Ninety-five percent of the world’s top 250 companies are now publishing their carbon emissions reduction targets, according to Big Four accountancy firm KPMG’s ‘2024 Survey of Sustainability Reporting’. This is an increase from 80% in 2022. In addition, more than half (56%) of the top 250 companies have a sustainability leader and 30% of the top 100 companies consider sustainability in leadership pay – up from 45% and 24% respectively in 2022. Some companies have changed their business practices ahead of the move to mandatory reporting under the EU’s Corporate Sustainability Reporting Directive (CSRD), such as by reporting material topics in accordance with the European Sustainability Reporting Standards (ESRS). Adoption of Task Force on Climate-related Financial Disclosures (TCFD) recommendations also continues to rise, with nearly three quarters of the top 250 companies reporting climate risks in line with framework. Despite moves towards mandatory reporting, voluntary standards – such as those offered by the Global Reporting Initiative (GRI) – remain widely-used. “KPMG’s findings – and the fact that there are more sustainability leaders within executive teams at the boardroom than ever before – are clear evidence that we’re making solid progress on the journey toward greater transparency and positive corporate actions to address [ESG] challenges,” said John McCalla-Leacy, Head of Global ESG at KPMG International. “The mainstream view today is that businesses that measure and report ESG risks – clearly and in-depth – are also likely to manage these risks better and deliver greater long-term value.” The survey, which is produced every two years, provides analysis of the sustainability and ESG reports from 5,800 companies across 58 countries and jurisdictions.
