ESG Targets Only Attainable Through Collaboration – KPMG
(15 June 2022 – Australia) Collaboration between industry sectors, government and the general public is crucial if Australian corporates are going to successfully achieve even the most unambitious ESG targets according to KPMG.
Whilst some initial ESG targets have already been met, more complex challenges lie ahead including Scope 3 emissions, circularity, and ethical sourcing. Regulation is seen as important to align whole-of-economy standards yet there are many existing examples where regulation is inconsistent across different jurisdictions, both locally and internationally. This will make it harder for organisations to invest with confidence.
“Leaders agreed that the ESG challenge is already accepted and is a priority for business. Many have set goals. But as we look towards 2030 there is a lot of work to be done to put programs in place to achieve these targets. They literally need to turn these commitments into meaningful action – and quickly. Some companies have started action planning and implementation, but all concede that they have a long way to go. By 2030, the job of achieving their ESG goals will be far from over” commented KPMG Australia National Industry Leader Corporates, Trent Duvall.
“Many ESG issues are complex, especially when considering the need to include both upstream and downstream supply chain partners. For many organisations these issues are outside of their direct control. For some ESG issues, the solution pathways don’t yet exist and therefore there is a great need to undertake ongoing research and innovation” Duvall added.