Challenges along the way?
As really all eyes are on ESG these days: what are your main challenges along the road?
Dries: Data collection and (lifecycle) management are among our biggest challenges. We need high-quality, non-financial data to be able to constantly improve our performance and meet the upcoming reporting requirements. Moreover, data and insights are also the way to make reliable sustainability claims and avoid unintentional greenwashing. Still, it’s not easy to capture the complex data from an extensive range of sources, process it, and transform it into useful, meaningful results. In 2023, we appointed a dedicated Sustainability Controller to help us drive this initiative forward. In the meantime, we’ve drafted a sustainability reporting roadmap to prepare for CSRD.
CSRD introduced the concept of double materiality. Is Barco ready to report on it?
Dries: Double materiality requires us to consider how our actions impact people and the planet, and vice versa. In fact, we have just conducted a double materiality assessment. We consulted a wide range of internal and external stakeholders to understand how they view our sustainability strategy, ambitions, and actions. Stakeholders valued the consultations and their input was really valuable for us. In the meantime, we have shared the insights across the different business units. Based on the results, we will shape the agenda for our sustainability strategy of the coming years, which we’ll reveal in the 2024 integrated report.
Could you give us a sneak peek? Any remarkable outcomes you can share?
Dries: The stakeholder consultation validated our existing material topics, but did reveal some aspects where we should move into a higher gear. Diversity & Inclusion and circular economy will need more focus in the future.
A bright tomorrow
How will Barco’s sustainability strategy look within 5 years?
Dries: Well, a sustainable business is not built overnight. It’s a process. We will keep up our efforts on material topics like mitigating climate change, ensuring product stewardship, product quality, safety and security, nurturing talent, driving sustainable innovation, etc., and add new topics to our roadmap. One of the focus areas in the coming years will be to set new, ambitious greenhouse gas emission reduction targets beyond 2025 and determine action plans to achieve these targets.
Yet, more than reducing our negative impact, we wish to be part of the solution too, by increasing our positive impact on planet and people. Our healthcare applications, for example, and collaborative technology solutions like ClickShare, can help drive sustainability around the globe.