(imagine

four

extra

hours

a

week

per

person

onanalysis)

and

are

able

to

generate

a

short-term

cashflow

forecast

17%

more

quickly—which

is

importantfor

proofs

of

concept,

rapid

prototyping,

and

newsustainability

initiatives.Given

that

Transformational

CEOs

say

their

organiza-tions

have

created

and

implemented

sustainabilitystrategies

that

permeate

the

enterprise,

it

is

notsurprising

that

their

finance

leaders

are

much

moreinvolved

in

shaping

the

sustainability

agenda.And

they’re

doing

so

without

spending

substantiallymore

on

the

function,

with

no

statistically

significantdifferences

between

the

four

finance

leader

groupsfor

total

cost

to

perform

the

finance

function

as

apercentage

of

revenue.910Sustainability

andthe

role

of

financeAutodesk

CFO

Debbie

Clifford

summarized

the

necessary

integration

of

sustainabilityand

finance

this

way:

“Sustainability

work

requires

alignment

with

financial

prioritiessuch

as

ESG

reporting,

investor

relations,

capital

management,

carbon

accounting,impact

measurement,

corporate

development,

and

even

product

development.”14Based

on

an

analysis

of

survey

results,

we

identified

five

responsibilities

that

financeleaders

need

to

embrace

to

help

their

organizations

make

progress

on

sustainability:1.

Lead

on

quantification2.

Mobilize

capital3.

Enable

culture

change4.

Operationalize

sustainability

reporting5.

Embed

sustainability

in

finance

operations.Our

survey

findings

explore

progress

in

these

areas

among

respondents.

Forcomparison

purposes,

we

only

share

the

data

for

Transformational,

Operational,and

Complying

finance

leaders

since

Assessing

organizations

have

not

made

anysustainability

investments.

Transformational

finance

leaders

stand

out

across

thesefive

responsibilities,

and

there

are

very

few

differences

between

Operational

andComplying

finance

leaders.11Lead

on

quantificationIt

also

covers

the

allocation

of

carbon

budgets

perbusiness

unit

as

part

of

the

annual

operationalplanning

process.

As

a

result,

organizations

canachieve

a

net-zero

pathway

with

progress

trackingagainst

commitments

as

well

as

alignment

tointernal

allocated

carbon

budgets

to

hold

businessunits

accountable

and

create

urgency

to

act.Quantification

of

sustainability

initiatives

lies

at

theheart

of

finance’s

skills.

The

ability

to

build

businesscases

and

track

performance

helps

the

organizationprioritize

and

assess

sustainability

initiatives

(seeFigure

2).

Performance

management

includestracking

energy,

water

consumption,

materials,recyclables,

waste,

transportation,

GHG

emissions,compliance,

certifications,

and

more.Transformational

finance

leaders

stand

out

relativeto

their

peers

in

establishing

criteria

for

evaluatingsustainability

initiatives.FIGURE

2Finance

leaders

are

taking

several

stepsto

quantify

sustainability

initiatives.53%43%40%35%33%33%32%32%29%27%19%19%Contribute

to

businesscases

for

sustainabilityinitiatives

(such

as

costreduction,

new

revenuestreams,

risk

mitigation)Support

the

businessto

determine

relativeprioritization

of

differentsustainability

goalsEstablish

criteria

forassessing

business

casesfor

sustainability

initiativesTrack

ROI

andperformance

againstsustainability

goalsTransformationalOperationalComplyingQ.

What

role

does

your

finance

function

play

in

executing

enterprise

sustainability

strategy?12Surprisingly,

nearly

90%

of

Complying,

Operational,

and

Transformation

financeleaders

have

incorporated

GHG

emissions

into

financial

value

calculations

forbusiness

cases

and

decision-making.

More

Transformational

finance

leaders

tell

usthat

they

use

a

variety

of

methods

in

these

assessments,

compared

with

their

peers(see

Figure

3).FIGURE

3Organizations

use

several

methods

to

incorporateGHG

emissions

into

financial

value

calculations.63%62%57%52%48%38%38%32%32%30%28%27%Internal

carbon

pricing(value

per

ton

of

carbondioxide

equivalent)External

carbontax

ratesEmissions

tradingmarket

valuesOffset

mechanismcostsTransformationalOperationalComplyingQ.

