KPMG study | Recession fears are putting ESG plans on hold

Chief executives across the globe are planning to put their eco initiatives on hold as fears of an impending recession grow.

A new KPMG study uncovered that of over 1,300 chief executives across the globe 86% of these CEOs believe that there will be a recession over the next 12 months. 76% of these people have already plans in place to deal with the potential economic downturn and, it seems, ESG initiatives may be among the first things to be culled as a cost-cutting measure.

In fact, the study found that around half of the CEO respondents admitted they were planning on "pausing or reconsidering their existing or planned ESG efforts in the next six months", with a third of bosses having already done so, KPMG added.

What is ESG and does it impact businesses?

ESG - stands for environmental, social and governance goals which businesses overall implement towards setting forth risks, growth opportunities and displaying transparency of the business itself.