Why are businesses struggling to change sustainability ambitions into actions?
A survey involving over 9,000 businesses of all sizes and sectors found 96% are wanting to improve their environmental and social practices; however, this is becoming increasingly challenging due to minimal resources and budget.
HSBC spoke to 9,131 of the largest businesses across 35 different markets and asked what actions they are currently taking, and what they plan to do going forward.
Of all the businesses whose opinions were canvassed, 96% wanted to make more resourceful and ambitious choices in the future but found they were being held back by at least one key challenge.
Over a quarter of the surveyed respondents are said to be confused about what to prioritise due to the large volume of Environmental, Social and Corporate Governance (ESG) measurement criteria available, and what best practice looks like for a business of their size.
According to a report from the World Business Council For Sustainable Development (WBCSD), the number of voluntary ESG requirements has increased from 10 to 182 in the last decade, with up to 80% being non-governmental organisations.
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