Corporate Australia is gaining a social and environmental conscience with more than 87 per cent of the country’s top companies returning substantial and meaningful reporting of ESG strategies over the past year, according to a report by PwC Australia.
The analysis by the accounting giant found ESG (Environmental, Social, and Governance) reporting was up 29 per cent from 2020.
More importantly, it found the number of companies disclosing a timeframe around ESG strategies and goals has nearly doubled with 76, or 38 per cent, of the ASX 200 providing deadlines for their ESG targets.
“This is encouraging progress, particularly given the absence of universally-adopted standards and regulatory guidance on ESG reporting,” says PwC Australia’s ESG assurance lead Matthew Lunn.
“However, alongside notable pockets of excellence among material disclosures, when we dig into the details we see a more nuanced picture where progress in some critical areas could have been better.”
The report, titled ESG reporting in Australia – the full story, or just the good story?, found that only 36 per cent of the ASX 200 companies have a net-zero target, while just 4 per cent have articulated carbon-negative plans and goals.
Israel Trade and Economic Commission in Sydney, Australia 