Futurist Jim Carroll is running a series that began November 27, 2023, and will end on January 1, 2024 - '24 Strategies for 2024.' Rather than running a trend series for the upcoming year as he has previously, this series will examine a number of his personal beliefs on how to best align yourself with the future. There will be a post each weekday, excluding weekends and holidays, until the series runs its course. You will find it on his blog at
https://blog.jimcarroll.com,
or on the website
https://2024.jimcarroll.com
)
It's Giving Tuesday - the day after the madness of CyberMonday and BlackFriday - when we are encouraged to look beyond our material needs and give back to groups and charities that are supportive of the less fortunate. If you are considering some kindness today, I'd like to suggest a charitable initiative that my wife and I are involved with. Eventsfor.Life, located in Thornbury, Ontario, Canada, supports special needs young adults through a variety of active day programs. I tell a powerful story of the impact that one young participant has had on my own personal voyage here. A small donation would be a good way to start to double down on your values and beliefs, as the programs provided by EventsFor.Life brings comfort and joy to those who have been born with significant challenges. Thank you!
2024 is going to be wild.
It would seem to be a fair statement that most people who have an optimistic view of the future align themselves with actions that might help to build that better future. More often than not, that future involves one that is equitable, fair, caring, and devoid of hate.
Hence, our world has been defined by actions around climate change as found within the ESG (Environmental, Social, and Governance) framework, initiatives with respect to DEI (diversity, equity, and inclusion), battles against racism and hate, the rights of individuals to live their life peacefully according to their own sexual identity, the right of a woman to choose, and so much more. Many organizations have established very specific actions elevating the role of women and marginalized racial groups within leadership and in the workforce, boosting opportunities for marginalized populations, reducing their carbon footprint, and more.
And of course, all this stuff has been very much under attack in the last few years.
Going forward, your values and beliefs are going to be tested mightily in the coming year. That's why strategy #2 in my 24 Strategies 2024 is to "double down on your values and beliefs."
I won't bother diving into the politics that define the angry backlash against a caring society, other than to say that, as well know, 2024 is going to be much, much worse than what we've seen in the last few years. And yet, even as people and organizations have found their initiatives under relentless attack, they've continued to push back on these efforts, and indeed, seem to be doubling down on their commitment to the cause.
You should too.
Consider a few recent observations. No doubt, companies are feeling the heat:
U.S. companies' diversity, equity, and inclusion efforts are losing momentum this year after the Supreme Court's June affirmative action ruling, per a consulting firm's new report.
Why it matters: The slowdown is a reversal from the explosion in corporate DEI after George Floyd's killing pushed companies to act to address racial inequality.
* "2023 has undeniably shifted the DEI landscape for years to come," write the authors of a report out Monday from DEI consulting firm Paradigm.
* "External forces are no longer pushing companies to invest in DEI; instead, in some cases, external forces are pushing back on companies' investment in DEI."
The DEI backlash is here
27 November 2023, Axios
Even so, in the face of the attacks, a pushback is underway.
Reality check: A backlash is rising, possibly because the DEI efforts made in 2020 had a real impact.
* 94% of the headcount increase at large firms in 2021, from the previous year, stemmed from hiring people of color, according to a Bloomberg analysis of 88 S&P 100 firms.
* Many companies, for their part, still say they're committed to diversity, equity and inclusion.
Even so, they are pushing back
The DEI backlash is here
27 November 2023, Axios
Many of my keynotes will include references by the client to their DEI and ESG initiatives; indeed, for a talk in Bosotn last month for a vast number of Fortune 500 executives, it was stressed to me that my talk on AI must include some context and reference to the overall goals of ESG. Interesting!
What is also interesting is that while pushback against investment firms has been pronounced, it would seem that they too are staying the course, because, well, for them, it's simply good business!
The vast majority of senior investors and business executives are planning to increase ESG investment over the next 5 years, with each group anticipating a range of benefits from a greater ESG focus, including 90% of investors expecting enhanced returns, and executives seeing improved access to capital and corporate reputation, according to a new survey released by Bloomberg Intelligence (BI).
One of the report’s key findings was that the trend of increasing focus on ESG by both businesses and investors over the past few years appears to remain intact, despite various backlash headlines, with around three quarters of executives reporting that the benefits of ESG are worth the increased risk of greenwashing scrutiny, and more than half of investors saying that the political pushback on ESG in the U.S. has actually led them to focus on ESG more than ever before, and another 31% reporting that it has not affected their ESG strategy. A large majority of both groups, including 90% of investors and 67% of executives acknowledged that ESG has entered the mainstream.
Investors, Businesses to Increase ESG Investment Despite Greenwashing Scrutiny & Political Pushback: Bloomberg Survey
13 November 2023, ESG Today
The result is that investments in such initiatives are actually increasing in the face of hostile opposition:
Even so, the first quarter of this year saw a return to growth in Australia, with $US11.9 billion ($18.3 billion) of issuance across sustainability, social and green bonds and loans, up from $US8.4 billion in the last quarter of 2022 – but below 2022’s record first quarter of $US16.4 billion – according to Westpac’s quarterly sustainable finance update. Global issuance of $US338.4 billion was down just 1 per cent on the last quarter of 2022 (and 14 per cent on 2022’s first quarter).
As ESG defies pushback, we should embrace it to define future markets
3 June 2023, AFR Online
At the same time, organizations continue to staff up:
More than half of US asset managers see ESG as a high priority, and many are adding staff to support that.
It’s a tough time to be sustainable funds shop, as political backlash and performance drags have put the sector in an unwanted spotlight.
Yet asset managers are sticking to their guns — or at least their gun-free investment strategies.
According to reports this week from Cerulli Associates and ISS, U.S. fund companies continue to see potential in ESG, with many expanding their product range and staffing up to support it.
Fund shops focused on ESG despite pushback, reports show
18 May 2023, Investment News
This is leading to an interesting situation, in that 2024 will involve more examination of the bottom-line impact of a caring, forward-oriented society:
Adeline Diab, Global ESG Research and Strategy Director at Bloomberg Intelligence, said:
“ESG has moved from a fringe concern, to mainstream and finally, to a mandated necessity. We expect 2024 to be about ESG accountability and an era where investor-corporate dialogue will be vital, 60% of investors hold companies answerable on ESG, while 40% of executives face ESG questions on over half their investor calls. I firmly believe that scrutiny will help shape a more credible ESG market overtime.”
Investors, Businesses to Increase ESG Investment Despite Greenwashing Scrutiny & Political Pushback: Bloomberg Survey
13 November 2023, ESG Today
Strategies for 2024?
In my own case, I'm going to spend more time committing to my beliefs and values. I expect the year to be one full of emotional turmoil as we have to navigate the wild ride that has become living in the 21st century. My core values were defined early in my life, and I have no intention of abandoning them any time soon, even in the face of relentless and withering opposition.
I am hopeful, as always, for the long game, believing in my heart that perhaps basic human decency will eventually win out.
Futurist Jim Carroll considers himself to be very fortunate. That said, he also defines himself through his ability to provide support and optimism to those who are less so.
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