According to an EcoOnline survey of 124 companies, 50% see ESG reporting as simply a box-ticking exercise, while 42% admit they have not implemented an ESG reporting system.
Our survey results also showed that many businesses believe that pressures to report will increase in the next two years.
This is true because by the year 2025, ESG reporting will become mandatory in many areas of the globe, including Europe, North America and more.
In fact, governmental ESG reporting provisions have increased by 74% over the past four years.
Sustainability reporting and carbon accounting should have a greater focus in your organisation. Why?
- By 2026, certain weather events due to climate change may cost businesses $1.3 trillion (approx. £762 billion).
- $12 trillion worth of opportunities (approx. £9.5 trillion) and 380 million new jobs could be a plausible outcome if the United Nation’s Sustainable Development Goals (SDGs) becomes a key focus of the of world’s economic strategy.
- According to our survey, 69% of businesses believe reporting ESG metrics results in better performance overall.
- Over 60% of consumers are buying from companies who are sustainable and ethical, with a 10% increase annually.
It’s time to take your sustainability reporting more seriously, and stop thinking of it as just a box ticking exercise.