In light of these developments, businesses everywhere must implement sustainable practices across the board, from energy-efficient technologies to waste reduction strategies, to adapt to the new ways of conducting business.
By Olivia Manzagol
The journey toward sustainability begins with a vision. Envisioning your business as a force for positive change, committing to minimizing environmental impact, and fostering social responsibility are increasingly crucial as governments implement more sustainability regulations.
Globally, stringent sustainability protocols are being introduced for business reporting. In addition to initiatives in the US and EU urging business management to act more responsibly regarding sustainability, to report transparently and provide comparable disclosures on environmental, social, and governance issues that may influence investor decisions, and to ensure uniformity in practice and reporting reliability, Türkiye has also established the Sustainability Standards Department. This department became operational in March 2023. The Turkish Sustainability Standards Department has decided to align with the International Sustainability Standards Board (ISSB), formed by the International Financial Reporting Standards (IFRS) Foundation Trustees following the 26th United Nations Climate Change conference in Glasgow in 2021. Extensive consultation with finance leaders worldwide, along with organizations like the Climate Disclosures Standards Board, the Taskforce for Climate-Related Financial Disclosures, the Global Reporting Initiative, and other stakeholders, has been conducted. Consequently, Turkish businesses will be subject to IFRS sustainability standards and reporting rules starting in January 2024.
In light of these developments, businesses everywhere, regardless of their origin, must implement sustainable practices across the board. These practices range from energy-efficient technologies to waste reduction strategies, necessary for adapting to the new ways of conducting business. Businesses would also benefit from consulting legal, financial, and environmental experts to ensure compliance with current sustainability regulations and align their practices with national and international standards.
Olivia Manzagol is an economist, a finance specialist in energy, sustainability, and private equity, a university lecturer,
a strategist, a mentor, and an author. She has been living in the US for about 25 years.
