Global Corporate Survey 2024: ESG & Sustainability Budgets, Priorities And Tech Preferences
04 Sep, 2024
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Executive Summary
This report helps ESG and sustainability executives benchmark their firms’ budgets, investment priorities and technology preferences relative to their global peer group. The data collected through the Verdantix survey also support strategic decision-making and business planning by executives at ESG and sustainability consulting and technology providers. The 2024 version of the ESG and sustainability corporate survey spans 39 countries and 29 industries. Our respondents were senior executives within dedicated ESG and sustainability functions, with 69% representing firms with revenues greater than $1 billion. Respondent data reveal intensified ESG budget increases in the next 12 months, reflecting the need to bolster resources as organizations seek to comply with disclosure regulations and demonstrate progress towards ESG and sustainability goals.
Summary for decision-makers
Global survey reveals priorities and tech preferences of ESG and sustainability executives
Global survey features the perspectives of 400 executives across multiple industries and geographies
ESG and sustainability functions are essential for long-term business success
Firms demonstrate commitment to ESG and sustainability through several strategies
CSOs own strategy development, but funding is distributed across multiple executives
Both regulated and non-regulated reporting frameworks are influencing sustainability budgets
ESG and sustainability budgets are rising across the board
Consulting budgets are increasing throughout 2024
Mandatory assurance is upping the ante for disclosure and reporting processes
Investments will continue to grow across all ESG and sustainability software categories
Sustainability teams must partner with the IT function to ensure effective systems and data integration
Global survey reveals priorities and tech preferences of ESG and sustainability executives
Global survey features the perspectives of 400 executives across multiple industries and geographies
ESG and sustainability functions are essential for long-term business success
Firms demonstrate commitment to ESG and sustainability through several strategies
CSOs own strategy development, but funding is distributed across multiple executives
Both regulated and non-regulated reporting frameworks are influencing sustainability budgets
ESG and sustainability budgets are rising across the board
Consulting budgets are increasing throughout 2024
Mandatory assurance is upping the ante for disclosure and reporting processes
Investments will continue to grow across all ESG and sustainability software categories
Sustainability teams must partner with the IT function to ensure effective systems and data integration
Figure 1. Survey respondent firm size (revenue) breakdown
Figure 2. Survey respondent geographical breakdown
Figure 3. Survey respondent industry breakdown
Figure 4. Benefits of sustainability strategies
Figure 5. Strategies to improve ESG and sustainability performance
Figure 6. Organizational structure for the CSO
Figure 7. Executives responsible for defining ESG and sustainability strategy
Figure 8. Executives responsible for funding ESG and sustainability strategy
Figure 9. Corporate ESG and sustainability funding priorities
Figure 10. Disclosure rules and frameworks influencing spend on ESG and sustainability
Figure 11. Spend on consulting services for 2024 compared with 2023
Figure 12. Priorities when selecting a consulting provider for ESG and sustainability initiatives
Figure 13. Approaches to conducting an internal audit review
Figure 14. Approaches to establishing data governance controls
Figure 15. Approaches to conducting pre-assurance assessments
Figure 16. Spend on software for 2024 compared with 2023
Figure 17. Approaches to managing ESG and sustainability use cases
Figure 18. Motivations for developing in-house software over acquiring commercially available software
Figure 19. Priorities when selecting a software provider for ESG and sustainability initiatives
Figure 20. Use of technology to support sustainability strategy
Figure 21. Challenges with implementing ESG and sustainability software
Figure 2. Survey respondent geographical breakdown
Figure 3. Survey respondent industry breakdown
Figure 4. Benefits of sustainability strategies
Figure 5. Strategies to improve ESG and sustainability performance
Figure 6. Organizational structure for the CSO
Figure 7. Executives responsible for defining ESG and sustainability strategy
Figure 8. Executives responsible for funding ESG and sustainability strategy
Figure 9. Corporate ESG and sustainability funding priorities
Figure 10. Disclosure rules and frameworks influencing spend on ESG and sustainability
Figure 11. Spend on consulting services for 2024 compared with 2023
Figure 12. Priorities when selecting a consulting provider for ESG and sustainability initiatives
Figure 13. Approaches to conducting an internal audit review
Figure 14. Approaches to establishing data governance controls
Figure 15. Approaches to conducting pre-assurance assessments
Figure 16. Spend on software for 2024 compared with 2023
Figure 17. Approaches to managing ESG and sustainability use cases
Figure 18. Motivations for developing in-house software over acquiring commercially available software
Figure 19. Priorities when selecting a software provider for ESG and sustainability initiatives
Figure 20. Use of technology to support sustainability strategy
Figure 21. Challenges with implementing ESG and sustainability software
Arcus Consultancy Services, EY, RCG, Lockheed Martin, CDP, Fortune, KPMG, International Organization for Standardization (ISO), Element Energy, BMW, WTW (Willis Towers Watson), Global Reporting Initiative (GRI), LQRA, Task Force on Nature-related Financial Disclosures (TNFD), Iberdrola, Grant Thornton, Flex, Science-Based Targets initiative (SBTi) , ERM, IFRS Foundation, European Parliament , E4tech, Bureau Veritas, AECOM, DEKRA, SGS, US Securities and Exchange Commission (SEC), Deloitte, European Securities and Markets Authority (ESMA), PwC
About the Authors
Luke Gowland
Senior Analyst
Luke is a Senior Analyst at Verdantix, specializing in ESG and sustainability reporting software and financial ESG. He advises both technology buyers and software vendor and s…
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Kim Knickle
Research Director
Kim Knickle is a Research Director at Verdantix, bringing more than two decades of analyst experience to the evolving world of sustainability. Her current research spans ESG a…
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