November 26, 2023

Cara Smyth from Accenture on ESG, Repsonsible Retail and more

37 minutes

Christine Russo hosts Cara Smyth, Global Senior Managing

Director ESG, Responsible Retail at Accenture, on "What Just

Happened."

The conversation delves into the evolving landscape of

sustainability terminology, such as ESG, corporate social responsibility, and

sustainability itself. Cara highlights the risk of drifting away from

profitability and stresses the importance of chasing waste out of the system to

enhance efficiency and profitability. They also discuss the challenges and

opportunities for businesses, especially in the retail sector, to align with

changing regulatory landscapes and effectively engage with suppliers to drive

positive change.

Cara addresses the challenges faced by small and large

brands in navigating the sustainability journey. Larger companies, having

already committed to science-based targets and ESG goals, are on the path to

remediation and change. Smaller companies are encouraged to learn from the

lessons of larger ones and leverage their agility to implement sustainable

practices. The discussion underscores the necessity of collaboration,

data-driven decision-making, and responsible retail practices for a more

sustainable future in the retail industry.

Christine raises concerns about the risks faced by smaller

companies, particularly suppliers, in the evolving landscape of sustainability

regulations. There is a perceived challenge for smaller suppliers to keep up

with compliance requirements and sustainability standards, potentially putting

them at a disadvantage compared to larger, more professionalized companies. The

risk is accentuated by the possibility of bigger companies consolidating around

suppliers that can efficiently manage data exchange and meet sustainability

needs.

The conversation then shifts to the complexities of

regulatory compliance, especially in the "messy middle" where the

specifics of evidence and requirements for sustainability practices are not yet

clear. The speaker emphasizes the need for a transparent and evidence-based

approach to demonstrate compliance, particularly in areas such as labor

conditions and environmental impact. The evolving regulatory landscape is

noted, with government bodies, including the Securities and Exchange Commission,

showing interest in sustainability reporting.

The emphasis is on the need for a multidisciplinary approach

to drive responsible business practices across different sectors.

In the latter part of the conversation, the speaker reflects

on the global landscape of sustainability, suggesting that Europe, driven by

regulatory pressures, is ahead of the United States. The importance of a global

baseline for sustainability practices is stressed, with the hope that European

initiatives will catalyze change worldwide. The discussion concludes with

insights into the Fashion Conveners report, which aims to address the

fragmentation and lack of alignment within the non-profit sustainability

community, ultimately working toward more effective collaboration and support

for industry leaders.

...more

View all episodes

By Christine Russo