The year 2023 presented a complex landscape of global challenges, with climate change, income and wealth inequality, geopolitical tensions, and the lingering effects of the COVID-19 pandemic posing significant threats to businesses and society.

Climate change emerged as the most pressing societal issue for businesses to address, according to a survey of INSEAD faculty. The Intergovernmental Panel on Climate Change’s reports highlighted the urgency of the situation, emphasizing the need for immediate action to mitigate the impacts of climate change and biodiversity loss.

Income and wealth inequality also ranked as a major societal concern. The World Inequality Report revealed the widening gap between the rich and the poor, both within and between countries. This inequality has significant implications for social stability and economic growth.

Addressing these challenges requires a concerted effort from businesses, governments, and individuals. The Kunming-Montreal Global Biodiversity Framework, agreed upon at COP15, outlines ambitious goals for protecting biodiversity and restoring ecosystems. Governments must also implement policies to address income and wealth inequality, ensuring a more equitable distribution of resources. Businesses have a crucial role to play in addressing these global challenges. By taking action on climate change, promoting biodiversity conservation, and addressing income inequality, businesses can demonstrate their commitment to corporate social responsibility and contribute to a more sustainable and equitable future.