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How ESG reporting is creating a competitive advantage for businesses
The EU has recognized the importance of sustainability reporting and disclosure and is currently developing new reporting standards for companies operating within the region. The proposed EU standards are intended to align with existing reporting frameworks, including the GRI Standards.
The new GRI standards aim to help companies provide more accurate and transparent reporting, including updates on climate change, human rights, and gender equality. Companies are highly encouraged to identify and address sustainability issues that could impact their operations and reputation.
How can companies in Europe benefit from the new GRI standards?
- Companies can build trust and credibility with their stakeholders (investors, customers, employees) by showing information about their sustainability performance.
- By following GRI guidelines, companies can ensure they comply with regulations and standards, avoiding potential penalties or negative impacts on their reputation.
- GRI reporting requires companies to set targets and measure progress against desirable targets over time. This can help them toward continuous improvement and track their progress.
- Companies, by demonstrating their commitment to sustainability through GRI reporting, enhance their competitiveness in the marketplace. This can attract investors, customers, and employees who are increasingly interested in working with companies that prioritize sustainability.
Which sectors in Europe are affected the most by the new GRI standards?
The new Global Reporting Initiative (GRI) Sustainability Reporting Standards impact companies across all sectors, but some sectors may be more affected than others due to the nature of their operations and the sustainability issues they face.
Here are some sectors that are likely to be particularly affected by the new GRI Standards:
Energy and utilities: The new GRI Standards place greater emphasis on climate change and carbon emissions, which are particularly relevant to the energy and utilities sector. Companies in this sector will need to report on their greenhouse gas emissions and take steps to reduce their carbon footprint.
Financial services: The new GRI Standards focus more on social and governance issues, including human rights, diversity and inclusion, and ethical behaviour. Financial services companies, such as banks and insurance companies, will need to disclose more information about their social and governance policies and practices.
Healthcare: The new GRI Standards include updated guidelines on healthcare access and data protection. Companies in the healthcare sector will need to report on these issues to demonstrate their commitment to patient’s welfare.
Manufacturing: The new GRI Standards comprise more detailed guidance on the supply chain, including human rights and labour practices. Manufacturing companies will need to report on their efforts to ensure responsible sourcing and supply chain management.
Retail: By implementing the new GRI standards, retail companies can gain a competitive advantage and differentiate themselves from competitors, while being more appealing to socially responsible consumers.
Let’s look at some of the key concerns and challenges, that European corporations face today. These are major issues which senior executives need to quickly gain an in-depth understanding for and learn how to address in the immediate future:
- Understanding the new regulatory landscape and new disclosure frameworks taking place, regarding climate risk and low carbon economies
- Winning the ESG Race: How ESG influence profitability in FT 500 companies and most common ESG practices & guidelines used.
- Facingdiverse investor concerns and motivations
- IntegratingESG criteria into strategic goals and company reporting
- Facingthe rising importance of social issues following the pandemic COVID-19 and the geopolitical tensions
- Gaininginsight into global best practices for more impactful goal setting for sustainability
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