Taking on the challenges, opportunities and benefits of talking about the energy transition and sustainability
The importance of taking into account stakeholder attitudes to Environmental, Social and Governance (ESG) issues as part of business generally, but also a turnaround strategy, was highlighted in this session. Such stakeholders include customers, suppliers, investors and capital providers, which are also looking at their own ESG risk and strategy as part of the overall picture of a business.
The session highlighted the extensive analysis and reporting banks and other business in key industry sectors are required to undertake around ESG related issues, especially those associated with carbon emissions and energy transitions, and sustainability generally.
Key tips for managing these issues are:
- Identify the ESG topics most material to your company – measure the material issues for all stakeholders through a materiality assessment;
- Measure your current performance – measure performance against metrics which would indicate performance to stakeholder expectations and material issues;
- Design Initiatives – set targets and frameworks for how going to execute plans and initiatives;
- Communicate your actions and commitments – develop a plan for how targets and stakeholders are going to be communicated to stakeholders.
The session featured Jane Thomson (General Manager Corporate Finance and ESG, Major Client Group, Business Banking, CBA) and Brendan Herriott (Director, Sustainable Finance, CBA).
