Manufacturers step up ESG commitments amid mounting pressure - CILT(UK)
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Manufacturers step up ESG commitments amid mounting pressure

20 February 2024/Categories: Industry News, Logistics & Supply Chain

British manufacturers are ramping up their environmental, social and governance (ESG) commitments as the issue becomes a top priority, a new report reveals.

The study by Make UK and Lloyds Bank finds the number of firms setting ESG targets has jumped 48% since 2021, with around two-thirds now doing so.

Driving this are mounting pressures from the labour market, government, investors and customers - 77% of manufacturers are fielding ESG requests from clients. However, under half believe they have the resources to meet these demands, pointing to a need for greater support.

Firms are also accelerating ESG requirements for their suppliers, with 74% building conditions into procurement strategies, up from 66% two years ago. Yet 45% remain unaware of suppliers' performance against targets.

Manufacturers are elevating ESG ambitions as the issue moves beyond solely environmental matters. Customers, suppliers, investors and employees increasingly expect companies to prioritise ESG like any other core business objective.

But despite growing commitment, manufacturers cite challenges meeting stakeholder demands and fully monitoring supply chains. This highlights that while ESG is rising on the boardroom agenda, there remain hurdles to overcome. Greater collaboration and support will be key to ensuring manufacturers can deliver on bold ESG strategies.

To read the report in full click here.


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