Companies must act. Here’s how they can do it authentically instead of just “goalwashing.”

It may have seemed like an ordinary Wednesday, but May 26, 2021, will go down in history as a tipping point in the fight against climate change. It was the day that three oil and gas majors were sharply rebuked by climate activism—a day that will forever change the operational, legal, social, and financial landscape for this sector.

After 20 years of working in Big Tech, I can say from firsthand experience that it’s quite unusual for this industry to ask to be regulated—regulated by anyone, let alone by government. Yet that is exactly what is happening when it comes to climate change.

It’s becoming an all too familiar refrain: Investors need better data on companies’ environmental, social and governance (ESG) performance. And that refrain is typically followed by the litany of problems that exist with the current sources of ESG data.

What the giant investment management firm is looking at in 2021: “The climate transition presents a historic investment opportunity.” It has become an annual tradition. For years now, investment management company BlackRock’s CEO Larry Fink writes a letter an annual letter, aimed at other business leaders.

Most GreenBiz readers are well aware of the complex sustainability reporting landscape. It seems like every year new reporting standards or frameworks are added to the overstuffed workload of the corporate sustainability professional.

As the former Chief Executive of GRI, I worked on establishing global ESG (Environmental, Social and Governance) disclosure standards. After stepping down, I have joined a carbon management startup company – Persefoni AI.

The same degree of rigour is needed as standards for reporting on a company’s financial performance, argue Tim Mohin and Bob Eccles The time has come for mandated reporting of a company’s sustainability performance.