Proceedings of the Symposium of 10 June 2022 on the green enterprise – THE SPECIFIC ASPECTS OF VALUING THE GREEN ENTERPRISE – Commentary by Maurice Nussenbaum, published in the Revue Droit & Affaires No. 19, 1 December 2022, 15
We shall examine value creation in green enterprises and the ways in which it can be measured.
Our main question is whether meeting ESG criteria constitutes an investment that is recognised and rewarded by the market. As well as being mandatory, is it profitable to be environmentally responsible?
The asset management industry highlights this convergence between meeting ESG criteria and achieving better returns. In reality, the issue is more complex and the answer is not necessarily positive.
CSR communication is a major issue today. According to a recent study, the 500 largest companies in the Fortune 500 spend 20 billion euros on CSR. There are several reasons for this phenomenon: pressure from public authorities, and pressure from investors via investment funds, which are increasingly adopting an ESG approach. In 2020, there were 700 SRI (socially responsible investment) funds, representing 360 billion in assets under management, or 10 per cent of total assets under management. This figure has increased forty-fold over the last fifteen years. Another study indicates that 70 per cent of investors say they have taken the CSR approach into account in their investment process. Furthermore, there is a reputational risk for companies vis-à-vis other stakeholders (customers, suppliers, bankers, etc.).
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