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One form involves appending ‘sustainability’ to the end of an already long executive title, such as head of corporate affairs, communications and sustainability. But dig deeper and you might find there is no senior leader with experience in the field. Today, almost every business claims to be sustainable. Their zeal for purpose-driven work marks a generational – likely permanent – shift in how companies think about attracting talent and capital. Millennials and Gen Zs are set to comprise 75 percent of the workforce by 2025.
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Things have changed, driven mainly by investor pressure and young employees. This sent a signal to talented staff: if you want to advance in the organization, look elsewhere. Until recently, most boards and executives were disinterested in ESG and, as a result, limited their investment in the sustainability function and its employees. Sustainability leaders include SDG targets (not just goals), and an explanation of how they relate to company strategy. – Using the UN Sustainable Development Goals (SDGs) as a brand element: Many companies think slapping the colored squares of the 17 SDGs into their report absolves them of the need to develop an ESG strategy. Salesy gibberish is the mark of most greenwashers – for example, ‘Our digital innovation unleashes the creativity of the diverse world around us, allowing us all to thrive’ A report is a strategic document, not an advertising campaign. – Jargon and marketing spin: Synergize, ideate, thrive, elevate, ignite, leverage. Their inclusion is often a sign the company does not have evidence-based targets and metrics to support its ESG claims – Clichés: Even one damages credibility (‘Our people are our greatest strength’). – Vague language: An SASB survey found that companies used generic language 53 percent of the time when addressing an ESG topic You can identify a shoddy report by looking for: Greenwashing businesses routinely underinvest in their ESG reporting, using corporate spin as a proxy for a real strategy and progress against it. As the philosopher Judith Shklar argued, cruelty is the worst of human vices, but people are least forgiving of hypocrisy. It’s not brave to stand up for social justice when the overwhelming majority of your market agrees with you courage comes from taking a stand when it doesn’t. The financial giant was later found to be underpaying its own female employees.Īnother example is the decision by several companies, including P&G, YouTube, BMW and Mercedes, to proclaim their support for Gay Pride month in the West, while remaining silent on the abuse of LGBTIQ people in the Arabian Gulf and parts of Africa, where hundreds of gay men remain in prison. Take State Street Global Advisors, which commissioned the Fearless Girl statue to promote a fund for companies with a high percentage of female leaders. In fact, consumers like it: an overwhelming 86 percent of us think CEOs should publicly speak about problems in society and 68 percent think CEOs should step in when the government fails to fix them.īut companies get into trouble when they virtue-signal support for a cause while acting in ways that undermine the credibility of their commitment.
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There is nothing wrong with business leaders taking a stance on social issues. So how do we detect greenwashing when reviewing ESG strategy and reporting? There are four common signs. Soon, greenwashers will have nowhere to hide. As the world’s most advanced jurisdiction on ESG, Europe’s anti-greenwashing efforts will act as model legislation for other jurisdictions to follow. In late 2021, the EU introduced an anti-greenwash rulebook, the Sustainable Finance Disclosure Regulation. The risks associated with greenwashing are set to grow. A forensic analysis by Morningstar resulted in the ESG tag being removed from more than 1,200 funds – roughly one in five reviewed. But as demand for ESG-branded products grows, greenwashing (false or misleading claims about a company’s environmental impact) has become commonplace. Global ESG assets are on track to exceed $53 tn by 2025, representing more than a third of the $140.5 tn in projected total assets under management.