TreasurySpring has unveiled the latest edition of its annual sustainable finance survey, produced in partnership with the London Stock Exchange (LSE) and The Association of Corporate Treasurers (ACT).
Now in its third year, the survey provides a global snapshot of how corporate treasurers are reshaping their ESG strategies in light of shifting market dynamics, regulatory scrutiny, and broader economic pressures.
The 2024 survey draws on responses from corporate treasurers managing an estimated £80bn in cash holdings. The findings show a noticeable pivot: enthusiasm for ESG remains, but the approach is becoming more measured and focused. Rather than rejecting ESG outright, companies appear to be refining their strategies with an eye toward practical outcomes, risk management, and tighter investor alignment.
The report highlights several telling trends. One of the most notable is a sharp increase in the number of organisations not currently invested in institutional ESG products—now at 55%, compared with 32% in 2023. Meanwhile, ESG’s influence on corporate cash investing has also declined, dropping from 63% in 2022 to 30% in 2024. In contrast, ESG considerations are gaining traction in supply chain decisions, rising from 35% to 47% over the past year, a shift attributed to rising compliance demands and reputational risks.
Risk perceptions around ESG are also evolving. Although greenwashing remains a key concern for 44% of respondents, this marks a significant fall from the 69% recorded in 2022.
TreasurySpring head of corporate origination Nigel Owen said, “The fluctuating influence of ESG in determining cash investment strategies is something our clients speak to us about regularly. Our latest report shows signs that ESG investment is undergoing something of a retrenchment – but not an outright rejection.
“While ESG adoption may be slowing, the commitment to sustainable finance is maturing. Companies are moving beyond broad ambitions toward more focused, credible approaches, prioritising operational impact, investor alignment, and measurable results. The challenge now is delivering on that commitment with the practical constraints of today’s world.”
LSE senior manager, fixed income, primary markets Sam Dodd added, “Both companies and investors continue to refine their sustainability strategies, focussing on driving long-term value by managing financially quantifiable sustainability-related risks and opportunities. As strategies evolve, effective sustainability reporting and enhanced transparency may enable more effective engagement with investors.”
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