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Summary of ESG trends from our panel of experts from FiscalNote ESG Solutions and Oxford Analytica to prepare for 2023 ESG success. 

FiscalNote ESG Solutions recently hosted a virtual roundtable with a panel of experts to talk about the 2023 ESG global outlook. The discussion included anticipated changes and trends and explored what companies should prepare for this year. To summarize the roundtable, here are our five key takeaways to be ready for in 2023.

Meet our Panel:

1. Global ESG Regulatory Landscape Heating Up

It’s becoming increasingly important for companies to include ESG regulations in their risk management radar. The top regulations our panel discussed include:

  • The United States is set to release the SEC climate risk disclosure rule as early as April 2023
  • The European Union recently passed the Corporate Sustainability Reporting Directive to replace its previous ESG reporting mandate with more detailed requirements, which now would affect more companies
  • There is potential trade tension between the U.S. and the EU due to differences in their ESG transition approach


2. Supply Chain Risk Management 

The pandemic and international conflict have stressed global supply chains. However, it has also opened up new opportunities.

  • Companies with the best ESG performance integrate risks, such as economic downturns effects on supply chains, into their ESG strategies
  • Strong relationship-building and clear communication of monetary and ESG goals with suppliers help drive risk mitigation strategies

“What ESG is about is essentially being transparent on and making sure you’re in full understanding of the things that might impact your business and the things that your business impacts to the world,” says Durr. 

3. Plans for Biodiversity

Fourty-four percent of global GDP is at risk due to biodiversity and nature loss, according to a World Economic Forum report. Our panel addressed the latest biodiversity developments companies should prepare for.

  • COP15 in Montreal, Canada, agreed on Target 15, which calls on governments to encourage regular disclosure of company and financial sectors’ impacts on biodiversity
  • Biodiversity disclosure rules may not be ready in 2023, but companies can get a head start with voluntary standards such as the Taskforce on Nature-related Financial Disclosures (TNFD) framework

“I think we can expect this year investors to start pushing for more transparency, better data, and more information from companies on their nature-related exposure and risks,” says Drolet.

4. Focus on the “S” in ESG

The “E” and the “S” in ESG are becoming inseparable, and our panels weighed in on industries and corporate sectors that need to prioritize social metrics.

  • Greater dependence on conflict mineral extraction, such as cobalt, for EVs and solar panel productions will bring attention to improving circularity within the clean fuel industry
  • Internal stakeholders and consumers are watching for corporate management of DEI and workplace equity during economic instability

5. Evolution of ESG Technology and Roles

Handling regulatory compliance, investment disclosure, supply chain management, and emissions tracking is becoming increasingly difficult. These are our panel outlooks on the ESG technology and roles needed for 2023:

  • ESG technology trends are in simplifying scope 3 emissions transparency throughout supply chains to improve confidence in suppliers’ data
  • Demand for sustainability and ESG leadership roles is rising as current senior executives are slowly taking on new ESG responsibilities

“You will now finally start to see Chief sustainability officers coming on board and taking that role right up at the very top, sitting at a board level. So what’s cool is that there is a real career path for sustainability, where there wasn’t beforehand,” says Meehan.

How FiscalNote ESG Solutions Can Help

As ESG reporting and standards take another big step forward in 2023, so does the demand for experts in the ESG field. FiscalNote ESG Solutions, its flagship ESG compliance and automation platform Equilibrium, along with the ESG Monitor and a global network of experts can prepare your organization for the rest of 2023 and beyond.