Jasminka Rojko: ‘ESG is Dead! Long Live Sustainability!’

Jasminka Rojko (Rojko & Co.) with the title ‘ESG is Dead! Long Live Sustainability!’, concluded the controlling conference.

– Sustainability today is becoming the thread of all functions, and AI is becoming our reality. There are many challenges here and the question is how to fit ESG into that – Rojko said in her opening remarks, adding that ESG should not be ‘forced’ anywhere but is simply part of business. Climate change is becoming increasingly pronounced, and there are more and more revisionists in the world who believe that it is not true, she said, adding that we live in a paradoxical world.

The starting point for the claim that ESG is dead is the new wave of regulation, from the EU Taxonomy, CSRD, and SFDR to a series of other regulations, which has turned sustainability into a bureaucratic ‘soup’, and now with Omnibus 1 and 2, a sharp deregulation follows.

– There has now been a decline in the number of obligated entities that must report on sustainability, which is not good – Rojko emphasized, adding that from 50,000 companies in Europe, we have come down to 5,000 companies that must deliver ESG reports, and that is not good, Rojko believes.

This threatens to lose positive momentum and spread ‘green-hushing’, while banks and investors still need reliable data.

Rojko emphasized that ‘reporting for the sake of reporting’ is going into the past but that sustainability remains, as part of strategic business intelligence. This is something that should create value for stakeholders, not just satisfy patterns.

Controllers, she stated, gain a new ‘currency’ in this story, the CO₂ footprint becomes another dimension of controlling and an indicator of (in)efficiency. Companies should first calculate their own emissions, create a transition plan for emission reductions and necessary CAPEX, assess physical and transitional climate risks, and incorporate them into budgets. At the same time, opportunities should be looked at, from circular economy and better waste valuation to extending product life and adapting to customer demands.

In the ‘S’ and ‘G’ parts, the emphasis is on people and governance, attracting and retaining the best talent, two-way communication with employees and customers, clear satisfaction and turnover reduction goals, and the fact that management must deal with sustainability, not a “delegated” team. Without measurable goals and initiative owners, she warned, sustainability remains an empty word.

The conclusion of the presentation was very concrete, there has never been more money for sustainable projects, from development and commercial banks, through EU funds to green, blue, and sustainability-linked bonds – and HBOR also offers models with write-offs of up to 50 percent of the principal for energy efficiency, sustainable tourism, and production modernization.

At the end of the controlling conference, Jasmina Očko thanked everyone and announced the next major controlling conference, which will be held on Friday, November 20, 2026.