Executives shared their views on the sustainability challenges facing companies
Some insurance companies have pulled back coverage for home insurance in states such as California, where wildfires have become more prevalent in recent years.Investors at the WSJ Pro Sustainable Business Forum on Thursday said their interest in sustainability information remains high and executives said they are working to develop their data and capabilities even though mandatory reporting isn’t yet in force.
Pharmaceutical company Merck KGaA is changing how it estimates scope 3 emissions, from a method based on spending to one based on weight, partly because of cost inflation. “We may be paying 10, 15, 20 or 30% more for something but that doesn’t mean emissions have gone up…weight-based gives us more directly connected, more accurate figures on the scope 3 emissions,” said Jeffrey Whitford, vice president of sustainability and social business innovation in the company’s Life Science division.
“You’ll find now insurance pulling out of some regions simply because it’s becoming uninsurable in the extreme is becoming the norm. …It’s something that’s not just U.S. related, they see this also in other parts of the world,” said Torolf Hamm, senior director, head of physical catastrophe, at insurer Willis Towers Watson.
“What consumers want to hear is how it affects them personally. So we said my health, my wealth, my personal world. So anytime you talked about the absence of toxic ingredients that would be harmful to human health resonated really well, anytime you could put money in the pocket resonated really well.”ESG has become part of the culture wars in the U.S. but the anti-ESG efforts are largely political theater, according to K&L Gates’s Crowley, a longstanding Republican.
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