Which

methods

does

your

organization

use

to

incorporate

greenhouse

gas

emissions

into

financial

value

calculationsfor

business

cases,

decision-making,

and

similar?13Case

studyDeutschePostDHLGroupMeasuring,

tracking,

and

controlling

GHG

emissionsthrough

carbon

accounting15Deutsche

Post

DHL

Group

is

the

world’s

largest

logistics

company.

It

isworking

toward

a

science-based

target

and

will

invest

significantly

in

climate-neutral

logistics

by

2030.

Operational

targets

have

been

set

for

that

year;

forexample,

60%

of

delivery

vehicles

being

electrified,

and

more

than

30%

offuel

requirements

in

aviation

and

line

haul

being

covered

by

sustainable

fuels.To

achieve

its

targets,

the

company

measures,

tracks,

and

controls

its

GHGemissions

through

carbon

accounting.

The

idea

is

to

treat

carbon

like

a

cost,optimizing

it

in

the

same

way

as

the

company

would

for

financial

costs,

bybreaking

down

and

analyzing

“spending”

using

finance

methodologies.The

company’s

carbon

accounting

team

arose

directly

from

its

financedepartment

with

the

analytical

mindset,

the

necessary

skills,

and

theinfrastructure

to

collect

data

across

a

global

business.

A

carbon

accountingmodel

was

developed

to

provide

a

clear

footprint

of

the

entire

organization.The

team

tracks

and

monitors

progress,

prepares

reporting,

and

discussesresults

with

management.

They

are

in

close

collaboration

with

the

dedicated“clean

operations”

team

within

the

corporate

strategy

department,

which

isresponsible

for

developing

the

measures

by

which

the

company

reducesemissions.

This

includes

technological

goals

and

day-to-day

businessdecisions—for

example,

providing

tools

and

information

to

dispatchers

sothey

can

optimize

the

delivery

route

or

see

at

a

glance

which

partners

operatethe

most

efficient

aircraft.14Mobilize

capitalFinance

also

needs

to

quantify

the

impact

of

sustain-ability

initiatives

on

employee

retention,

the

abilityto

raise

capital

to

finance

all

business

activity,

andcustomer

loyalty/retention.

More

Transformationalfinance

leaders

are

communicating

these

types

ofvalue

to

investors.Finance

is

helping

organizations

obtain

sustainablefinancing

and

allocate

investments

to

their

sustain-ability

initiatives

(see

Figure

4).

For

example,finance

professionals

can

provide

the

necessaryunderstanding

of

green

bonds

and

the

impact

ofsustainability

on

credit

and

insurance.

An

organiza-tion’s

sustainability

disclosures

are

important

toinvestors

to

understand

the

impact

of

sustainabilityissues

on

the

entity’s

performance,

risks,

andlong-term

growth

prospects.

In

fact,

recent

IBVresearch

found

that

nearly

two

in

three

personalinvestors

see

climate

risk

and

sustainability

as

keyfactors

that

will

influence

the

performance

of

theirportfolios.16Beyond

financial

impact,

sustainability

createsnon-financial

benefits

for

the

organization’s

brand.These

could

include

brand

recall,

brand

sentiment,Net

Promoter

Score,

and

share

of

voice.

Again,

moreTransformational

finance

leaders

have

identifiedthese

types

of

benefits

to

help

their

organizations.FIGURE

4Finance

helps

organizations

mobilize

capitalfor

sustainability

initiatives.49%47%42%36%32%25%23%21%19%Communicate

sustainabilityprogress

to

the

investorcommunityIdentify

new

sources

ofDetermine

non-financialbenefits

of

sustainabilityinitiatives

(such

as

brandimpact)finance

(such

as

green

bond,sustainability-based

loan)

tofund

sustainability

initiativesTransformationalOperationalComplyingQ.

What

role

does

your

finance

function

play

in

executing

enterprise

sustainability

strategy?15Case

studyOlamAgriDriving

impact

with

the

sustainability

finance

team17Olam

Agri

is

a

global

leader

in

food,

feed,

and

fiber.

As

one

of

the

foodindustry’s

largest

companies,

it

is

focused

on

enabling

the

17United

NationsSustainable

Development

Goals

and

has

established

a

clear

purpose

toenable

sustainable

development.A

dedicated

sustainability

finance

team

provides

the

information

anddecision-making

tools

to

support

Olam’s

vision

and

strategy.

