This perspective on transformative change calls for new strategies that anticipate possible disruptions and focus on ways to help guide and accelerate desired transformations. In fact, this is already happening. The EU is pushing for transformative change and adopting ambitious goals such as green transitions that take up 30 per cent of the budget in the Multiannual Financial Framework (MFF),[24]


while Costa Rica, the winner of UN Champion of the Earth, has shifted to 100 per cent


renewables, reforested the country and doubled GDP in the last 15 years. [25]


These examples


highlight the growing recognition in policy thinking that changes are needed beyond incremental improvement and economic growth, and that new metrics, regulations, economic conditions and institutional conditions for business are needed. Transformative policies create an enabling environment for society and business to work together to build a better world on the other side of the pandemic. [26]


Figure 5: Different policy approaches produce different results


Social innovation, experimentation


Effectiveness of Environmental Policy


Economic incentives, technological innovation, effective implementation


Soft instruments, lack of integration & implementation


Transformative policies


Integrated policies


Business as usual Time


14 Adapt to Survive: Business transformation in a time of uncertainty


Sustainability


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24