Corporate support for environmental, social and governance (ESG) is on the rise, with climate change resolutions put forward in Australian companies increasing in number prominence and impact.
A record 36 shareholder ESG resolutions were put forward in 2020. So far in 2021 a further 20 have been put forward, with more expected, The Conversation reports.
Until last year the level of support garnered by shareholder ESG resolutions was small, averaging 9.7%. In 2020, support jumped to 14.7%.
In 2021 to date it has climbed to 28%, bolstered by two resolutions of Rio Tinto shareholders that attracted 99% after winning the support of Rio Tinto’s board.
Investment in environmental, social and governance (ESG) is expected to grow to a US$53 trillion industry in just four years.
ESG investing has evolved into a US$35 trillion industry today since it first drew attention in a United Nations report back in 2005.
Bloomberg reports ESG investments in global funds will top US $53 trillion by 2025.