OPINION: The trade-offs between the constituent parts of E, S and G have become fraught for companies amid a global energy crisis, regulatory scrutiny of greenwashing, and a possible political backlash.
With the reporting season and shareholder meetings at hand, resolutions on whether to integrate social and environmental concerns within a company’s remit are becoming more fraught.
The energy shortages in Europe began last year with a wind drought, but have been dramatically compounded by Russia’s barbaric invasion of Ukraine. The energy shortfall has exposed the underlying trade-offs between the constituent parts of E, S and G. These may be temporary measures, but they signal a stark reminder to developed economies that reliable and affordable energy remains a critical need for them to operate.
Ninety per cent of panels used in Australia are imported from China, where materials such as polysilicon are reportedly produced with cheap coal-fired electricity, and where some manufacturers are accused of exploiting Uyghur forced labour. These are difficult priorities to reconcile while also satisfying vigilant shareholders and stakeholders.
In Germany, the chief executive of Deutsche Bank offshoot DWS was forced to resign after police raided the company’s headquarters searching for evidence of greenwashing.This is an issue for Australian companies as well. The Australian Competition and Consumer Commission has confirmed it hasAlso, we are already seeing significant shifts in how our leading companies are approaching the demands of ESG.
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