What is ESG?
ESG refers to the issues related to Environment, Social and Governance and how a business can consciously respond to the impacts its business operations can create in these areas.
The pressure is continuously mounting on the corporations from customers, consumers, investors, regulators, and other stakeholders to become more sustainable and create a mechanism to assure that determined sustainability risks covering ESG issues are mitigated in a proper and systematic way. Also, in addition to the financial performance, the ESG performance is also considered central in evaluating the success of an organization.
What ESG models and approaches a company can consider?
ESG is a broad topic, developing and implementing an effective strategy to identify, manage and mitigate ESG risks depends on the context of the business and is unique to each business.
A successful ESG strategy may include various components for risk analysis, stakeholder engagement, materiality analysis, risk mitigation & control, monitoring and reporting performance and achieving continual improvement.
Therefore, a unique ESG implementation strategy is essential which should be based on the business circumstances and context. Each step of in the strategy can refer to any available recognized standard / approach. This may include using AA1000 standard for stakeholder’s engagement, developing an overall CSR structure by following ISO 26000 standard or reporting the ESG/Sustainability performance by using Global Reporting Initiative model (GRI) etc.
How QSE can help?
QSE can help you to organize the entire implementation process for developing and implementing ESG strategy and reporting ESG / Sustainability performance to the stakeholders, QSE services include.
- ESG strategy development
- ESG risk analysis
- Stakeholders’ engagement
- Materiality assessment
- ESG risk mitigation plan / programs development and implantation
- Supply chain ESG Risk Assessment and mitigation (Responsible Sourcing)
- Development of Key Performance Indicators (ESG Performance measurement), performance data collection and analysis.
- Sustainability / CSR reporting