Global Executives Say Greenwashing Remains Rife
Nearly three-quarters of corporate leaders say most organisations in their industry would be caught greenwashing if they were investigated thoroughly
Nearly three-quarters of corporate leaders say most organisations in their industry would be caught greenwashing if they were investigated thoroughly
Most global executives think greenwashing is widespread in their industry, and despite customers becoming more vocal about preferring sustainable brands, many companies are cutting corners on their environmental, social and corporate governance initiatives.
Nearly three-quarters of executives said most organisations in their industry would be caught greenwashing if they were investigated thoroughly, according to a survey of nearly 1,500 executives across 17 countries and seven industries conducted in January by the Harris Poll on behalf of Google Cloud.
The risk of greenwashing is increasing with crackdowns on overstated green claims on both sides of the Atlantic. Despite that threat, the figures are consistent with last year’s findings: Nearly 60% say their own organisation is overstating its sustainability methods. While for some it may be intentional, most say it is instead often due to setting sustainability goals or pledges without a concrete plan to reach them.
“There are actors that are maybe intentionally overstating what they’re doing, but I honestly think for the most part, companies are sincere—they’ve set their goals, they’re working towards them, but they don’t always have the data to be transparent,” said Kate Brandt, chief sustainability officer at Google.
The survey gives insight into where companies are in their sustainability efforts. A little more than a quarter are developing their sustainability programs, 22% have a plan they are implementing, another 22% are able to measure its impact, and 14% are in the final stage of optimising their plan based on measured outcomes. In contrast, nearly a tenth plan to start developing their sustainability plan in the near future, while the remaining 6% don’t have a plan or any intention to come up with one soon.
Nearly three-quarters of executives said they want to advance sustainability efforts but don’t actually know how to go about doing it. Top tools identified to improve their ability were having a dedicated sustainability leader, support from senior management, advanced measurement tools, and education for employees and executives. And the two main ways they expect advancement is through technology innovation as well as investment in sustainable operations or services.
With nearly a decade of experience as a CSO, Ms. Brandt said the survey findings reinforced her point of view on how a company can set itself up to be successful. Businesses need strong governance powered by good data and metrics and a dedicated sustainability leader to be the center of gravity but one who can also embed sustainability inside business functions.
Most executives surveyed—85%—said customers and clients are becoming more vocal about their preference for engaging with sustainable brands. However, economic uncertainty means that business leaders have increased their focus on customers, revenue and growth, although ESG issues remain one of businesses’ top three priorities.
While an earlier survey by industrial conglomerate Honeywell International Inc. found that sustainability budgets at most companies were relatively insulated from cuts, the more recent Google Cloud survey indicates things may have changed. Two-thirds of executives in the latest survey said they are having to cut corners on sustainability initiatives and 45% said the economy is negatively affecting their organisations’ sustainability efforts.
“Essentially when times are getting hard, you get to see who’s serious about this agenda and those who are paying lip service or perhaps accidentally overstating their efforts,” said Justin Keeble, managing director of global sustainability at Google Cloud.
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A portrait by Pablo Picasso of his lover and muse Dora Maar will be sold at auction for the first time at a Phillips evening sale in May in New York and is estimated to realize as much as US$18 million.
Buste de femme au chapeau, 1939, depicts Maar, whom Picasso met in 1935 and remained with for a decade. Buste de femme remained in Picasso’s personal collection until he died in 1973, when Galerie Beyeler in Switzerland took ownership of the piece and kept it alongside other works from the artist’s Femmes au chapeau series, according to Phillips.
The piece has been in the same collection for the last 30 years, according to Jean-Paul Engelen, president, Americas, and worldwide co-head of modern and contemporary art for Phillips.
According to Phillips, the painting, only 24 inches by 15 inches, employs techniques from Cubism, and contains elements familiar to Picasso’s paintings of Marr, “including his distinctive rendering of her eyes, strong line of her nose, and radical combinations of frontal and profile views.”
Phillips’ modern and contemporary evening sale on May 14 will also include three previously announced works by Jean-Michel Baquiat, including a large painting from the early 1980s, Untitled (ELMAR) , 1982, that could sell for more than US$60 million.
Also in the sale is Barclay L. Hendricks’ 1977 work, Vendetta, with an estimate between US$2.5 million and US$3.5 million. The painting was featured in the artist’s first career retrospective, and toured across the U.S. from 2008 to 2009. Hendricks’ works rarely come to auction, and Engelen expects increased interest given a recent exhibition of the artist’s works at the Frick Collection in New York.
Lastly, two sculpture “stacks” from Donald Judd will be sold. A 1978 set in stainless steel and yellow fluorescent Plexiglas, described as a “signature” piece by the artist completed when he was near the top of his career, is estimated to sell for between US$5.5 million and US$7.5 million. The second is a 1994 six-part set composed of Cor-ten steel and black Plexiglas finished just before the artist’s death early that year. It carries an estimate of US$2 million to US$3 million.
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