SA firms slow to make net-zero commitments - IT-Online

ESG performance influences business growth and economic development gains

Business leaders can no longer afford to ignore the importance of Environmental, Social and Governance performance as this can have a direct impact on societal well-being. Research conducted by the University of Oxford’s Sustainable Finance Programme shows that an increase in company-level ESG performance can result in a positive effect on a country’s living standards — both in developed and emerging markets.

The CEO survey found that six out of every 10 local CEOs polled are also moderately, very, or extremely concerned about physical and transition risks associated with climate change. Nonetheless, eight out of 10 respondents indicated that their company has not yet made a carbon-neutral or net-zero commitment.

The survey found that South African companies are more likely to have non-financial ESG-related outcomes — such as GHG emission targets — included in their long-term corporate strategy than their global counterparts. However, only 20% of local CEOs have GHG emissions linked to their remuneration package, compared to 37% globally.

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