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Schema CEO: $30 trln shift in wealth to millennials prioritizing sustainable-wise purchase decisions
CEO & Founder of Schema Dr. Maali Khader said there will be an inevitable $30 trillion shift in wealth to millennials who prioritize sustainable businesses in their purchase decisions.
She made the remarks during the 14th CSR & Sustainable Development Forum, currently held in the Red Sea resort city Sharm El Sheikh.
Khader highlighted the importance of Environmental, Social and Governance goals (ESG) goals for any organization as prompting growth, saving and fewer regulatory interventions.
She said that strong ESG practice shows that acompany operates with integrity.
The Schema CEO noted that 60% of people under the age of 71 believed all investment should consider ESG factors.
She noted that those making environmental claims sell a minimum of four times faster, citing the example of Unilever’s Sunlight dishwashing liquid outperformed category growth by 20%.
As for saving, she said ESG will push company to rethink the way it does business. Innovation will be required for product sustainably and will impact supply chains and push business to consume fewer resources.
She referred again to Unilever which saved $1 billion in cutting down its water, energy and materials usage.
She also noted that Fed-Ex aims to convert its entire fleet of 35,000 vehicles to electric or hybrid engines. Saving it so far over 50 million gallons of fossil fuel.
Concerning fewer regulatory intervention, she expounded that nearly 1/3 of business profits are dependent on some approval from the government (licences/ standards/approvals). A strong ESG policy can improve government relations and get government support.
She added that ESG contributes to higher employee productivity, expounding that a strong ESG practice gives employees a higher level of workplace satisfaction, purpose and a sense of contributing to the greater good.
In a study, the companies that repeatedly made ‘100 best companies to work for’ lists generated higher stock returns. Companies that communicated their ESG policies well had fewer strikes and disruptions due to labor anger, she highlighted.
She noted that signatories of the UN’s Principles for Responsible Investment are over 2,400 funds controlling over $86 trillion in capital.
“To continue in the future, your business will need to consider a strong ESG program to land investment,” Khader asserted.
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