The current political landscape is highly polarized and ESG has come under increased scrutiny as some groups refer to it as “woke capitalism.” The opposition to ESG has been growing and spreading to many industries, but this hasn’t fazed companies that see actual value in implementing ESG principles.
The reality is that many corporations have toned down their mention of ESG, and then doubled down on incorporating it within their operations. They have opted to be quiet about what they are doing rather than get into a shouting contest in an attempt to defend their choice. How are they achieving this?
Decision-makers have discovered that pairing their corporate social responsibility with their ESG aspirations can yield greater returns than looking at each of these principles separately. This is a logical transformation because many efforts geared at attaining CSR objectives have an environmental component. For instance, CSR efforts often target marginalized communities, and it is those same communities which are hard-hit when environmental issues (floods and heat waves, for example) arise.
ESG leaders have therefore created new communications lines with their CSR teams so that the two groups can work in tandem to attain company objectives. This enhanced alignment results in higher levels of strategic outlooks and triggers the standardization of data reporting. It then becomes easier to assess how those efforts affect the company’s bottom line.
Companies are also learning to benefit from the credibility of not-for-profit organizations. Working with nonprofits helps corporations attain their climate objectives sooner due to the specialized nature of the nonprofits in their fields. Corporations also get a credibility boost when the nonprofit shares the impact it is having as a result of the partnerships it has cultivated with corporations. In this way, firms attain their sustainability targets without taking flak for openly espousing ESG aspirations.
Shareholder activism aside, data indicates employees are concerned about the environmental impact of the corporations they work for. ESG leaders are tapping into this goodwill to quietly advance their ESG and CSR programs concurrently. By clearly communicating a company’s actions to fight climate change and also providing employees opportunities to volunteer in activities geared at fostering sustainability, corporations can get employee buy-in and that boosts employee satisfaction.
The shift is happening quietly, and those focusing on the sensational headlines about the backlash against ESG are missing what is happening on the ground. Companies like Coyuchi Inc. are unlikely to tout their ESG efforts, but they will nonetheless press on implementing their plans away from the public eye.
NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU
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