Deloitte commissioned an online survey in August and September 2022 of 300 executives at publicly owned US companies with a total sample size of 100 in each of the following industries: consumer products; financial services; life sciences and health care; oil and gas; and TMT (technology, media and telecommunications).
The results provide insights into the current state of ESG preparedness in the face of growing demand for accountability and show progress and ongoing areas of challenge.
Key Highlights
- Compared to Deloitte’s 2021 survey, newly released 2022 findings show notable changes in companies recognizing their responsibility to shape a sustainable future, responding to rapidly increasing stakeholder expectations, and swiftly moving from commitment to action in their ESG reporting.
- A profile of respondents surveyed recently noted that progress in establishing a cross-functional working group (executives across finance, accounting, risk, legal, sustainability and other business leaders—to drive strategic attention to ESG for the business) has nearly tripled to 57% from 21% earlier this year.
- 96% of executives plan to seek external assurance for the next reporting cycle.
- 35% of executives reported that their most significant challenge is the accuracy and completeness of data, and 25% cited access to quality data as the greatest challenge. 99% of companies will likely invest in more technologies and tools to overcome these challenges.
- Survey findings suggest that more than 3 in 4 respondents (76%) are now prepared to disclose Scope 2 GHG emissions details. Preparation for Scope 3 GHG emissions detail reporting (37%) remains a challenge, with only a modest increase from last year (31%).
- Consumer products (68%) and life sciences and health care (71%) are the most active in preparing for future disclosure requirements. Meanwhile, the financial services industry (46%) is taking a slower preparation approach.
- TCFD (56%) and SASB (55%) are the most frequently used reporting standards for ESG disclosures.