Does ESG reporting really move the needle in fighting climate change?

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Here’s a note from Thara TK about her article on page 17:

Climate Change is Science, not an opinion. Climate denial has thus become progressively more challenging in the recent times due to the persistent dissemination of information, rigorous quantification efforts, and mounting scientific evidence.

ESG Reporting is spearheading corporate climate action. However, in terms of its effectiveness and outcomes, ESG Reporting is still an early-stage endeavour marked by imperfections. ESG Reporting with its current objectives and anticipated outcomes, can be compared to a “shotgun approach” when it comes to tackling broader global sustainability challenges.

To truly propel global sustainability, deeper transformations are required, including economic system reform, equitable geopolitical governance, accurate linking of Earth system indicators to economic activities, and decoupling the economy from environmental impacts. As we integrate these changes into ESG reporting frameworks guided by regulations, we can harness its potential to revolutionize our approach to environmental, social, and governance concerns. Time is of the essence, and our ability to solve this intricate puzzle will shape our destiny.