A recent survey has determined that 95% of the largest corporations globally are reporting their carbon targets, a great increase from the 80% recorded in 2022. The survey, conducted by KPMG every two years, evaluates the G25P and N100 business groups.
N100 represents 5,800 businesses composed of the 100 biggest firms from 58 countries surveyed. On the other hand, the G250 represents the top 250 firms globally based on revenue.
According to KPMG, setting carbon targets and reporting on ESG issues has become routine for leading organizations. The survey also found that 56% of these organizations have sustainability leaders, an 11% increase from 2022’s survey results. This shows that more and more firms are working to remain ahead of the pack.
Additionally, nearly 80% of both the N100 and G250 are using materiality evaluations to assess topics related to sustainability. Major G250 firms may be inclined to use double-materiality to evaluate their impacts on society and the environment as well as how this impact influences their financial performance.
The survey also found that the adoption of the reporting framework recommended by TCFD has increased, with reporting based on this framework increasing to 43% and 72% for the N100 and G250 groups respectively.
TCFD-based reporting is especially popular in Asia, with over 50% of the firms polled using it. This is quite an increase, especially when compared to the 34% who were using it two years ago. Malaysia has recorded the highest national increase in TCFD use, mainly as a result of new rules. Currently, 69% of firms are using this reporting framework, a surge from the 8% recorded in 2022.
Over in America, 84% of firms are also using this reporting framework, up from 62%.
The survey also determined that enthusiasm for frameworks and voluntary reporting systems is still high, with experts noting that the introduction of compulsory CSRD reporting in Europe doesn’t appear to have had a noticeable effect. Among these systems, the popular ones are those run by the Global Reporting Initiative. In the N100, the adoption of these reporting systems has reached 71%, an 8% increase from 2017 figures. In the G250, the use of these systems is currently at 77%.
This year’s survey is also the first to monitor the adoption of the IFRS S2 standard, which is already referenced by 4% of firms across the N100 and G250. This includes 6% of companies in Africa and the Middle East and 8% of companies in the Asia-Pacific.
These findings show entities like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) that they aren’t alone in taking matters of sustainability as a top priority, and that encourages them to double down on implementing ESG principles.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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