The pace of change in ESG has been remarkable in the past five years, but two KPMG experts say the grind of fulfilling big commitments is just starting.
, the commitments have been largely made, and the easy gains have been collected. Now the grind of converting talk into action begins – and it will not be easy.30 Voices on 2030 – The ESG Revolution
Smaller companies are lagging somewhat, but Trent Duvall, KPMG’s national industry leader for consumer, retail, technology telecommunications and industrial, says the commitment of SMEs is reasonably strong, even if their resources means consistency of effort is a bigger challenge.
Take an issue like reducing emissions across a company’s supply chain. A large retailer will need to work with a variety of suppliers – food producers, packaging companies, logistics companies, energy suppliers and end customers – to find ways to take emissions out at every point. But for tougher problems, it might mean competitors investing together in shared infrastructure – think of a recycling plant, for example – or even funding research and development.And given most companies have supply chains stretching overseas, this collaboration will need to go across borders, adding another level of complexity.
Duvall says part of the problem here is the regulation itself, with inconsistencies across Australia’s states and territories, and across international borders. Solving these will also take collaboration – which, again, won’t be easy.Poole says there are anecdotal reports of a war for ESG talent in Australia, but the bigger question is what skills boards and management teams will need to navigate the next decade.
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