US Impact on ESG - Environmental, Social and Governance

US Tariffs are causing concern Globally, but what about the impact on ESG - Environmental, Social and Governance? Today I talk with Tom Raftery. Sustainability and Tech Evangelist.

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We're constantly hearing about Donald Trump's impact on global supply chains, but what about his influence on ESG (Environmental, Social, and Governance)? That's the intriguing topic we're diving into this week with our special guest, Tom Raftery, a renowned sustainability and tech evangelist who's been deeply immersed in the intersection of sustainability, technology, and supply chain management since the early 2000s.

Tom shares some fascinating insights on the Trump administration's approach to ESG, highlighting significant shifts in regulatory landscapes. With Trump back in the political spotlight, many of the ESG regulations and grants initiated under the Biden administration are facing scrutiny or outright cancellation. Interestingly, this rollback isn’t just federal—state governments in the US are reacting in diverse ways, some pushing back against federal moves due to the substantial local impacts.

For instance, businesses in traditionally conservative states, surprisingly major beneficiaries of ESG grants, are now confronting the harsh reality of reduced funding, causing economic ripple effects and even company closures. Tom points out a striking example: Target's rollback of Diversity, Equity, and Inclusion (DEI) initiatives led to declining store foot traffic, while Costco, embracing DEI, experienced growth.

But what does this mean practically for supply chain managers around the world? Tom suggests that for companies strictly operating within the US, particularly outside ESG-focused states like California, regulatory burdens might lessen temporarily. However, for global operations, especially those supplying to markets like the EU, increased reporting and regulatory compliance remain essential.

Tom, based in Spain, emphasises Europe's expanding regulatory framework, including new EU legislation such as the Corporate Sustainability Reporting Directive (CSRD). He argues passionately that despite the complexities, regulatory frameworks are ultimately beneficial, safeguarding environmental and social standards.

As we delve deeper into this complex issue, Tom also invites listeners to explore his two insightful podcasts: 'Climate Confident,' where he highlights positive environmental stories weekly, and 'Sustainable Supply Chain,' focusing specifically on supply chain sustainability innovations, trends, and best practices.

This conversation with Tom Raftery underscores the evolving, intricate relationship between politics, ESG initiatives, and global supply chain management. Clearly, the ESG landscape is rapidly changing, making it essential for businesses and supply chain professionals to stay informed and adaptable.

Check out Tom’s podcasts below for more deep dives into sustainability and technology: