New research from accountancy firm RSM UK has found that almost a third of mid-market companies don’t have a formal sustainability-focused strategy. Around 30% of businesses surveyed confirmed they did not have such a strategy in place. While 25% planned to create one in the next 12 months, 5% said they had no plans to do so. “The delay in formalising a plan for many businesses could be due to sustainability fatigue,” said Rich Hall, Head of Sustainability at RSM UK. “Globally, there are different levels of proactivity around the green agenda, and when you combine this with inconsistency in strategy both in the UK and across the globe, the complexity can be exhausting, and in some cases – leads to paralysis.” In addition, the report found that 24% of companies haven’t set net zero targets. Of the 74% of companies that have, 21% don’t have a transition plan in place to achieve their decarbonisation goals. “With upcoming legislation that will require businesses to disclose not only climate but broader sustainability risk, businesses need to create a comprehensive strategy, underpinned with a funding plan that is embedded at board level, throughout the business and its supply chain,” said Hall. Rooting sustainability within the culture and fabric of a business will not only facilitate progress and mitigate risk, but unlock commercial opportunities, increase competitive edge, and attract key talent to an organisation, he added.
