Driving Corporate Sustainability: Insights Learned from Tobi Elusakin

Sustainability plays a crucial role in corporate strategy, prompting organizations to prioritize environmental and social responsibility. Recently, we interviewed Tobi Elusakin, Sustainability Manager at Mace, a prominent construction and project management consultancy. With a background in environmental engineering and renewable energy, Tobi brings valuable insights into sustainability management.

Tobi's journey began with undergraduate studies in chemical engineering, focusing on environmental engineering. He gained practical experience in sustainability during his time at an environmental consultancy in Nigeria, where he saw firsthand the application of sustainability principles. Further studies in offshore and ocean technology, with a specialization in renewable energy, enhanced his expertise in sustainability issues, spanning energy efficiency to environmental impact assessment.

Sustainability Reporting Landscape

One of the key insights shared by Tobi relates to the evolving sustainability reporting landscape, driven by regulatory frameworks such as GRI, TCFD, and EU directives. According to Tobi, these frameworks are instrumental in driving transparency and accountability among organizations, compelling them to integrate sustainability into their operations. Tobi emphasizes the importance of moving beyond rhetoric and taking tangible actions to demonstrate commitment to sustainability. He states, "Starting from CDP reporting in itself and going on to the more legislative and regulatory frameworks that you have to go with, it is something that affects a lot of our clients. And so it is part of our work that we've already started to get engaged on."

Tobi highlights the main challenge facing organizations today, stating, "I think the main challenge now is reporting and transparency, ensuring that you're not just talking but actually walking the talk. Many organizations are starting to understand the importance of sustainability, and many are actually taking action. So the focus is essentially getting organizations to see the importance of transparency, as it also helps to continue that positive feedback loop."

To support Tobi's perspective, recent research indicates a surge in sustainability reporting globally, with companies increasingly disclosing environmental, social, and governance (ESG) metrics. According to a report by KPMG, 86% of the world's largest companies now publish sustainability reports, reflecting the growing importance of ESG factors in corporate decision- making.

Challenges in Sustainability Management

Tobi emphasizes the importance of robust data management systems in sustainability management. He states, "A challenge we face is simply measuring, ensuring that we actually measure what we're using or our impact. Many organizations, especially those that lease their spaces, just pay a lump sum to a landlord and that's it. So the first challenge is being able to measure those metrics that represent consumption. Once we're able to get that, we can establish a data management scheme, creating data storage and overall management schemes."

That stance on data-driven decision-making in sustainability management is reinforced by industry findings. Companies that utilize data analytics to inform sustainability strategies have demonstrated superior financial performance, as revealed by a study conducted by McKinsey & Company. By harnessing data analytics, organizations can uncover cost-saving opportunities, manage risks, and foster innovation in sustainability practices.

Future of Sustainability

Looking ahead, Tobi envisions the convergence of sustainability and artificial intelligence (AI) as a transformative trend in the field. He emphasizes, "From my own perspective, where things would likely see significant change, is with artificial intelligence and its use in the sustainability space. So the impact of AI on sustainability and how it would impact the way in which we're able to glean insights into the performance of organizations or state actors in terms of their sustainability impacts. There's a real view on the risk of stranding and stranded assets in real estate, ensuring buildings are being built to be net zero ready.”

Recent developments in AI-powered sustainability solutions support Tobi's vision for the future. Companies are increasingly leveraging AI algorithms to optimize energy usage, streamline waste management processes, and enhance supply chain transparency. For instance, IBM's Watson AI platform enables organizations to analyze vast datasets and identify patterns to drive sustainability initiatives effectively.

In summary, our discussion with Tobi Elusakin illuminates the diverse facets of sustainability management, including the importance of data-driven decision-making, regulatory compliance, and technological innovation in advancing sustainability goals. As enterprises confront the intricacies of an ever-evolving landscape, integrating sustainability principles emerges not just as a moral obligation but also as a strategic necessity for enduring prosperity.

The views and opinions expressed in this blog are solely those of the author and do not reflect the official policy or position of any company.