The Notorious ESG: Business, Climate, and the Race to Save the Planet

The article discusses the rise of Environment, Social, and Governance (ESG) in the modern business era, as big businesses are pressured to combat climate change and improve social outcomes. However, the author argues that ESG has been captured by the PR hype machine and that corporate cultures are too focused on the profit motive. The article offers a solution in the form of a Climate Manifesto for Business that will disrupt and dislodge the ancien régime and usher in a new age of sustainable business.

Format: Paperback / softback
Length: 192 pages
Publication date: 04 September 2023
Publisher: Emerald Publishing Limited

The term "Environment, Social, Governance (ESG)" has become ubiquitous in the modern business landscape. In response to societal and regulatory pressures, large corporations across America, Asia, and Europe have been compelled to define and articulate ESG goals in order to combat climate change and safeguard the planet. However, the issue arises when ESG is overly influenced by public relations (PR) hype, with a few prominent business leaders making grandiose promises to save the world but offering vague explanations for their proposed actions. Companies, driven by a desire to showcase their environmental consciousness, are making a wide range of commitments to reduce their carbon footprint and contribute to global warming mitigation and social improvement. The challenge lies in distinguishing between factual assertions and exaggerated commitments, as well as identifying realistic goals that align with corporate social responsibility.

Vasuki Shastry, who has firsthand experience in ESG management within a major international bank in the City of London, argues that corporate cultures are overly focused on short-term profit motives and quarterly business targets. He believes that true change can only occur through a paradigm shift that aligns business with social purpose. This transformative shift will require a corporate revolution that disrupts the existing order and ushers in a new era of sustainable business practices.

In his book, "The Climate Manifesto for Business: Making Our Planet Great Again," the author presents a comprehensive solution to address these challenges. He advocates for a shift in corporate mindset, where businesses prioritize the long-term health of the planet and its inhabitants over short-term financial gains. The manifesto outlines a roadmap for businesses to adopt sustainable practices, reduce their environmental impact, and promote social responsibility. It includes recommendations such as implementing carbon pricing mechanisms, investing in renewable energy, promoting diversity and inclusion, and engaging in ethical and responsible supply chain management.

Shastry believes that the Climate Manifesto for Business is not just a theoretical concept but a practical guide that can help businesses achieve their sustainability goals and contribute to a more sustainable and equitable future. He encourages companies to embrace ESG principles and to take a proactive approach to addressing climate change and other social and environmental challenges. By doing so, businesses can not only improve their reputation and attract socially conscious consumers, but also create long-term value for their shareholders and stakeholders.

In conclusion, the term "Environment, Social, Governance (ESG)" has gained significant prominence in the business world, driven by the need to address climate change and promote social responsibility. While ESG has been influenced by PR hype and exaggerated commitments, it is essential for companies to align their business practices with social purpose. By adopting sustainable practices, reducing their environmental impact, and promoting social responsibility, businesses can contribute to a more sustainable and equitable future. The Climate Manifesto for Business provides a practical guide for companies to achieve their sustainability goals and play a vital role in addressing climate change and other social and environmental challenges.

Weight: 245g
Dimension: 216 x 138 x 10 (mm)
ISBN-13: 9781804555453