A latest survey of prime decision-makers by Crowell & Moring finds that almost 80% of responding firms have recognized and adopted environmental efficiency targets past what laws require. Fewer than half of these surveyed measure their firm’s efficiency towards these targets—and in some instances are experiencing challenges implementing them.
The survey of 225 respondents, together with in-house counsel and compliance, ESG, and sustainability professionals, is detailed in a brand new report, “ESG Survey: Environmental Efficiency and the Stakes for Your Enterprise.”
The report finds that 44% of respondents say their organizations are measuring their carbon footprint, and 13% are measuring their environmental influence on ethnically and racially numerous communities on an ongoing foundation. Each are prone to be key areas of focus of the present U.S. administration’s regulatory and enforcement actions.
The potential hole between setting environmental efficiency targets and measuring progress towards them could not solely hinder an organization’s efforts, however can expose an organization to elevated dangers from a rising tide of regulatory enforcement and litigation from advocacy teams, shoppers, and traders. And given the intensifying aggressive stress to advance efficient ESG applications, such a niche might also trigger firms to fall behind their trade friends.
Different prime findings within the report embody:
- In-house legal professionals much less bullish: Practically 90% of ESG and sustainability professionals surveyed stated their organizations have recognized and adopted environmental efficiency targets past required compliance, in comparison with 49% of in-house counsel.
- Clients drive change: Half of the survey respondents stated that model picture and fame amongst prospects are driving their firms to undertake environmental targets.
- Corporations are speaking: From commercials to PR, firms are sharing environmental efficiency knowledge past required disclosures, however in-house authorized departments could not at all times pay attention to it.
- A majority of firms don’t assess their carbon footprint: Amongst respondents, 56% stated their firms don’t measure their carbon footprint. Of people who do, lower than half measure Scope 3 emissions, that are oblique and sometimes emerge from suppliers.
- Measurement questions persist: Lower than half of respondents say their firms are measuring in key areas, resembling product recycling, water use, and digital waste.
- Management on board: Most respondents (82%) really feel their boards of administrators are adequately targeted on the surroundings.
Discover the total report at Crowell & Moring’s ESG Useful resource Heart. And register for the webinar “ESG Survey: Environmental Efficiency and the Stakes for Your Enterprise,” to be held December 9 at 12:30 pm ET.