Only 3% of consumer industry executives surveyed believe that the sustainability data produced by their companies is as reliable as their financial data, according to a new report from Deloitte.
The Deloitte report, “Driving Accountable Sustainability in the Consumer Industry,” says that the efforts of consumer packaged goods companies around sustainability must be based on sound data and accountability. Nearly all the executives surveyed (92%) said they don’t have sufficient technology to generate accurate data around sustainability initiatives, even though seven out of 10 said it’s important that this data be as reliable as finances.
The Deloitte report divided CPG companies, based on their approaches to sustainability, into Vanguards and Followers. Vanguards are more likely to be committed than Followers to achieve net-zero carbon emissions by 2050 (77% vs. 47%); to make investments in accountability for sustainability initiatives (43% vs. 26%); and to use a third-party service to help with validating their performance or results (55% vs. 44%).
Sustainability efforts are seen as conferring benefits to other aspects of operations. Asked to identify these benefits, 70% said they included “embracing new ways of thinking and working,” and 62% chose both “coordination and planning with partners” and “avoiding and defending against [charges of] greenwashing.”