A recent survey by GlobalData reveals that more than a third (38%) of businesses do not have an ESG strategy in place. Half of the respondents believe most companies are using ESG for marketing purposes. The biggest driver behind companies’ ESG efforts is government regulations and pressure (38%), followed by a desire to boost profits (32%). Employee pressure came in last (4%), while customers held some sway (14%). Concerns about companies’ real commitment to ESG are leading to more scrutiny. Despite this, only 9% of those surveyed see ESG as the biggest issue impacting their businesses in the next year. The report warns that underestimating ESG could hurt companies in the long run. Businesses that do not decarbonise face higher costs, lost sales, and being held accountable for their entire supply chain’s ESG footprint.

Source: Know ESG