Definição de estratégias climáticas: explorando barreiras e pressões de investidores em empresas do índice de sustentabilidade empresarial (ISE) da B³

Abstract

This research evaluates investor pressures and the barriers experienced when establishing climate strategies of Brazilian companies included in the portfolio of the Corporate Sustainability Index (ISE). There are several criteria to be followed to participate in the ISE portfolio, such as the implementation of strategies aimed at mitigating and adapting the effects of climate change. There are barriers to this implementation, such as the cost for the transition to a clean energy base and the loss of productivity, which can be decisive in the capability of companies to execute their strategies. Due to the particularities as to how companies function and how they will be affected by climate change, there is no unanimity on the factors that drive a transition from "business as usual" to establishing a corporate climate strategy. There are factors specific to sectors and countries, such as a regulatory framework, society's demand, market positioning and technology availability. Given the uncertainty of the effects of climate change, as well as its solutions, immediate action can be taken to meet the demands of stakeholders, with a focus on those who have the financial resources to invest in companies. Under the perspective of stakeholder theory, investors can build their investment portfolio from ethical values and are responsible for corporate management in order to maximize social value. The integration of environmental, social and governance (ESG) aspects in investment occurs in investment analysis, portfolio selection, and / or in the definition of policies and ownership structure. Interviews were conducted with professionals from the areas of sustainability and investor relations of five companies that were part of the ISE portfolio, two companies that manage responsible investment assets, and professionals from the ISE, Carbon Disclosure Project (CDP) and Principles for Responsible Investment (PRI) . The information collected was analyzed using the “content analysis” technique. Empirical evidence confirms that there are pressures exerted on companies by investors, in terms of demand for information and influence on climate management, and by normative entities, such as ISE and CDP. There is little diversity in companies' climate strategies due to the existence of technological barriers associated with the lack of economic incentives and prohibitive costs. The research contributes to the identification of investor pressures, motivations and barriers in the definition of corporate climate strategy.