Climate Week NYC - Sustainability & ESG Strategies Panel

November 13, 2024

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Executives from Dell, Zurich Insurance, Signify and Verizon share sustainability & ESG strategies at Sustainability LIVE: Climate Week NYC

At Sustainability LIVE: Climate Week NYC, a panel of sustainability leaders discussed how large-scale organisations integrate environmental, social and governance (ESG) principles into their core business strategies.

Moderated by Scott Birch, the panel included Cassandra Garber, Chief Sustainability Officer at Dell Technologies, Linda Freiner, Chief Sustainability Officer at Zurich Insurance, Maurice Loosschilder, Head of Sustainability at Signify and James Gowen, SVP Global Supply Chain & Sourcing and Chief Sustainability Officer at Verizon.

Together, they shared insights on their organisations’ approaches to ESG, addressing the challenges and opportunities of aligning business objectives with sustainability goals.

Defining sustainability and ESG in business terms

Each panellist opened with their organisation’s definition of sustainability, highlighting a few unique interpretations.

For Dell Technologies, sustainability is about shared value, emphasising opportunities for both business growth and societal impact.

Cassandra described it as “a business imperative,” noting that Dell has embedded ESG metrics, such as sustainability performance, alongside revenue as core success measures.

Sustainability & ESG Strategies Panel at Sustainability LIVE: Climate Week NYC

Linda Freiner of Zurich Insurance underscored the distinction between ESG and sustainability.

She explained that sustainability defines Zurich's company operations, while ESG defines what topics it prioritises, from environmental impact to social policies.

Maurice Loosschilder shared Signify’s approach, noting that the lighting company’s strategy, “Brighter Lives, Better Worlds,” incorporates both environmental and social sustainability while evolving to meet regulatory standards across the EU and beyond.

Embedding ESG accountability across business operations

The discussion highlighted the importance of making ESG a functional part of business operations rather than a standalone initiative.

Cassandra detailed Dell’s integration of sustainability metrics into its strategic framework and described the “ESG OMG” (Operating Model and Governance) approach, which assigns specific ESG responsibilities to individuals in each business unit. By involving key stakeholders and assigning clear accountability, Dell ensures ESG initiatives are closely aligned with business goals.

Similarly, Maurice explained that Signify’s sustainable strategy includes making sustainability metrics part of executives’ long-term incentives.

Linda Freiner, Chief Sustainability Officer at Zurich Insurance

With circular economy goals as part of the company’s balanced scorecard, Signify has empowered business line leaders to take ownership of their sustainability targets.

Employee engagement also plays a central role; Signify’s quarterly challenges encourage staff to make sustainable choices, from low-carbon meals to waste reduction, fostering a company-wide culture of sustainability.

Overcoming internal and external ESG challenges

The panellists agreed that implementing ESG strategies involves overcoming both internal resistance and external pressures.

Linda pointed to prioritisation as a critical internal challenge, noting that sustainability initiatives compete with other priorities like digital transformation and adapting to changing customer behaviours.

Externally, Zurich’s ESG performance depends heavily on the companies it insures and invests in, particularly regarding net-zero targets for clients.

To address these challenges, Zurich focuses on supporting clients’ transitions by offering advisory services on risk and resilience.

James Gowen described how supply chain complexity poses a significant challenge for Verizon, especially in ensuring transparency and sustainability across multiple tiers of suppliers.

James Gowen, SVP Global Supply Chain & Sourcing and Chief Sustainability Officer at Verizon

James acknowledged the challenge of balancing ESG objectives with ongoing issues like inflation and regulatory compliance.

He emphasised the importance of transparency and building trust with suppliers, as well as Verizon’s commitment to sustainable sourcing and circular economy initiatives.

Engaging stakeholders to drive ESG objectives

Stakeholder engagement emerged as a central theme for successful ESG implementation. Maurice emphasised Signify’s proactive approach to engaging investors, NGOs, suppliers and customers through the climate transition plan.

According to Maurice, fostering sector-wide change requires companies to collaborate across the value chain and create “a sector transition like we've done before from incandescent lighting to LED lighting”.

Linda noted Zurich’s focus on building an internal culture of sustainability, which is essential for credibility in the marketplace.

Zurich has implemented tangible changes, such as eliminating single-use plastics and reducing air travel, which strengthen the company’s sustainability credentials.

Externally, Zurich engages customers in discussions about resilience and risk, providing them with tools to better understand and manage climate-related risks.

James and Cassandra discussed the importance of employee engagement in their sustainability efforts.

Cassandra Garber, Chief Sustainability Officer at Dell Technologies

At Verizon, they have “over 60,000 green team members in 60 countries” and sustainability targets are included in employees’ annual incentives, encouraging a shared commitment to environmental goals.

Cassandra echoed the importance of an empowered workforce, describing how Dell’s employees are not only passionate about sustainability but also play an active role in integrating it into Dell’s operations.

Benefits of ESG for business resilience and innovation

The panel concluded by discussing how ESG initiatives contribute to their organisations’ resilience and innovation.

For Dell, Cassandra highlighted ESG’s role in driving supply chain resilience and new product lines, such as consulting services for sustainable data centres.

James noted that Verizon’s sustainability goals align with business growth in areas like the Internet of Things (IoT) and smart city solutions, underscoring the financial value of sustainable innovation.

The panel agreed that ESG offers significant benefits in terms of employee retention, with sustainability increasingly a priority for staff.

Maurice Loosschilder, Head of Sustainability at Signify

Future ESG priorities: climate resilience and regulatory readiness

Looking ahead, the panellists outlined their top ESG priorities.

Linda noted Zurich’s focus on climate resilience and adaptation, recognising that the impacts of climate change necessitate risk management measures for the company and its clients.

Maurice highlighted Signify’s plans to continue reducing emissions through LED innovation and circular economy practices, including developing bio-based materials and 3D-printed luminaires.

Cassandra emphasised Dell’s commitment to achieving its 2030, 2040, and 2050 sustainability targets, emphasising how they “will not lose sight of that”.

James, meanwhile, focused on maintaining Verizon’s network resilience and enabling customers to adopt sustainable solutions through technologies like 5G and smart lighting.

Through sharing their approaches to ESG integration, the panellists at Sustainability LIVE: Climate Week NYC offered a roadmap for other organisations seeking to embed sustainability into their business DNA.