Researchers have called upon Formula 1 teams to do more to be transparent and improve their governance in order to help make the future of the sport more sustainable.
The Standard Ethics group has analysed all 10 teams currently operating in the sport to determine how they perform in three ways. Their environmental and social strategies are examined, along with their governance – ESG is the initialism covering all three.
Specifically, researchers looked at whether each team had a publicly-available code of ethics, their coverage of human rights issues, how their environmental targets are disclosed and the overall quality of their ESG reporting.
Eight of the 10 teams perform well on the human rights front while more than half also have "clear environmental targets", the report states. However, only three of the teams currently on the grid were singled out for having a public code of ethics and for their sustainability reporting.
McLaren, Ferrari and Aston Martin were the three praised, while Standard Ethics director of research Jacopo Schettini wants to see the others make improvements. "They were talking about all major sustainability issues but I would like to see more from the other teams," he told the Guardian.
"There is work to do for the governance side, this is the most important. It is very, very important to see a long-term commitment to sustainability. A long-term commitment comes from crucial important documents like a code of ethics or a sustainability plan or policies on specific issues."
Schettini did admit that there are other teams on the grid who may have an internal code of ethics which may simply have not been published publicly. But if that and their ESG reporting systems are not public, then that in itself is a problem, he added.
"Sustainability needs transparency," he asserted. "Transparency and a long-term vision, give us a long-term vision. What you are thinking about sustainability and keep us updated on your goals. If you fail to meet a target we understand, you can postpone a target but it's very important that you have a target and a roadmap."
The report itself concludes: "In general, Standard Ethics' analysts observe that through its commitment to net-zero carbon emissions by 2030, the world of Formula 1 is now on a virtuous path towards sustainability, but the racing teams can and still have to make numerous steps forward to reach the finishing line.
"An acceleration in the disclosure of key documents such as ESG reporting and environmental targets would be positively viewed, especially since the racing teams currently participating in the Formula 1 world championship are renowned for their industrial, technological and research excellence.
"For this reason, and because of their visibility, their driving force could be an example to guide industrial subsidiaries, such as those in the automotive and components industry, en route to sustainability."
