Media pressure and public perception pushing Aussie businesses to go green
Australian business leaders are influenced heavily by media reporting and public perception when shaping their green policy, according to a survey from BBC Studios.
The survey of 250 Australian senior business leaders showed that most rely upon media reporting of environmental, social, and governance issues when shaping their corporate strategies.
Media reporting is seen by 68% of Australian business leaders to be “very impactful” in shaping corporate ESG strategy, however it’s the perception by external parties that most tips the scales, with 85% of those surveyed believing its important to be seen as being “socially responsible.”
This has a knock-on effect in how these businesses themselves deal with other companies. 55% of Australian leaders said they will typically engage with higher-cost suppliers who carry better ESG credentials. More tellingly, they are willing to spend a 10% premium on services provided by well-credentialed ESG suppliers, which, as the report notes, “demonstrates the costs companies might be willing to accept in order to protect their reputations and attract ESG-conscious customers and investors”.
In terms of the individual focuses within ESG, ‘environment’ ranked as the leading ESG focus for corporate leaders in Australia by 42% of leaders, followers by ‘social’ (30%) and ‘governance’ (28%).
“It is clear to see in these results the important role that news providers like the BBC play in decision-making and influencing when it comes to ESG planning and strategy for Australian businesses,” said Jamie Chambers, vice president, advertising and BBC news distribution, ANZ at BBC Studios.
“The BBC will continue to be at the forefront of both providing influential content around ESG topics and at the same time embodying positive ESG practices in our operations. For our audiences and commercial partners alike, this ensures our content is impactful, relevant and trustworthy for their growing interests in these important topics.
“The findings also show a readiness by Australian businesses to spend a 10% premium on services provided by well-credentialed ESG suppliers, so demonstrably good public-facing communications – including marketing and advertising in trusted environments like the BBC – around these endeavours enable businesses to extract greater commercial value from their spend.”
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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