In 1992, the United Conference on Environment and Development (UNICED) made a call for the globe to practice sustainable consumption and production, appreciating the importance of environmental management that includes unbiased reporting.
Now, about 30 years down the line, the world is faced with imminent environmental dangers, from global warming to the risk of species extinction, prompting us to ask, “What went wrong?” and “What could have been done differently?”
There are a number of ways that we can address the challenges, and the most effective is ESG sustainability reporting. This post takes a comprehensive look at ESG sustainability reporting to answer the questions you might have.
Is Corporate Sustainability Reporting Relevant in Advancing the Agenda for Sustainability?
Yes, it is. Indeed, we prefer not to use the word “relevance” and opt for the “driver” of the global sustainability agenda.
Taking a closer look at the definition of ESG corporate sustainability reporting, you will realize that, though an emerging discipline, corporate sustainability reporting is the process a company takes towards setting goals, implementing them, measuring performance and managing change to help achieve a sustainable global economy.
Therefore, the reporting is very important because it considers individual businesses as key components in the global wheel of sustainability.
Another attribute that makes reporting crucial if we are to achieve global sustainability is that social, environmental, and economic issues are interconnected. Take the example of atmosphere. If a company releases a lot of greenhouse gasses, the effects, which include global warming, will affect even the people who are far away from the location of the business. Through sustainability reporting, companies demonstrate their responsibility and desire to secure a better future for all.
What Information Should be Included?
During the World Summit on Sustainable Development (WSSD) of 2002 that was held in Johannesburg, businesses were encouraged to adopt GRI’s Sustainability Reporting Framework.
Although the reporting largely focused on matters of environment, social, and governance, things are now different as the framework expands to incorporate emerging standards.
For example, the reporting can now be informed by an expanded outlook, from ISO 26000 to the Organization for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises. So, here are the main areas included in ESG sustainability reporting.
- Your enterprise’s use of non-financial resources.
- Risks and opportunities that are linked to things such as climate change and regulations related to sustainability policies.
- How your enterprise participates in promoting local groups created to help with sustainability.
- Policies adopted by a company on issues related to corporate social responsibility.
- Human resources management.
- Anticorruption policies in your enterprise.
- Your corporate goals and performance on sustainability-related initiatives.
What is the Best Way to Achieve Corporate Sustainability Reporting?
To enjoy the benefits associated with corporate sustainability reporting, you should consider adopting advanced reporting software.
Using sustainability reporting software makes it easy for you to set clear guidelines, follow their progress, and report the achievements.
Furthermore, it provides a better platform for review, helping your business to adopt the best strategies for better performance and promoting global sustainability agenda.
No matter your goal for sustainability, know that it can be achieved through proper application of corporate sustainability reporting. Consider working with professionals, such as Diginex Solutions, a digital asset financial services and advisory company, to help you craft and implement a good reporting strategy.