The writer is interim CEO of the University of Cambridge Institute for Sustainability Leadership. Paul Gilding, CISL fellow, also contributed

The business case for sustainability is clear: companies cannot thrive on a planet suffering from cascading crises and unmanageable risks. Yet, despite decades of corporate commitments, businesses continue to damage the planet, carbon emissions to rise and fossil fuel companies to chase growth. The environmental, social and governance agenda has not delivered and in its current form it never will. We urgently need a change of mindset and a fundamental redesign of the markets that frame business decisions.

The sustainability actions of leading businesses demonstrate what is possible and generate momentum. They are setting ambitious net zero targets, reducing carbon emissions, collaborating to make supply chains more fair and sustainable and reporting transparently on their progress. However, there is a risk that the broad ESG or corporate sustainability sector is contributing to our collective inadequate progress by giving the impression that we’re doing fine. This reduces the impetus for structural change.