Study: CFOs More Concerned With Financial Impact of Sustainability
A new study compiled by Ernst & Young and GreenBiz Group found that companies are placing an increasing emphasis on sustainability efforts that specifically impact core business objectives.
According to the study, this commitment demonstrates a focus on the financial impact of sustainability measures, particularly with many leading companies anticipating shortages of natural resources will have an effect over the next few years.
Due to this financial impact, the survey noted that 65 percent of the CFOs in responding companies said they were involved in sustainability initiatives, with 74 percent saying cost reductions were the main reasons behind these efforts.
"Sustainability continues to grow as a strategy for many of the world's largest companies," Joel Makower, chairman and executive editor of GreenBiz Group, said in a release. "But as these findings show, companies still have a ways to go in order to harness its full value, such as improved efficiencies, reduced risk, and being seen as an employer of choice."
The new report follows previous research from Ernst & Young that found social and environmental resolutions made up 40 percent of all shareholder proposals last year, according to a release.