This report aims to highlight some of the ways 2020 forced people and institutions to dig deep and re-invent themselves. The financial devastation for governments, businesses and individuals has been widely reported – it is unprecedented in modern history, and has led to a huge acceleration in innovation, from vaccine development to digital adoption, as well as a drive to implement vast changes in business and society in a very short period of time.
For many, the changes were catastrophic, but as we consider ways to build back better it is important to identify those changes that have proved to be for the better. In areas from telemedicine to e-commerce we have travelled further in the last 10 months than we have in the last 5 years.
Alongside these changes, the dramatic understanding of potential vulnerability in everything from financial markets to corporations hasalerted the investment community to the fact that the best performing stocks and shares were from companies that have been actively investing in Environmental, Social, and Governance performance (ESG). Figures from Fidelity’s Putting Sustainability to the Test report showed companies with better environmental, social and governance ratings had better returns in almost every month of 2020 than those with weaker ESG ratings.
For years, thought leaders have pointed out that sustainable businesses are better businesses. In 2020, this proved impossible to ignore. This report examines those changes that have taken place, those that are underway and those still to come. It assesses their influence and provides a roadmap for both the luxury sector and investors, showing how to contribute to these changes and share in the rewards.
2021 holds hope and promise – of the vaccine and of a new decade where change is inevitable. The world stands at a crossroads. We can choose to ignore the signs and continue on our path of degradation, inequality and the depletion of our world or we can take an informed risk, do things differently and give future generations the chance of a better planet.
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