Executive rewards should be a catalyst for corporate action on climate
People Matters|December 2021
Companies cannot afford, in any sense of the word, to ignore climate issues. A concrete and important first step will be to tie climate targets to short-term incentive packages
SHAI GANU
Executive rewards should be a catalyst for corporate action on climate

Climate targets have undergone a positive evolution. In the past, they tended to be too soft and untransparent. They were largely seen as box-checking exercises, and critics flatly called them out as greenwashing. But given the criticality of the climate crisis, more and more companies and investors are realising the importance of including climate change metrics both in management systems, corporate disclosures, and compensation plans alike.

Additionally, other stakeholders including customers and employees have joined the discussion and are voting with their feet, favouring companies that take climate change seriously. Customers are more willing to buy products and services that set meaningful targets for climate change.

The Intergovernmental Panel on Climate Change’s (IPCC) 6th Assessment Report released in August this year calls out climate change as a code red for humanity. It outlines the projected impacts of five emissions scenarios, which range from global net negative to net zero emissions doubling by 2050 and 2100, compared to current levels. Reaching net-zero will require deep and steep emission cuts and companies will need to prioritise cutting carbon. In an increasingly competitive labour market, including mitigating actions on climate change in corporate purpose can help attract the best talent. How a company addresses climate change has to be part of a hiring strategy. And once employees are on board, employers will need to continue to listen to employees. Climate change strategy must be part of the culture.

This story is from the December 2021 edition of People Matters.

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This story is from the December 2021 edition of People Matters.

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