By Yet another step towards standardising sustainability reporting had been taken — from 1st January 2024 IFRS S1 and IFRS 2 standards are available for annual reporting. Background As awareness of sustainability challenges, particularly climate change, has grown amongst the international community, there has been an increasing recognition of the need
COP 28 outcomes and implications for business
The first Global Stocktake COP28 in UAE welcomed world leaders from almost 200 nations. It concluded the Global Stocktake and confirmed the actions of each country to tackle climate change. The consensus includes: Additionally, a total of 85 billion USD was pledged by world’s governments to support the delivery of
Focus on: Modern Slavery Act UK 2015
The Modern Slavery Act (MSA) is a UK law enacted in 2015 to focus on preventing acts of modern slavery in supply chains, such us human trafficking, child labour, and debt bondage. The International Labour Organisation (ILO) estimates that over 21 million people world-wide suffer from some degree of
Focus on: (double) materiality
Today businesses face pressure from increasing number of regulatory requirements asking for ESG related disclosures. Under such pressure and with limited resources it is important for the companies to focus on most impactful metrics and factors. Materiality in ESG enables companies to establish which issues are the most relevant (material)
Supply chain risk assessment
Why is supply chain risk important? Supply chain risk is significant to many businesses and if left unaddressed could end up costing organisations financial and reputational damage. As globalisation processes intensify cross-border supply chains are becoming more common and their efficient management calls for reliable tools. How can supply chain
By Greenhushing: What It Is, and Why It’s Not the Answer
There is no doubt that ESG has become a major topic of concern for both businesses and consumers. With increased awareness of the negative impact of human activities on the environment, there has been a push towards sustainable practices and products. However, not all companies are making genuine efforts to
ESG and CSR: What’s the Correlation, Really?
As businesses and organisations have become more conscious of their impact on society and the environment, two key concepts have emerged: ESG and CSR. ESG stands for Environmental, Social, and Governance, while CSR stands for Corporate Social Responsibility. In this article, we will define each concept, discuss their differences and
What is ESG Compliance & Why Should Your Company Care?
ESG stands for Environmental, Social, and Corporate Governance and refers to the three main components measuring a modern business’s sustainability and societal impact. Whistleblowing, corporate leaks, and defamation have created the need for more transparency and a higher degree of moral and ethical leadership. These factors have essentially forced companies
Brands and Sustainable Product Lines That Set the Trend
Last week, athletic apparel company Lululemon announced the launch of two new high-performance shirts, its first-ever products to be made using renewably sourced, plant-based nylon, in the place of nylon made from fossil fuels. The launch follows nearly two years of collaboration with sustainable materials-focused biotechnology company Genomatica (Geno), announced
Economist Impact Sustainability Week Overview: The Time to Act is NOW
This year’s Economist Impact 8th Sustainability week was held March 29-31 in London, with the goal to empower businesses to accelerate their action on sustainability. As Agnieszka Pietrzak, ESG Bay’s CEO, says: “If I were to boil down the substance of the 8th Sustainability Week in one sentence, that would
