Addleshaw Goddard, says small and mid-size businesses don't have the clarity they need to develop and invest in a zero-carbon strategy. Yet without one financiers are likely to cut them off within the next few years. “The government must work
hard to provide every bit of certainty it can, for example through setting out binding interim targets,” she says. “This will allow businesses of all types to be confident in the knowledge that they are responding to the right metrics and that there is a level playing field among competitors.” The largest businesses
also report having increased their financial investment in sustainability significantly since the start of the pandemic (41%), with 38% claiming that their boards have spent more time on improving ESG performance during the same period. This compares to under a quarter of medium-sized businesses that have increased spending (24%) and time spent by the board (23%). The research also highlights
that mid-sized companies are less likely to be taking a strategic approach to ESG. Fifty-five percent of very large organisations say that ESG considerations are at the heart of their business strategy and shape everything they do, compared to 43% of medium- sized organisations. And almost half (47%) of medium-sized organisations admit to performing the minimum level of ESG reporting for legal and regulatory compliance, compared to 23% of very large organisations.
MAKE SURE YOU MEAN IT – THE DANGERS OF “GREENWASHING” When you do decide to integrate sustainability into your global mobility business, you need to ensure that it has real meaning, both to management and employees. New research from Quilter has
found that greenwashing has been identified by investors as their biggest concern when it comes to responsible investing. Investments not being what
they claim to be was identified by 44% of investors as being their biggest worry when it came to environmental, social and governance (ESG) investing. Investors have become increasingly
23
sensitive towards the effects of greenwashing, where companies exaggerate their green credentials to capitalise on growing demand for environmental products, as concerns around climate change have increased. The Treasury Select Committee
group of MPs recently argued the Financial Conduct Authority should be handed powers to tackle greenwashing as part of an effort to cut carbon emissions. Your staff will also be keenly aware if the organisation is only paying lip service to sustainability, corporate governance, and environmental concerns, and they will vote with their feet. Eimear Toomey, head of
responsible investment at Quilter Investors, said, “Greenwashing threatens to undo all the good work and progress that has been made so far.” The explosion in popularity of
ESG has been well documented, but it is encouraging to see investors and employees are not simply seeing it as a fad but want to make a real difference. They want companies to act in a more responsible way and it is clear that words and vague mission statements will not be enough to placate them. They will be looking for real action instead.
“ GREENWASHING THREATENS TO UNDO ALL THE GOOD WORK AND PROGRESS THAT HAS BEEN MADE SO FAR.”
EIMEAR TOOMEY, QUILTER INVESTORS
DISCOVER MORE...
See our content and thought leadership agenda at
relocateglobal.com: 'The Road to Future Fit' article.
THINK GLOBAL PEOPLE SUSTAINABILITY
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