BUSINESS NEWS: In no surprise to a lot of people Australian companies have been found to be behind in transparency in environmental, social and governance (ESG) reporting, according to a new independent global report The Global ESG Monitor.
The report found that out of 197 companies on four major stock exchanges, European companies’ reports scored higher on average for transparent than those in the other regions. (Also in no surprise.)
The highest ranking Australian company is hotel operator and alcohol retailer Endeavour, followed by Newcrest Mining, ANZ, QBE Insurance and Woodside Petroleum.
The model defines transparency as balance, comparability, accuracy, timeliness, reliability and relevance across ESG topics.
Business leaders recognise risk mitigation as the main driver for climate action
Management consulting firm Bain & Company launched a new report on how Australian business leaders are thinking about a sustainability-led transition – revealing that the majority see sustainability as a risk to be mitigated.
The findings come from in-depth interviews with leaders from 30 of Australia’s biggest companies across all key sectors – including Santos, Suncorp, Energy Australia, CSIRO, Unilever, and MLC Life.
The biggest takeaway, although not surprising, was that all leaders interviewed expect sustainability to significantly disrupt their industries.
The primary target for business leaders in greenhouse gas emissions, and 90 per cent cite a major focus on the “E” in ESG.
One third see significant value creation opportunities from a sustainability-led economic transition in Australia, while two-thirds see sustainability as a risk to be mitigated.
Agathe Gross, partner and Australia lead for the company’s sustainability and responsibility practice, said risk mitigation was the main motive for greater action.
“Climate related risk mitigation is unanimously recognised as a necessity for all the executives we talked to. For a majority of them, it’s the main reason behind sustainability action,” said Gross.
“The majority of executives interviewed are taking practical steps in their organisations to cut greenhouse gas emissions through electrification or better efficiency of their operations, reduce waste, and increase their resilience to climate change, and comply with science-based targets and reporting requirements.
“But they are hesitant to take bold action to place themselves ahead of competitors in this regard.”
Australia most resilient in the region
Another report published this week comes from CBRE which has released the Asia Pacific Sustainable City Ranking – finding that Australia and Japan are the most resilient countries in the region to environmental risks.
The report found that Sydney, Brisbane, Perth, Canberra and Melbourne all categorised as “leaders” for having high levels of green buildings, renewable energy uptake, and less physical climate risk compared to 28 cities surveyed across the Asia Pacific region.
The Asia Pacific has been responsible for more than 80 per cent of global growth in carbon emissions over the past decade, and in 2021 accounted for 53 per cent of global carbon emissions.
Dr Henry Chin, CBRE’s global head of investor thought leadership in the Asia Pacific commented:
“For mature markets like Australia, Japan and Singapore, it’s a must to invest in green buildings and green financing capital should be prioritised to fund sustainability projects.”
Indigenous women rangers receive crucial funding
A women-led Indigenous ranger program in Queensland has been awarded the £1 million (A$1.8m) Earthshot prize.
The Great Barrier Reef Foundation’s traditional owner advisory group chair, Yuku Baja Muliku woman, ??the first female Indigenous ranger coordinator in Queensland, Larissa Hale accepted the award on behalf of the Queensland Women’s Indigenous Ranger Program.
She said that the funding would be used to quadruple the number of Indigenous women rangers to 500, enrol 200 girls in an education program and reach out to a global network.
“Winning one of the five 2022 Earthshot Prizes is a gamechanger for our women’s ranger network that exists to protect the Great Barrier Reef and all our vital land and sea country – our home,” Hale said.
Currently only 20 per cent of Indigenous rangers in Queensland are women and the program is the only First Nations women’s program in Australia that links technological solutions and start-up opportunities to environmental outcomes on Country.
Bupa grants boost 28 community organisations
The Bupa Foundation Community Grants Program has allocated more than $260,000 in funding across 28 community organisations in Australia and New Zealand to help support improved mental health and environmental sustainability.
The organisations, including Upper Goulburn Landcare Network, the Koala Clancy Foundation, Batyr Australia, Wattle Downs Residents and Ratepayers Association, and many more, will each receive up to $10,000 in funding to improve their programs and widen their reach.
Roger Sharp, chief sustainability and corporate affairs officer for Bupa Asia Pacific commented:
“While the Bupa Foundation has partnerships with large established charities such as UNICEF Australia, Kids Helpline, Conservation Volunteers Australia and Trees that Count New Zealand; we know local grass-roots organisations play a unique and important role in supporting people and their communities with their mental and physical health and achieving better environmental outcomes.
“We want our people to be active in the community and advocate for groups and causes they connect with, and I’m so pleased to award these funds to such a diverse group of recipients that are making a real impact in their local areas.”