Sustainability matters, but sustainability reporting may not be the answer
In our current framework, sustainability reporting can be an expensive box-ticking exercise or a cynical public relations move, with companies picking the benchmark that best suits their interests.
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IN A headline-hogging speech at the United Nations last month, 16-year-old environmental activist Greta Thunberg berated politicians and business people for doing too little to arrest climate change, ruining the globe for future generations.
High-profile scandals back up her claim. Last week, an organisation representing 470,000 German drivers started a closely watched, landmark lawsuit against the Volkswagen Group. The auto giant was implicated in an emissions-test cheating saga, admitting that it had installed "defeat devices" in millions of cars to pass stringent exams. To date, "Dieselgate" has already cost Volkswagen more than US$30 billion (S$41.6 billion) globally in penalties, compensation and costs.
In its 2014 sustainability report - published shortly before the fraud was exposed - the carmaker hammered home its "long tradition of resolute commitment to environmental protection", repeating the word "environment" ad nauseam, 335 times over 156 pages. At that time, Volkswagen was a leader on the Dow Jones Sustainability Index (DJSI).
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