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Companies that perform well financially do even better when they commit to a strategy that incorporates ESG.
Companies that commit to a focus on ESG, including creating green products and sustainable business practices, outperform their peers who do not make that commitment, according to a new report from McKinsey & Co. The result of the report speaks to fears among some business leaders who believe attaining sustainable and inclusive growth necessitates compromises and sacrifice of revenue and profit.
That assumption doesn’t always hold true, according to McKinsey’s report. “Our new analysis indicates financially successful companies that integrate environmental, social, and corporate governance (ESG) priorities into their growth strategies outperform their peers—provided they also outperform on the fundamentals,” the report stated. “The message is clear: not only can you do well while doing good – you can do better.”
As with any business strategy, ESG efforts must ultimately show up in financial performance. The report found that actively choosing to grow by adopting the right mindset, strategy and capabilities are key to success for business leaders. The report added: “If you can grow profitably as a sustainability leader, the market will reward you for this growth.
What Is ESG?
ESG stands for Environmental, Social, and Governance. It provides a framework to measure the sustainability and ethical impact of a company or investment. Investors, financial institutions and other stakeholders use ESG to evaluate companies. A growing number of investors consider ESG factors alongside traditional financial metrics to make more informed investment decisions.
The environmental aspect focuses on how a company manages the use of natural resources, energy consumption, pollution, waste management and carbon emissions, among other impacts to the environment such as deforestation and water conservation.
The social component assesses a company’s interactions with employees, customers, communities and society at large. It incorporates labor practices, employee relations, diversity and inclusion, human rights, product safety, customer satisfaction, community engagement and philanthropic initiatives.
Governance refers to the structure and practices of a company’s leadership and management. It involves company board composition, executive compensation, shareholder rights, transparency, accountability and business ethics.
Findings About ESG in New Report
The new report included an examination of 2,269 public companies, including financial performance and ESG ratings. McKinsey separated companies into industry outperformers and underperformers along the axes of revenue growth, economic profit and ESG scores.
They found that companies with improving ESG and sustainability scores achieved better growth and profitability than their peers. They also delivered 2% more in total shareholder return (TSR), which measures performance of stocks and shares over time, than other companies that also outperformed financially. Measured against all companies, these companies delivered 7% more in TSR.
These numbers suggest that “a strong ESG commitment adds additional shareholder value for companies that also exceed their peers in growth and profitability,” according to the report. However, the study found that committing to ESG does not compensate for poor financial performance.
“ESG is not a panacea—it won’t save an underperformer with a flawed strategy,” the report stated.
It’s been a long summer in 2023. Among the many climate-related issues, one of the most notable has been the rise in temperatures that have led to a series of heatwaves around the world, including the American Southwest. The challenges are so immense that many people may wonder what they can do to combat rising global temperatures.
Wave after wave of bad climate-related news doesn’t help. For example, scientists say the summer of 2023 was the hottest on record, with August estimated as having been about 1.5 degrees Celsius hotter than the pre-industrial average for 1850-1900.
As the planet grapples with the consequences of climate change, people find themselves feeling helpless to do anything. However, while large-scale policy changes and technological advancements are crucial, individual efforts also can play a significant role in the fight against climate change.
Can One Person Help Combat Rising Global Temperatures?
When it comes to creating a strategy to combat rising global temperatures, world leaders start with corporations that work in large industrial sectors and widespread adoption of green technology. However, Individuals can also play a role in helping to slow rising temperatures. Taking these steps can give people some agency against a challenge that, at times, seems overwhelming.
Reduce, Reuse, Recycle
The mantra “Reduce, Reuse, Recycle” isn’t just a catchy phrase; it’s a call to action. By consciously reducing consumption, reusing items whenever possible and recycling materials, we can significantly reduce the demand for new products and the energy required to produce them.
Choose Renewable Energy Sources
Transitioning to renewable energy sources like solar, wind and hydropower is one of the most impactful steps an individual can take to combat rising temperatures. Installing solar panels at home or opting for a green energy provider can significantly reduce your carbon footprint.
Embrace Sustainable Transportation
Reduce your carbon footprint by opting for sustainable transportation options. This could involve walking, biking, carpooling or using public transport. If possible, consider investing in an electric vehicle (EV) to significantly reduce emissions from your daily commute.
Conserve Water
Water conservation is integral to combating climate change. Simple actions like fixing leaky faucets, using a broom instead of a hose to clean driveways and installing water-saving appliances can make a significant impact.
Eat a Plant-Based Diet
The food industry is a major contributor to global greenhouse gas emissions. By incorporating more plant-based meals into your diet and reducing meat and dairy consumption, you can help decrease the demand for livestock farming, a known source of methane emissions.
Support Local and Sustainable Products
Buying local and sustainably-produced goods reduces the environmental impact associated with transportation and production. Look for products with eco-friendly certifications and support businesses committed to sustainable practices.
Plant Trees and Maintain Green Spaces
Trees play a crucial role in absorbing carbon dioxide and mitigating the effects of climate change. Consider participating in tree-planting initiatives or maintaining local green spaces to promote biodiversity and combat rising temperatures.
Educate and Advocate
Spread awareness about climate change and its consequences. Engage with your community, participate in local environmental organizations and advocate for policies that promote sustainability and combat global warming.
Reduce, Don’t Waste
Minimize waste by being mindful of your purchasing habits. Opt for products with minimal packaging, compost organic waste and donate or recycle items that are no longer needed.
Stay Informed and Vote Responsibly
Stay updated on climate issues and support political candidates and policies that prioritize environmental conservation and sustainable practices. Your vote can shape the future of climate policy at local, national and global levels.
The fight against rising global temperatures is a collective effort that requires action on both individual and systemic levels. By implementing practical steps in our daily lives, we can make a significant contribution to the effort to combat rising global temperatures.
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Make a Sustainable Earth Possible - One Eco-Friendly Step at a Time
The money saving resources available at iSustainableEarth.com offer you an exciting opportunity to easily set a course for a sustainable lifestyle. You will find real solutions for real people such as how to lower electric bills, reduce your carbon footprint and even research green jobs. We only have one planet and one life; why not make the most of both?
