The ESG agenda presents an opportunity in many ways for legal teams to further ingratiate themselves into the business and play a strategic role. But it can be difficult to adopt an opportunity outlook from a risk outlook, and there is no denying that an increased focus on all the issues which fall under the ‘ESG’ (environmental, social and governance) banner add to a lawyers’ already busy to-do list. For example, in 2022, a survey from EY revealed that 99% of general counsels (GCs) expected environmental and social concerns to add to their workload. The vast majority—95%—also reported that reconciling the balance between financial and sustainability goals presented a challenge (‘The general counsel imperative: how the law department is key in unlocking your sustainability strategy’, EY, 6 April 2022).
Ever-evolving global regulation regarding ESG alone can keep lawyers busy, never mind the increased focus on greenwashing and the reputational risk of getting it wrong.
