According to new research, Formula One teams must increase their governance and transparency efforts if they are to embrace a sustainable futureF1.
Since only three of the ten teams on the grid currently have a code of ethics that is publicly stated, the Standard Ethics group’s report has come to the conclusion.
Jacopo Schettini, Standard Ethics’ director of research, stated, “There is work to do for the governance side, this is the most important.” A commitment to sustainability over the long term is crucial. Documents like a code of ethics, a sustainability plan, or policies on specific issues are crucial to a long-term commitment.
“. Although they discussed all significant sustainability issues, I would have liked to hear more from the other teams.
Companies’ sustainability and environmental, social, and governance (ESG) performance is evaluated by Standard Ethics. They carried out the research independently and were not asked to conduct an analysis of F1 teams.
In their report, groups were surveyed on whether they distribute a set of rules, the nature of detailing of ESG issues, whether they have a common freedoms strategy and whether they reveal ecological targets. They did this by looking at the information that each team has made public. Schettini said that conducting the investigation in this manner was a crucial test of the transparency that he thinks is essential to a successful sustainability policy.
He stated, “We analyzed based on what they publish.” Being open and telling people what you’re doing about it is crucial—it’s the first step toward sustainability. You ought to distribute everything.”
he majority, according to the report, addressed environmental goals and human rights. However, governance and transparency were lacking outside of the three teams cited due to the absence of an ESG reporting system and a published code of ethics.
Sustainability encompasses a wide range of topics, including health and safety, gender inequality, risk management, and environmental issues. There are numerous issues, Schettini stated. We can see what they are doing because they need to improve governance and reporting with an ESG reporting system.
However, it is evident that teams are acting positively. As part of their Ignite partnership with Lewis Hamilton.
Mercedes has pledged to support the MSc motorsport scholarship program with the Royal Academy of Engineering, which aims to increase diversity among motorsport engineers. Schettini went on to say that some teams might also have a secret ethics code and ESG reporting system, but he also said that was part of the problem.
He stated, “Transparency is needed for sustainability.” A long-term vision and transparency provide us with a long-term vision. what you have to say about sustainability and keep us informed of your objectives. We understand that you can postpone a target if you fail to meet it, but having a goal and a plan is crucial.
Since then, the group has received feedback from a number of teams that want to boost their performance in the future.
The most recent report on F1’s environmental goal of becoming carbon neutral by 2030 was recently released. The sport believes it is on track to achieve this goal. However, F1 teams are not the only ones that need to improve.
Schettini stated, “We do something similar, even more accurately, with the majority of leading European football teams.” We have Observed some Environmental targets, but even the most successful football teams lack Transparency. Last year, we discovered that they took a strategy that was Essentially Identical to ours.