With the overwhelming number of acronyms and jargon in the world of ESG, it’s hard to navigate your way through. ESG Bay can be your safe space to learn about it in a simple and easy way.
Firstly, ESG stands for Environmental, Social and Governance.
Environmental reporting can consist of water & waste management, carbon emissions, energy efficiency, land use and biodiversity.
Social consists of workforce & diversity, safety management, customer engagement, communities and other general factors.
Governance focuses on structure & oversight, code & values, transparency & reporting, Financial & Operational risks along with other general factors.
Your company may not have any experience yet on reporting but here are a number of reasons why it is good to report your ESG score.
Build your trust and reputation
With a growing amount of ‘conscious consumers’, it is really important to develop trust with them. This will increase brand loyalty if your morals and values align with theirs. Deloitte conducted a survey and found that 34% of consumers chose brands that have ethical practices and values and nearly 1 in 3 stopped buying certain brands or products that had sustainability or ethical related concerns around them.
Sustainable investment will become the norm. Investors know that we need to move towards a more sustainable future & are keen to invest in clean, environmentally friendly businesses due to their adaptability in the future. It is important to invest in companies that can adapt to new laws and regulations which will be coming up including the mandatory ESG reporting for all Companies in the UK in 2025.
Measure performance easier
Reporting on your ESG will give you a benchmark to compare your performance each year in a clear and easily measurable way. It is important to see which areas in your company need improving, this will highlight weaker areas that need change.
Why don’t you get a head start and begin reporting now? This will show improvement over the years when reporting will become mandatory. Get started now with ESG Bay.
Starting with ESG Bay is a great first step. We ask you to complete a questionnaire with simple questions that cover the most important issues, you then get an overall ESG score that you can show to any stakeholders you wish. All the frameworks and standards out there make it hard to know where to start and which information to include, which is why we have made it much simpler.