KPMG Australia is pleased to have had the opportunity to respond to Investment NSW’s Industry Policy green paper.
This submission provides an overview of the environmental, social and governance (ESG) related opportunities and challenges that KPMG considers are likely to be faced by industry over the coming decade that the NSW Government should consider supporting. Given the evolving breadth of issues pertinent to the ESG space, KPMG has chosen to focus on the two crucial areas of climate change and gender equity.
The discussions on ESG have moved past whether to act, and on to how to take action in a way that addresses the expectation of regulators, shareholders, and workforce.
Companies across all industry sectors are already leading the way on climate change and gender equity issues. Others are working hard to catch up. KPMG considers that those that do not catch-up face being left behind in gaining access to debt and equity capital and being uncompetitive in an increasingly uncertain global marketplace, especially in needing to attract and retain the best talent, particularly women.
For this to be realised, KPMG recommends that the NSW Government continue to demonstrate that it, too, is an ESG leader, including by supporting industry’s desire to tackle both climate change and the structural inequalities and social norms that disadvantage women and diverse social groups.
More detailed consideration of what this means for industry and government, including KPMG’s recommendations, are found in the report.
