Key facts
- World Wide Generation, which operates the G17 Eco ESG reporting platform, has been put up for sale.
- The company has appointed administrators due to financial difficulties.
- Several major companies, including Burberry, Shell, BP, and Unilever, have recently scaled back or delayed their ESG targets.
- World Wide Generation had received around £15 million in funding since its founding in 2016.
- Marco Piacquadio and Rachel Ennis have been appointed as joint administrators.
World Wide Generation, the company behind the government-backed ESG reporting platform G17 Eco, has been put up for sale after appointing administrators. This development is seen as a reflection of a broader trend where major corporations are scaling back their environmental, social, and governance (ESG) commitments.
The company, which was once valued at over £90 million, counts major firms like HSBC, Unilever, and AWS among its clients. Its financial struggles come at a time when numerous large businesses are reassessing and watering down their sustainability targets, prioritizing profitability and shareholder returns.
Recent examples include fashion retailer Burberry delaying its 'climate positive' goal, and oil giants Shell and BP abandoning previous emissions targets in favor of slower transition timelines. Unilever has also adjusted its pledges on plastic and diversity, labeling new goals as 'unashamedly realistic'.
World Wide Generation's situation also highlights challenges within government-backed investment schemes. The British Business Bank's Future Fund has seen nearly a third of its 1200 startup investments become insolvent, resulting in significant losses. World Wide Generation itself received approximately £15 million in funding since its establishment in 2016 and had accumulated substantial losses.
Administrators Marco Piacquadio and Rachel Ennis were appointed last week, and expressions of interest for the company are now being sought.