ESG sustainability reporting is the best thing that has happened to the planet recently. It has created a new and reliable method that people can finally trust to address challenges, such as global warming and human trafficking, which previously looked too big. Through the adoption of sustainability in businesses and government entities, managers and investors shift their focus from short-term targets to long-term goals, including building a better planet.
Sustainability reporting is a stakeholder-driven approach that people use to help redefine their planet. By calling for responsible operations, your company’s investors, customers, shareholders, and community, are setting the pace for inter-generational equity. For example, customers are willing to pay up to 5% more for products made using sustainable processes as opposed to cheap options that cause harm to the environment.
As ESG reporting becomes the new norm, implementing it for most companies is not simple. Indeed, the entire concept is still new, but there is no way out. One of the best ways of ensuring you get it right is working with an ESG reporting consultant. Here are some of the key reasons why an expert will come in handy:
There is More to Reap from ESG Reporting
For most companies, the aim of adopting ESG sustainability reporting is to create regular reports for compliance. This is the report that captures all your efforts on sustainability plus the impacts on your company. However, there is more to ESG reporting than simply generating the reports.
An ESG sustainability reporting consultant can help you to take a deeper look at your company’s processes to reap more from the process. Instead of just identifying activities that will get your ESG report to tick right, the expert can assist you in mapping success over the next ten or more years. This is the approach that HKEX wants all listed companies to take.
The Process of ESG Sustainability Reporting can be Complex
For a new company considering ESG sustainability reporting, where does it even commence? It can feel like one is staring into a hollow space. For example, you are expected to start with a company review and then proceed to materiality assessment and strategy generation. All of these early stages are required to involve stakeholders. When it comes to data gathering and analysis, the process can be even more complex.
There is no need to worry about all of these because a professional in ESG matters can help. With an expert, you can learn more about the process and set the structures to use in the subsequent reporting phases. If you select a really good consultant, he/she can also help to strengthen your brand’s strategies for success.
ESG Sustainability Reporting is Evolving
In the world of business, there is nothing that is constant. From customer expectations to product design, everything keeps changing, but ESG sustainability reporting is transforming even faster; some managers and investors keep pace. However, you cannot quit because it means ceding ground full of benefits for the company.
The lovely thing about ESG sustainability reporting experts is that they are always abreast with all the new requirements. So, you can count on them for compliance. Whether it is the new Taxonomy rules in the EU or the Task Force on Climate-Related Financial Disclosures (TCFD) requirements about to become mandatory in the UK, you can count on the experts to stay ahead of the pack on compliance.
ESG sustainability reporting offers a bag of benefits for companies that are ready to adopt it. By working with ESG experts, it becomes even easier to understand the process and follow it correctly to avoid greenwashing. The experts will also train your staff to help you follow the process correctly in later reporting phases. Remember that you will also require the right ESG sustainability reporting software to help with gathering data and adhering to the guiding principles, such as materiality and accuracy. Visit Diginex.com for all the support you need about ESG sustainability reporting.