Foreword 4

Executive summary 5

  1 Progress despite headwinds 6

    Short-term outlook 6

    Medium-term outlook 8

    A transition with many pathways and speeds 10

  2 From compliance to competitiveness 11

    Sustainability as a core business capability 11

    The execution challenge 12

  3 AI as an execution accelerator 14

    Operational acceleration 14

    An uncertain trade-off 16

    Building organizational readiness 17

  4 Adaptation to secure continuity 18

    Adaptation as an operational priority 18

    Valuing resilience 19

    Scaling investment 20

Contributors 21

Endnotes 22