While 75% of publicly-listed firms in the Asia-Pacific region acknowledge the effect of climate change on their business models, just a quarter plan to adjust their strategies accordingly, a new study by Kering and the National University of Singapore (NUS) has found.
The findings were released as part of a three-year partnership between Kering and the Centre for Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School, and explore sustainability practices among 700 publicly listed companies in the Asia-Pacific region, focusing on the adoption of the Taskforce on Nature-related Financial Disclosures (TNFD) framework and nature-related reporting.
Board-level awareness
The study found that half of firms reported increased board-level awareness of environmental risks, however fewer than 40% have integrated environmental concerns into their overall crisis management plans.
Furthermore, less than a third have set clear, tangible goals for sustainable development.
Need for action
“Voluntary actions won’t be enough to halt and reverse nature loss by 2030. With climate, biodiversity and fashion interlinked, companies need to move towards a nature-positive economy – and fast,” commented Marie-Claire Daveu, Kering’s chief sustainability and institutional affairs officer.
Elsewhere, Professor Lawrence Loh, director of the CGS at NUS Business School, added that firms that align with global nature-reporting frameworks “can enhance their risk management, drive meaningful change, and contribute to a more sustainable future in an increasingly interconnected environmental landscape.”
Kering is a global luxury group that manages brands such as Gucci, Saint Laurent, and Balenciaga. It reported €19.6 billion in revenue in 2023. Its study alongside NUS Business School study aims to serve as a benchmark for assessing corporate sustainability strategies in the region and fostering progress toward global sustainability goals. The two groups announced plans to work together on the study last April. Read more here.
