ESG (Environmental, Social and Governance) is increasingly impacting how retailers make business decisions. Over the years, retail sustainability measures have typically focused on environmental issues, but more recently pressure has grown to also tackle social and governance issues. Many retailers are actively working towards incorporating ESG as a core part of strategy to meet changing market conditions and stakeholder demands for high ESG performance.
Around the world, asset managers and retail/institutional wealth managers are increasing their standards for publicly-listed companies. According to Larry Fink, CEO of BlackRock, the world’s largest asset manager, “climate change has become a defining factor in companies’ long-term prospects…[and] we are on the edge of a fundamental reshaping of finance.” As of 2019, approximately 75% percent of institutional investors were applying environmental, social and governance (ESG) principles to at least a quarter of their portfolios.
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