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The global economy is undergoing major changes as it seeks to mitigate the effects of climate change and global change. In many industries, this transition is already well underway. Recent research shows that renewable energy farms are more efficient and less expensive than coal, GM recently pledged to sell zero-emission vehicles by 2035, and California mandated that half of heavy-duty truck sales be electric by 2035.
And it’s not just the auto industry. These seismic shifts will only accelerate in the coming years, forcing an equally large shift in workforce and skill development. Among other shifts, as the US economy creates millions of new green jobs, it also greens existing jobs (and the workers in them). Universities, often the slowest institutions to adapt, must move quickly to effectively prepare and train the workforce of the future.
Today’s fastest growing segment of the economy is directly linked to combating the climate crisis. According to the LinkedIn Global Green Skills Report 2022, green jobs grew by more than a third from 9.6 percent to 13.3 percent from 2015 to 2021, and renewable and environmental jobs grew a staggering 237 percent over the past five years. of Financial Times CEOs are finding it challenging to find talent who understand how business is affected by the climate and how the climate affects the business. This skills gap looks set to widen in the near future.
Demand for workers with green skills will exceed supply by 2026.
At the current rate, demand for green-skilled workers is projected to exceed supply by 2026. If we don’t proactively address this problem, the problem will continue to grow, with dire consequences for our economy and our planet.
However, thinking around green jobs needs to extend beyond traditional green fields, such as our ideas about climate, sustainable design, renewable energy, energy efficiency, agriculture and environmental awareness.
Green skills are increasingly needed in all workplaces in business. Often, we think of green jobs in terms of solar or green energy. But most green jobs are the future of traditional jobs.
Measuring lasting results
CFOs and accountants must learn how to measure and report on sustainable results and ESG initiatives in companies. Investors should factor climate risk into their analysis. Marketing teams must appeal to environmentally conscious consumers. Operations teams must streamline entire supply chains. Consider this: Over the past three years, the state of Georgia has attracted 35 EV-related projects and more than 27,000 related jobs. Georgia finds itself at the center of America’s EV battery revolution.
Internally, CEOs and HR managers must appeal to Gen Z, who now make up one-third of the world’s population and more than 50% of whom want to work for companies they see as environmentally friendly.
LinkedIn saw 8 percent year-over-year growth in job postings with at least one green skill, but only 6 percent year-over-year growth in members with green skills. This is evidence of a high demand for workers but a shortage of qualified candidates to tackle the climate crisis.
B-schools can play a role in providing talent.
Colleges and universities have traditionally been slow to adjust their long lead times for faculty research and to adopt a deliberate and transformative approach. And, there is no shortage of criticism of the academy’s cautious approach. But given the magnitude of the problem and the unprecedented transition our economy is undergoing, higher education must move with the seriousness and urgency this crisis demands.
There are many ways that colleges and universities can take action and lead on this critical issue.
Professors should seek to integrate sustainability into business school curriculum, research, and teaching in all departments so that every faculty member and student has a solid foundation in sustainability principles and practices.
New specialized degree programs for climate change advocates
Managers should work on developing special degree programs to meet the ever-increasing demand for professionals in sustainable business practices. And courses must constantly update and adapt the offerings to reflect the latest developments and faculty to be well equipped to teach these subjects.
Outside of lecture halls, a business school should encourage hands-on learning experiences by engaging students in real-world sustainability projects, such as managing investments in ESG funds or participating in campus sustainability initiatives. A good example is when American University’s Board of Directors authorized business school students to commit $10 million to the university’s endowment for sustainable investments.
Colleges can establish sustainability advisory councils comprised of a diverse leadership team to provide guidance on the future direction of the school’s sustainability programming and ensure it remains relevant and impactful.
And schools should organize speaker series and events that bring together industry leaders and experts to discuss and share insights on sustainable business practices and their potential for change.
Finally, leaders must foster a sustainability-first culture within the institution by promoting sustainable practices both inside and outside the classroom and engaging the entire campus community in these initiatives.
Leading the way on climate change
Over the past 10 years, American University’s Cogood School of Business has focused on this type of concrete practice. Sustainability Management is our fastest growing program, with applications increasing 100 percent year over year. Although we are proud of what we have been able to achieve, we believe that we still have a lot to do and learn. By working together in pursuit of these changes, we can position higher education institutions to serve as a vanguard in the struggle to transform our economy and workforce.
Thankfully, Kogod is not alone in facing this challenge. Columbia Business School is making a major investment in climate finance in partnership with the new Climate School. The dean told us that Columbia’s climate finance classes are among the most popular courses in the entire business school. Ann Harrison, dean of the Haas School of Business at UC Berkeley, who was recently appointed to a second five-year term, said sustainability is one of her top priorities. Haas also established a sustainable investment fund to provide students with real-world investment experience. INSEAD has revamped its MBA curriculum to place greater emphasis on sustainability.
As powerful as these movements are, universities cannot do it alone. More effective initiatives from governments, companies and other training providers are needed to tackle the climate crisis. The fastest-growing segment of jobs in the future will help transform the economy for a more livable planet, and colleges and universities must adjust and adapt to prepare adequately for the future economy.
Authors David Marchick is dean of the Kogod School of Business and Sue Duke is vice president of LinkedIn’s Public Policy and Economic Graph groups.
The post Climate Change Jobs: How Business Schools Can Fill the Gap appeared first on Poets & Quants.
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