In our rapidly changing world, ESG (environmental, social, and governance), corporate citizenship, and sustainability have become necessities in business. Companies now focus on sustainability, and ESG manages risk, which maximizes opportunity and holds value in the long term.
A successful business builds and integrates ESG practices into its model, as a result of which sustainable growth is initiated. Here are five tips that help your company meet the United Nations Sustainable Development Goals by supporting the aim of achieving a net-zero economy.
1. Make Your Core Business Strategy More Purposeful
To begin with, your business strategy must be based on a purpose that drives your company to make a positive impact on society as well as our planet as a whole.
The power of purpose should be used to transform and control disrupting innovation that propels you towards sustainable growth.
2. Develop Strong ESG Policies and Integrate them Into Your Business Model
A company should come up with strong ESG practices which they integrate into their business model, corporate reporting, and governance structure. Your company should prioritize sustainability, equity, and corporate social responsibility.
Apart from integrating strong ESG policies into your business model, you must also encourage employees to focus on climate as well as social issues.
3. Lower Your Carbon Footprint Through Innovation
The correct utilization of technology and an intrapreneurial mindset can help you achieve your goals of lowering your carbon footprint.
Technology and innovation can be used to recycle as much raw material as possible, in addition to making efficiency of manufacturing processes more efficient. Furthermore, a company must also try to diminish waste and consumption of energy and water.
4. Achieve Measurable Goals with a Purpose Driven Mindset
In order to meet your measurable goals, make sure to develop the best practices for data collection, and report on progress with as much transparency as possible. The creation of a comprehensive report based on clear metrics can help you narrate your story in a captivating, yet accurate manner.
This will help you track your progress and make improvements that help you reduce waste, increase efficiency, ultimately leading you towards a more ESG integrated business model.
5. Engage Your Supply Chain with ESG Management Programs
Create ESG management policies and programs for your company and integrate them into the DNA of your business, engage your supply chain round purpose and collective action.
This includes everyone in your supply chain from suppliers and distributors, to employees, consumers, investors, and even the communities in which you operate. To make a major difference and transition towards positive change, you can also collaborate with other companies, industry sectors, as well as stakeholders.
The Bottom Line:
ESG policies bring long-term benefits but most of the time, companies tend to overlook strategies such as policymaking and circular economy that are fundamental for companies aiming to drive sustainable growth. The concise yet comprehensive roadmap deeply resonates and speaks to policymaking as well as circular economy strategies.