Scanning the corporate landscape of 2024, we see an exhilarating wave of transformation towards sustainability, igniting a passion for change that transcends traditional norms. Driven by a desire to future-proof businesses, these visionary endeavours span a vast spectrum of impact – from trailblazing environmental stewardship initiatives that aim to safeguard the planet to dynamic programmes that foster diversity and inclusion, empowering individuals from all walks of life.
Over the past 25 years, Asset Benchmark Research (ABR) has been undertaking a comprehensive coverage of company best practices in advancing the environmental, social, and governance (ESG) agenda in the region. In this context, The Asset ESG Corporate Awards 2024, designed to recognize and celebrate ESG excellence, is currently underway.
This running programme offers an unparalleled opportunity to showcase companies’ commitment to ESG principles and sets new benchmarks for corporate responsibility. In evaluating the corporate landscape, ABR takes into account numerous factors to identify the standout companies within their respective sectors. Among these factors, one stands out as the most crucial: the presence of a clear intention from companies when it comes to the disclosure and measurement of their sustainability activities.
While conducting an in-depth analysis of Asia’s leading companies and the advances made on their ESG journeys, we have uncovered several noteworthy trends. Submissions from last year's ESG Corporate Awards 2023 showed that close to 70% of companies have appointed dedicated sustainability officers. This marks a significant shift from the past, when the sustainability function often rested as a dual role within senior management, such as the CEO or CFO. The growing prominence of dedicated sustainability officers signifies a heightened commitment to ESG practices and underscores the increasing importance of specialized expertise in driving sustainability strategies.
There has also been a remarkable 17% increase in the number of companies embracing net-zero carbon emission targets. This indicates a growing awareness and commitment among companies to address climate change and reflects a shift towards greener and more sustainable business strategies. By setting ambitious goals to achieve net-zero emissions, companies are taking proactive steps to mitigate their environmental impact, contribute to global sustainability efforts, and drive innovation.
This trend highlights a recognition of the urgent need to transition to low-carbon economies and demonstrates the willingness of companies to align their strategies with environmental stewardship, fostering a culture of sustainability within their operations and beyond.
The ABR analysis also reveals that a significant majority of companies, surpassing 80%, have actively pursued and obtained third-party ESG-related certifications within the last three years. This demonstrates a clear commitment to external validation and transparency in their sustainability efforts, showcasing their dedication to meeting recognized ESG standards and best practices. Such certifications enhance credibility and serve as a powerful signal to stakeholders, investors, and the wider community about these companies' responsible and sustainable business practices.
The initiatives mentioned here are merely scratching the surface of the multitude of captivating projects that companies are actively engaged in to demonstrate their unwavering dedication to their sustainability endeavours.
As always ABR is committed to better understand how corporates are adapting to the new norm, where sustainability is a critical consideration when thinking about day-to-day business.
We are inviting proactive companies to share their story with us and take part in our ongoing Corporate ESG Awards 2024 programme.
Interested to learn more about these awards? Please go here and request a rulebook.
