· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Wall Street Journal or enjoy below:
🗞️ Driving the news: Sustainability is declining on the list of CEO priorities, even as consumer concern for climate change grows
• Bain & Co. reports that CEOs are focusing more on AI, growth, inflation, and geopolitics, while 60% of consumers are more worried about climate issues than two years ago
🔭 The context: Corporate enthusiasm for ESG peaked after the 2021 COP26 summit, but has since dropped back to 2019 levels as companies face the practical and financial challenges of decarbonization
• Some companies have even renamed their ESG efforts to avoid backlash, while others are still pressured by B2B customers demanding sustainable practices
🌍 Why it matters for the planet: As businesses deprioritize sustainability, the risk of missing crucial climate goals grows, potentially slowing the global transition to greener economies
• Consumer demands for climate action continue to rise, especially among younger generations
⏭️ What's next: With climate targets for 2030 looming, companies are expected to face increasing pressure to align with sustainability goals, even if they miss earlier targets
• The tension between realistic goals and growing consumer expectations will shape corporate strategies
💬 One quote: “People are getting more realistic, but the pressure will increase as we approach 2030 where many companies have set climate goals.” — Torsten Lichtenau, Bain’s global carbon transition lead
📈 One stat: 60% of consumers are more concerned about climate change than they were two years ago, driven by personal experiences with extreme weather
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