Now well into its second month, Russia’s invasion of Ukraine continues to exact a heavy toll, first and foremost on the citizens of Ukraine but also in ever-widening arcs around the globe.
Having taken quick action to address the immediate needs and concerns of employees, customers, and other stakeholders, companies now face a different challenge: absorbing the longer-term implications for their businesses. Uncertainty, already a fact of life for business leaders still charting a course out of the pandemic, has only intensified, and that will continue.
That uncertainty extends to companies’ environmental, social, and corporate governance (ESG) agendas, which are likely to face continual disruption on the road to 2030 and 2050. But they can and should forge ahead. Many companies made meaningful progress despite the Covid-19 pandemic, and now that they have integrated ESG ambitions into their missions, strategies, and operations, they are better prepared to maintain momentum.
Certainly, the war’s impact on key commodities will pose a challenge—not only for the industries and societies reliant on these critical inputs but also for the energy transition and the movement toward healthier, more sustainable food systems. Critical questions about the availability of oil and natural gas, wheat and other commodities, supply chain resiliency, trade bloc refinement, and other related issues will have dramatic impact today and for years to come.
