Sitemap

Corporate Social Responsibility

Trends Expected in 2020

CorD Recommends

Belgrade Hosts International Energy and Environmental Fairs

At the Belgrade Fair, the 18th International...

Green Diplomacy Week 2023 Puts Energy in the Spotlight

"Empowering the Future: Cleaner Energy, More Equal...

EU Witnesses Record Surge in Packaging Waste Production

In 2021, the European Union produced 188.7...

Serbia’s Zlatibor and Croatia’s Labin Unite in Tourism Pact

In a step to strengthen international ties within the tourism industry, Zlatibor from Serbia and Labin from Croatia have...

Serbia’s Agrarian Giants: The Landowners Reshaping the Countryside

A recent survey has revealed Industrija mesa "Matijević" as the leading landholder in Serbia, highlighting significant shifts in the...

Serbian Firms Clinch Deals Worth Over €8 Million at World’s Premier Organic Food Fair

At the Biofach International Organic Food Fair in Nuremberg, Serbian companies have secured contracts valued at more than €8...

EU Inaugurates Central Office for Artificial Intelligence

The European Union has taken a significant step forward in the realm of artificial intelligence by inaugurating its Artificial...

European Banking Titans Surpass €100 Billion Profit Milestone Amid Rising Interest Rates

For the first time in history, Europe's banking behemoths have collectively breached the €100 billion profit ceiling, fueled by...

Corporate Social Responsibility (CSR) has become an important buzz word in the business world. The practice of CSR has evolved and matured over time. CSR now includes strategic philanthropy, employee volunteerism, cause marketing, disaster response, peer-to-peer fundraising, non-profit board service, and even incorporating social responsibility into core business practices and offerings

The year 2019 was action-packed in terms of CSR. With the companies taking a proactive interest in improving their CSR practices, and the government encouraging them by bringing in various amendments in the CSR Act, it is being predicted that 2020 will be even more dynamic for CSR. Following are five trends that can be expected in CSR in 2020.

FOCUS ON ESG (ENVIRONMENTAL, SOCIAL AND GOVERNANCE)

More and more people are getting aware of their carbon and social footprint. And while they may not be able to indulge themselves entirely in activism, they certainly prefer to associate with brands that have a good ethical standing in terms of their ESG impact. ESG investment thus is no more only a philanthropic activity. It is more of a business feature that is a must-have for the brands if they want to sustain in the competitive market.

Thus, in the year 2020, the rise in ESG investments is certain. Climate change crisis is at its peak at present. The global community, especially the millennials, are calling for serious climate action from the businesses. In 2019, we saw several climate action movements, including the Climate Strike at the UN.

Such movements have compelled the business community as well as the governments to embrace renewable energy and reduce emissions. For example, in India, Cochin Airport became the world’s first completely solar-powered airport. Japan is leading in producing cars that use hydrogen fuel, which leaves behind only water vapour in the form of emissions. In the U.S., the state of California has passed a solar mandate, according to which new construction homes are required to have a Photovoltaic solar system as an electricity source from January 1, 2020.

Such examples and policies across the world are set to inspire more investment in developing, adopting and promoting renewable energy.

Instead of just doing philanthropic work, the companies will step forward to have a holistic CSR strategy that will be impactful and sustainable

TRANSPARENCY IN PROCESSES

Digitalisation has reduced the cases of corruption and increased transparency in the processes. This includes processes in CSR. The rising awareness among consumers will create a demand for more transparency in the CSR projects of a company. Thus, there will be introspection on how 5G, AI, Blockchain Technology, etc. can be used to improve transparency in systems.

Therefore, the companies will need to provide a transparent roadmap of activities and progress. All this will help drive collective impact.

EMPLOYEES ACTIVISM

Various studies have shown that employees prefer to work for companies that believe in a cause or has a purpose. Numerous other studies have also demonstrated that indulging employees in volunteer work for a social cause helps in getting job satisfaction and improve their retention.

In 2019, we saw that employees of popular brands such as amazon, lush, etc., participating in Climate Strike, Pride Week, and so on. In 2020, this trend is set to increase as more number of young people enter the workforce.

FOCUS ON IMPACT

Actions speak louder than words. This is why the consequences of the actions count more than the intent behind it, especially in the eyes of the critical young generation. This is why the investors in the coming year will focus more on the impact of their CSR project than on the intent. Thus, instead of just doing philanthropic work, the companies will step forward to have a holistic CSR strategy which will be impactful and sustainable.

Related Articles

Goran Trivan, Serbian Minister of Environmental Protection

We Talk Loudly About All Environmental Issues

We are determined in our intentions to systematically and consistently resolve environmental issues and participate actively in all regional and global activities that contribute...

Pandemic, Climate Change and EU Engagement In the Region

After the Crisis, the Time Will Come to Rebuild Better

The COVID-19 crisis further emphasises the importance of the Western Balkans' embracing values set by the European Green Deal, and making a shift in...

H.E. Jan Lundin, Ambassador of the Kingdom of Sweden to Serbia

This is How We Cook the Change!

Within our UNDP project Climate Smart Bio-waste Challenge, we Ideas To Waste want to pave the way for a larger and climate smart waste...

Francine Pickup, UNDP Resident Representative to Serbia

No Good Ideas to Waste

The proper recycling of bio-waste could create new products and jobs in Serbia. Local governments, public utility companies, business, civil society and research institutions...

Nikos Zois, Managing Director of Heineken Serbia

We Are Active, Supportive and Optimistic

These are challenging times where solidarity and collective efforts are vital to fight against the spread of Covid19. Since this unprecedented situation occurred, our...

Covid-19

Lockdowns Clearing The Air

As the novel coronavirus tears around the world, it’s exploiting our biggest weaknesses, from creaking health care systems to extreme social inequality. Its relationship...

Nevena Čolić Mohora, Director at MITECO Kneževac

We Plan to Enter New Markets

MITECO Kneževac is the leading operator in the field of industrial and hazardous waste management in Serbia and the region. With a strategic approach...

Zorica Bilić, Country Coordinator, GIZ GmbH

Green Projects Are a Development Opportunity

German Development Cooperation, through its development partnership mechanism and the develoPPP.de programme, combines forces with companies with the aim of responding jointly to the...