New report highlights significant progress in corporate sustainability
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More than three-quarters of executives have seen significant or moderate progress towards their sustainability goals in the past year, according to Deloitte’s 2024 “Sustainability Action Report.”
The report’s findings reveal that mandatory reporting requirements are prompting many companies to strengthen their focus on integrating sustainability into strategic planning, risk management, and data governance.
Kristen Sullivan, Audit & Assurance partner and US Sustainability and ESG marketplace leader at Deloitte & Touche LLP said, “By strengthening sustainability governance and capabilities, organizations can prioritize performance on material sustainability impacts, risks and opportunities, and unlock strategic insights to help capture the market value and stakeholder trust.”
In 2023, the US Securities and Exchange Commission (SEC) adopted final rules on climate-related disclosures and more extensive requirements mandated by the European Union.
Deloitte said despite legal challenges with the SEC climate rule, many companies are investing in sustainability reporting as they aim to recognize tangible business benefits both internally and externally.
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Additionally, companies are strategically integrating environmental, social and governance (ESG) into their workflows, demonstrating their adaptability and commitment to sustainability and advancing talent with relevant skills to meet demands for more rigorous disclosure.
Evan Harvey, Audit & Assurance managing director at Deloitte & Touche LLP, added, “The emphasis on talent and change management is becoming apparent as sustainability governance and oversight become more of a strategic priority.”
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