G20 Summit Delhi: 4 Ways in which the G20 Declaration will accelerate ESG
News from Web 19-Sep-2023
To accelerate progress on SDGs by 2030, the document recognises the role of digital transformation, AI, data advances, and the need to address digital divides
The Delhi Declaration begins with the theme - We are one Earth, one family, and we share one future. True to its intent, the text focuses on the fact that today's world is already facing immense challenges and that growth, poverty and climate change must be tackled urgently and at scale. To accelerate progress on sustainable development goals (SDGs) by 2030, the document recognises the role of digital transformation, artificial intelligence (AI), data advances, and the need to address digital divides. All these will profoundly impact business - environmental, social, and governance norms (ESG).
Climate compliance will get more stringent
The big takeaway from the declaration is a clear commitment by the members to achieve net-zero emissions by around 2050. To achieve this, policymakers and governments will insist that companies commit to net-zero targets and disclose their emissions. Targets will be determined by the sectors in which companies operate, investor and government scrutiny will strengthen, and penalties for pollution, non-compliance and adverse impacts will increase.
The declaration emphasises biodiversity's importance and focuses on oceans and climate finance. Companies will face tremendous scrutiny while raising funds and will be expected to disclose actions and commitments in these areas.
The rise of sustainable brands
Business responsibility can't emerge by compliance alone. We need to enable it through action, words, and the products and services we sell. A better standard of living and greater disposable incomes, egged on by marketing, will lead to increased consumption and pressure on land, energy, water, higher carbon emissions and increased waste.
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