{"id":58730,"date":"2021-09-30T12:25:27","date_gmt":"2021-09-30T12:25:27","guid":{"rendered":"https:\/\/pr.asianetpakistan.com\/?p=79802"},"modified":"2021-09-30T12:25:27","modified_gmt":"2021-09-30T12:25:27","slug":"despite-heightening-investor-pressure-few-companies-publicly-report-on-sustainability-spheras-new-survey-finds","status":"publish","type":"post","link":"https:\/\/lebanonnewsgazette.com\/despite-heightening-investor-pressure-few-companies-publicly-report-on-sustainability-spheras-new-survey-finds\/","title":{"rendered":"Despite Heightening Investor Pressure, Few Companies Publicly Report on Sustainability, Sphera\u2019s New Survey Finds"},"content":{"rendered":"
\n

New data from Sphera reveals that, despite promises to the contrary, companies struggle with implementing and disclosing progress on their sustainability efforts<\/h4>\n

CHICAGO, Sept. 30, 2021 (GLOBE NEWSWIRE) — Though pressure is growing from all corners\u2014from investors, to governments, to boards of directors\u2014companies worldwide struggle to report progress on their Environmental, Social and Governance (ESG) goals. Indeed, just 38% of businesses publicly communicate their sustainability performance, according to a new survey from Sphera\u00ae<\/sup>, a leading global provider of ESG<\/a> performance and risk management software, data and consulting services.<\/p>\n

It\u2019s not just a matter of disclosing progress on their objectives, however; companies are also behind the curve when it comes to clearly setting their ESG goals in the first place. Less than one-third (29%) of the respondents said they have set and communicated their sustainability targets, and even fewer\u201416%\u2014have set emissions targets in accordance with the Science Based Targets initiative (SBTi) framework.<\/p>\n

This marked lack of ESG transparency highlights the persistently wide chasm between ESG promises and action in the private sector. In the absence of significant, enforceable regulations worldwide, companies have largely been left to voluntarily make commitments, but with no meaningful mechanisms to either measure their progress or hold themselves accountable to them. About half (51%) of companies surveyed affirm that their senior management has made sustainability commitments, but only 21% say they have a clear roadmap to implementation, and just 26% say they have fully integrated sustainability into their business strategy.<\/p>\n

\u201cIt\u2019s easy to \u2018talk the talk\u2019 when it comes to corporate ESG initiatives, but much harder to \u2018walk the walk\u2019,\u201d says Paul Marushka, Sphera\u2019s CEO. \u201cBusinesses have largely been left to their own devices to establish and measure their sustainability performance, leading to a constellation of voluntary frameworks that ultimately disincentivize meaningful action. But with the Intergovernmental Panel on Climate Change\u2019s recent report providing its strongest warning yet \u2013 indicating that half-measures will no longer cut it \u2013 and the upcoming COP26 conference promising to hold the business community to account, organizations need to start making good on their promises and show tangible progress.\u201d<\/p>\n

These findings are from Sphera\u2019s Sustainability Survey 2021<\/a>,<\/em> a survey of 218 global business leaders evaluating their sustainability metrics, measurement and progress.<\/p>\n

Additional findings from the survey include:<\/strong><\/p>\n

Scope 3 is missing from the menu. <\/strong>Though reducing emissions across the value chain is essential to meeting decarbonization targets and\u2014for those businesses who have committed to them\u2014achieving net zero emissions, very few companies have accounted for Scope 3 emissions in their sustainability plans. Only 13% of businesses surveyed said they have identified all relevant Scope 3 categories and completed a corresponding hotspot analysis; 29% say they consider the entire value chain when calculating their corporate emissions baseline or carbon footprint.<\/p>\n

\u201cScope 3 emissions can make up the vast majority of a company\u2019s overall carbon footprint,\u201d Marushka added, \u201cwhich means any sound sustainability strategy must involve an assessment of the supply chain and a commitment to working with suppliers who are also taking measurable steps to reduce their emissions. The end result ultimately creates a multiplier effect for both companies\u2019 sustainability efforts.\u201d<\/p>\n

Poor data quality can stymie even the best efforts.<\/strong> Only a minority of respondents (16%) use data from established commercial databases to quantify their corporate carbon footprint; another 14% say they use high-quality, industry-based data for baseline assessment at the product level. In practice, this means many more organizations are using suboptimal datasets, such as spend-based, input-output databases, to measure their emissions. These types of top-down, nonspecific data sources can lead to inaccurate assessments, further exacerbating the gap between sustainability promises and outcomes.<\/p>\n

The middle market struggles the most.<\/strong> Perhaps unsurprisingly, large organizations with more than $1 billion in revenue are more likely to be rated as optimized (34%) in terms of sustainability maturity.1<\/sup> At the same time, 39% of small businesses with less than $100 million in revenue are considered optimized. Midsize businesses trail both, with an optimization rate of just 30%. In fact, midsize businesses are more likely than their larger or smaller counterparts to not<\/em> exceed basic compliance requirements (25% vs.13% for smaller organizations and 6% for larger organizations).<\/p>\n

About the Sustainability Maturity Survey 2021<\/a><\/em><\/strong>
\nSphera partnered with the University of Esslingen in Germany to design and field a survey of companies throughout Europe, North America and Asia-Pacific. Respondents represented businesses in a wide range of industries, including automotive, construction, education, health care, oil and gas, manufacturing and technology. The survey was conducted between April 7 and May 3.<\/p>\n

About <\/strong>Sphera<\/strong><\/a>
\nSphera creates a safer, more sustainable and productive world. We are a leading global provider of Environmental, Social and Governance (ESG<\/a>) performance and risk management software, data and consulting services with a focus on Environment, Health, Safety & Sustainability (EHS&S), Operational Risk Management and Product Stewardship.<\/p>\n

Press Contact<\/strong>
\nKylie Souder
\nkylie.souder@aspectusgroup.com<\/a>
\n<\/a>+1 513-304-5776<\/p>\n

__________________
\n1<\/sup> According to Sphera\u2019s Sustainability Maturity<\/a> rubric, an \u201coptimized\u201d business leverages ESG software and data resources to go above and beyond meeting compliance requirements to help find efficiencies, increase productivity and innovation, reduce costs and mitigate risks. A \u201cleader\u201d is at the head of the competitive pack and is shaping the future of its sector through its sustainability initiatives.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New data from Sphera reveals that, despite promises to the contrary, companies struggle with implementing and disclosing progress on their sustainability efforts CHICAGO, Sept. 30, 2021 (GLOBE NEWSWIRE) \u2014 Though pressure is growing from all corners\u2014from investors, to governments, to boards of directors\u2014companies worldwide struggle to report progress on their Environmental, Social and Governance (ESG) [\u2026]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,182,17,53,343,32],"tags":[],"yoast_head":"\nDespite Heightening Investor Pressure, Few Companies Publicly Report on Sustainability, Sphera\u2019s New Survey Finds - Lebanon News Gazette<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lebanonnewsgazette.com\/despite-heightening-investor-pressure-few-companies-publicly-report-on-sustainability-spheras-new-survey-finds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite Heightening Investor Pressure, Few Companies Publicly Report on Sustainability, Sphera\u2019s New Survey Finds - 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