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48% Of Fortune 500 CEOs Are Sceptical of ESG – But Younger Employees Think Its Crucial

By FF Newsroom · 19 May 2023

Fortune 500 ESG
Fortune Magazine has newly unveiled a survey finding that 48% of Fortune 500 CEOs are welcoming the political pushback against Environmental, Social, and Governance (ESG) goals, believing they "unduly impact business decisions." However, this proves to be a polarising topic, as investors, employees, and consumers think otherwise. Research from USC and Weber Shandwick found that nine of ten investors and seven of ten consumers and employees believe that "businesses have a responsibility in addressing societal/environmental issues." This sentiment is also strongest with young people, with a report from KPMG unveiling that ESG commitments now hold a persuasive influence on staff recruitment/retainment prospects for UK businesses, with one in three 18–24-year-olds stating they had turned down a job that didn't align with their ESG values. Amidst widespread layoffs across various sectors including the retail, media and tech industry, a potential exodus of environmentally-conscious employees could be detrimental for businesses already struggling with rising costs across the board. In light of this, sustainability consultants – SaveMoneyCutCarbon – has launched an industry-first six-point plan, encouraging companies and their leaders to make behavioural changes in the workplace to lower their carbon footprint while simultaneously cutting overhead costs. For employees to be fully engaged, it’s imperative that they feel their voices are being heard, their values are being taken into consideration, and their work is making a positive difference. A landmark report from SaveMoneyCutCarbon found that 34% of Brits agreed that they would be more loyal to their workplace if they provided them more detailed information on how to be greener at work and at home, yet 56% agreed that their employer provides them with zero information on how to be more sustainable.
  1. Carbon Mentor call – a business will be assigned a dedicated Carbon Mentor to understand the present situation within a business and their decarbonisation ambitions
  2. Baseline report – from the call, SMCC's platform creates an easy-to-understand Scope 1, Scope 2 baseline carbon footprint and guidance on Scope 3 and Scope 4 (staff carbon literacy)
  3. Built Environment Audit – SMCC’s team then audit the building(s) to identify the money, energy, water, and carbon savings available
  4. Project Financing - Creation of investment grade proposals & tailored finance
  5. Project Delivery - Design, supply & installation of proven products and solutions
  6. Staff Engagement – SMCC’s EcoWise app & programme provides measured and rewarded learning improving carbon literacy

The importance of Scope 4

Although not formally recognised, employee carbon literacy is a key tenet for a business' ambition to reduce its carbon footprint. In light of this, SMCC has launched a 12-month programme called EcoWise, aimed at encouraging staff to learn, employ practical changes in their home and workplace, and reap rewards – all while providing quantifiable data for firms to report on their ESG strategies. Mark Sait CEO and founder of SMCC comments "SaveMoneyCutCarbon combines carefully selected and tested products & solutions, that can help our customers reduce their energy, water, carbon and plastic, combining this with a team of experts and a unique education, engagement, tracking and measurement technology platform. With over a 1000 savings projects delivered, are now raising a material investment scale up investment round to create much wider awareness and reach more customers. “Businesses are likely to bear the brunt of the changes needed if the UK is going to get to net zero, but there is little pragmatic support to help businesses of all sizes to better understand what can be done, and where to start. The market is very fragmented with many individual consultants, manufacturers and installers all tackling bits of the sustainability jigsaw. SaveMoneyCutCarbon is solving this, aggregating selected, proven technologies and solutions from a wide range of manufacturers. Products and solutions need to be carefully selected by building and application, brought together, and installed correctly to maximise savings. Now that businesses and homes can really save money through sustainability, the narrative is changing. Everyone wants to save money."

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