The

teamconsists

of

finance,

accountancy,

and

business-qualified

employees,

andcollaborates

extensively

with

other

functions

in

Olam,

including

the

sustain-ability

and

business

teams.The

sustainability

finance

team

leads

on

ESG

reporting

to

meet

the

require-ments

of

investors,

regulators,

and

ratings

agencies.

It

has

brought

financeand

accounting’s

culture,

mindset,

and

skill

set

to

measuring,

quantifying,and

reporting

intangible

value

that

is

not

captured

in

financial

reporting.A

common

data

platform

has

been

created

to

drive

internal

decisions

andexternal

reporting.Olam

uses

multicapital

accounting

to

identify

more

sustainable

strategiesfor

its

highest-impact

issues

related

to

human,

natural,

and

social

capital.This

approach

informs

business

decisions

to

drive

sustainable

practicesand

financial

outcomes.

The

sustainability

finance

team

supports

thedevelopment

of

its

multicapital

methodologies

and

is

the

center

ofexcellence

for

capital

accounting

within

the

organization.16Enable

culture

changeFIGURE

5Finance

helps

to

align

incentives

to

encouragea

culture

focused

on

sustainability.Finance

helps

cultivate

a

culture

focused

on

sustain-ability

through

aligned

incentives

(see

Figure

5).

Theseapply

to

both

employees

and

partners

and

help

driveexecution

of

sustainability

action

items.

Ecosystempartnerships

are

important

to

sustainability

becausesolving

social

and

environmental

problems

demandsstrategic

collaboration.

For

example,

finance

cancoordinate

and

align

relevant

data

and

metrics

withpartners

to

trace

the

carbon

footprint

of

the

organiza-tion’s

products

from

supplier

to

eventual

consumer

toaccount

for

scope

3

(indirect

value

chain)

emissions.44%38%28%26%23%23%Create

incentives

to

alignemployees

with

execution

ofenterprise

sustainabilitystrategyAlign

incentives

acrossecosystem

partnersTransformationalOperationalComplyingQ.

What

role

does

your

finance

function

play

in

executing

enterprisesustainability

strategy?17Case

studyUnileverResponding

to

the

challenge

of

plastics18Unilever

is

a

multinational

consumer

goods

company.

The

companycommitted

to

designing

100%

of

its

plastic

packaging

to

be

fully

reusable,recyclable,

or

compostable

by

2025.

Also

by

2025,

Unilever

committed

toincreasing

the

recycled

plastic

content

in

its

own

packaging

to

at

least

25%,to

halving

the

amount

of

virgin

plastic

used

in

packaging,

and

to

collectingand

processing

more

plastic

packaging

than

the

company

sells.Finance

plays

a

role

in

two

key

areas

of

Unilever’s

plastic

agenda:

reportingand

embedding

plastic

considerations

into

decision-making.In

reporting,

finance

created

a

metrics

working

group

responsible

for

commu-nicating

sustainability

metrics,

including

those

on

plastic.

This

group

consistsof

senior

leaders

from

the

finance

team,

the

sustainability

reporting

team,

andthe

data

and

analytics

team.

Other

functional

teams,

such

as

the

supply

chainteam,

participate

when

needed.

In

addition,

finance

assesses

the

financialrisk

that

plastic

poses,

shares

the

results

across

the

business

to

supportdecision-making,

and

feeds

it

into

annual

report

disclosures.With

respect

to

embedding

plastic

considerations

in

decision-making,

thefinance

team

is

changing

the

business

case

and

capital

proposal

processesfor

developing

products.

Specifically,

finance

is

responsible

for

tasks

such

assensitivity

analysis

for

including

postconsumer

resin

(lower-impact

plastic)

inproducts

and

costing

product

redesigns.

Finance

worked

with

IT,

data

andanalytics,

and

divisional

business

teams

to

create

a

methodology

and

a

tool—the

“Eco-design

tool”—that

divisions

can

use

to

analyze

the

waste

footprintof

new

products,

new

product

designs,

or

product

formulations.18Operationalizesustainability

reportingFor

finance,

sustainability

reporting

requires

teamingacross

the

enterprise

to

select

the

right

metrics,quantify

risks,

and

inform

both

external

and

internalstakehol