The analysis examines two dimensions from our Corporate Racial Equity Tracker alongside our environmental dataset to understand if there is a correlation between companies actively addressing racial equity and those intently reducing their carbon footprint. When we divide the companies we rank into those that have a diversity and opportunity policy and those that don’t, we see a 36.32% reduction in GHG emissions on average among the companies that offer such policies. Furthermore, when we look at companies that implement diversity and opportunity targets, we see a 32.88% reduction in emissions on average.
Inspired by MSCI’s analysis last month titled “Women on Boards: The Hidden Environmental Connection?” – which found that better environmental practices were found among companies with boards that have included at least three women directors for at least three years – we wanted to leverage our own work around diversity, equity, and inclusion to see if similar trends exist among companies taking actionable steps toward improving diversity.

Complemented by the MSCI study above, our chart this week does not suggest that correlation implies causation. We simply make the case that companies actively committing to their workers seem to be the same ones following through on their climate change goals, demonstrating that companies must fully embrace stakeholder capitalism to purposefully create positive impact.


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