LSEG: Is There an Excess of Sustainability Collaborations?

Sustainability touches everything from regulatory measures to energy management and architectural innovation.

The complexities of this field mean that no one can claim expertise in all these areas at once.

This is precisely why collaboration is vital. It unites experts from various domains to tackle and solve challenges swiftly and efficiently.

Despite this, cooperative efforts are not always yielding the results expected.

According to Skating Panda, sustainability professionals often find themselves stuck in an array of meetings and discussions, which may not always be productive.

Its 2024 Collaboration Barometer has pointed out that a competitive mindset often acts as a barrier, preventing effective partnerships.

“Competition is not the solution,” says Chris Turner, Executive Director of B Lab UK, the charity behind the B Corporation campaign.

“You end up in a zero sum game with a competition mindset, but everybody benefits from collaboration. 

The challenges of sustainable collaboration

Jane Goodland, Group Head of Sustainability at LSEG (London Stock Exchange Group), says: “Often, organisations come together with a common purpose and perhaps don't spend enough time really thinking about the infrastructure that supports that purpose. 

“It really can be the difference between the success and failure of any collaborative initiative.”

The Collaboration Barometer outlines specific hurdles beyond competitive mindsets.

Top concerns include potential antitrust issues, a fear of added scrutiny, a belief that collaboration automatically means more work and an overwhelming number of meetings focused on sustainability.

It says that “many of these concerns are borne from experiences of poorly managed collaborations.”

Unlocking the benefits of collaboration

The report says that “almost all sustainability leaders feel they lack the resources required to tackle the challenges facing their organisation or sector”. 

How can leaders collaborate successfully?

Chris and Jane both put forward strategies for fruitful collaboration.

“Know why you're doing it and be ready to actively contribute,” Jane says.

“There are so many collaborations. You can be philosophically aligned with an initiative, but you might just not have the bandwidth that year. 

“I think that we are all kind of guilty of that. 

“I think that effective collaborations require both the will to be involved and the muscle. Collaborations can fall down when people aren't prepared to allocate the resources.”

Chris says: “Make room for the softer stuff. What are we trying to solve in the most meta context here? What better world are we all aiming for? What values do we all ascribe to?

“I think what you need to do is work backwards from the legal point to see value being created in new ways through these collaborations. 

“There, you unlock the ability to really innovate in the legal space and design mechanisms where value is created for everybody at the same time.”

The Barometer says there are three stages to a successful collaboration: clarify, convene and communicate. 

• Clarify goals, roles and accountability
• Convene trusted leaders and neutral convenors
• Communicate transparently and publicise externally.

Explore the latest edition of Energy Digital Magazine and be part of the conversation at our global conference series, Sustainability LIVE.

Discover all our upcoming events and secure your tickets today.

Energy Digital is a BizClik brand