ESG refers to a set of standards companies can use to assess their operational performance as it concerns social and environmental impact. On the environmental side, businesses must assess if they negatively impact the environment or have sustainable practices. On the social side, companies must weigh how they interact with workers, clients, suppliers, and their respective communities. And on the governance side, companies must focus on leadership, internal controls and audits, board governance, and executive compensation. 

Having a good understanding of ESG meaning is essential if you want to get ahead in today’s business environment and develop a quality sustainability reporting strategy.

But what specific benefits can your business get through ESG reporting? Here are three benefits.

1. Entice More Consumers

According to a PWC study, 83% of consumers believe businesses should be proactively working on achieving ESG best practices. Consumers are eager to see companies play a more meaningful role in fast-tracking progress on ESG issues like carbon-emissions or waste management. In fact, consumers acknowledge they’ll reward businesses for doing so. 

A concise ESG reporting framework is one example where sustainability reporting can translate into attracting more customers. People are looking for ways to become better stewards of the environment, and want to align with like-minded businesses. Consumers will pay attention when your business uses the right ESG reporting software to disclose performance on concepts like green-energy initiatives. Customers will want to know how these sustainability-related issues inform your company’s business strategy and overall performance.

2. Hire and Hold Onto Top Talent

Another benefit of ESG reporting is that it can help to attract — and retain — top talent. The Great Resignation saw around 50.5 million people quit their jobs last year. It was part of a pandemic-era trend where many people simply felt like the grass was greener elsewhere. 

You might be surprised to learn about the connection between employee satisfaction and employers that take ESG seriously. According to one source, top employers, as determined by worker satisfaction, have average ESG scores that are 14% higher than the worldwide average. Satisfied workers tend to work harder, stick around longer, and strive to produce better results for their employers. The same study adds that businesses that are most attractive to students and young professionals have ESG scores 25% higher than the worldwide average.

When considering the cost of replacing a single worker can range from one-half to two times the worker’s annual salary, you can appreciate the importance of finding and holding onto the right talent. Something like ESG & sustainability reporting can give your business a competitive advantage that attracts the best talent and increases employee retention.

3. Lessen Operational Expenses

One of the benefits of reducing your company’s carbon footprint is there’ll be a corresponding reduction in operational expenses. Your business’ carbon footprint refers to the complete tally of greenhouse gases generated by your company, which includes your employees and your operations. You can do many things to lower your company’s carbon footprint. You can right-size your workforce, optimize routes for fleet vehicles, and cut down on in-person meetings. The more you reduce your business’ carbon footprint, the lower you can cut your operational costs. 

A good ESG reporting platform will give you the insights you need to implement meaningful changes, right when you need them. Considering that the standards for ESG reporting continue to evolve over time, you’ll also want to ensure you have a reporting platform that seamlessly incorporates changes as they occur, like Workiva’s cloud-reporting solution which creates audit-ready, investor-trusted ESG reporting. Using a cloud reporting solution is the only way you can ensure your data is always compliant and up to date.

Start Reporting on Sustainability Today

ESG reporting is essential. If you’re a publicly listed company, there are ESG reporting requirements to be mindful of. But any business that wants to remain competitive and relevant ought to take ESG reporting seriously by developing a sustainability reporting strategy. 

The consumers you rely on want to see ESG reporting disclosures from the businesses they patronize. The only real question for your business is which ESG reporting software to get. Don’t simply select the first one you find, there may be a sustainability reporting solution that can benefit your entire team and will effectively engage your stakeholders. Do some research to find out what’s out there so you can make an informed decision.

Infographic created by Donnelley Financial Solutions, an SEC reporting software
company 

The post 3 Reasons ESG Reporting Benefits Your Business first appeared on BioEnergy Consult.

“Barcode v/s Plastic Waste” continues forward the argument, including and controlling a crucial and forgotten player in the current model of consumption: retail or supermarkets. “Barcode vs Plastic Waste” offers an efficient, win-win-win model: a sustainable and dynamic circle, a cradle to cradle controlled process for this currently destructive material.

Consumers must continue recycling, but reality shows clear that the potential to decrease plastic waste could not depend only upon consumer awareness. A high percentage of plastic waste passes through supermarkets and, subsequently, the entire distribution channel.

While supermarkets do hold responsibility for ENCOURAGING THE USE of plastic and packaging, they also have the potential, although never considered before, to encourage and provide incentives to producers and consumers to reduce their plastic quantities or eliminate it all together.

Following “Barcode v/s Plastic Waste”, Governments should request supermarkets to be responsible for all plastic recollection associated with products they sell, while Public Administration would maintain the duty of control: the barcode which identifies any item sold, offers the possibility to track and account all plastics, containers or packaging by simply adding these information into the barcode.

Having the package information -weight and material composition- inside the barcode will offer an extremely easy way to obtain the necessary data to apply follow-up control over its recollection. We would be able to monitor the recyclable materials per gram through the entire transaction system in real-time, allowing us to review any cash register day by day.

Having the package information (weight and material composition) inside the same barcode will offer an extremely easy way to obtain the necessary data to apply follow-up control over its recollection. (i.e. PET 2/45gr. – PET5/75gr. – etc.)

This new recycling process could reach the full capacity in three years, requesting 30% of plastic recollection quantity the first year, 60% the second 90-100% the third.

Considering that from the very first year, supermarkets would very likely push producers to introduce dispensers with refilling containers wherever possible, we would have a considerable reduction of single use plastic at the very beginning.

Along with a necessary law, just new software and a new logistic inside supermarkets will be enough to produce the change. By simply adding future trash into the same barcode already used on any item sold, we would transform millions of negative actions into positive, preventing the loss of tons of raw material with a final reduction of petrol demand. This information would be provided just as the cash register’s account balance appears at the end of the day. Supermarket cash registers are the last control in the commercial process.

Full length proposal is available here

The post Barcode as a Tool to Reduce Plastic Pollution first appeared on BioEnergy Consult.

Evaluate your Utility Providers

Take a look at your utility providers to see what they’re doing to make a positive impact on the world around them. For those that are bill tracking, it is important to note that many energy service providers offer special rates and rebates for lower consumption. Using Energybot, you can contrast and compare providers in your area. You can visit their website to find the most affordable, eco-friendly option for you.

In areas where providers are limited, you can still look at their environmental initiatives and programs that will save you money while making a positive impact. Many utility providers conduct energy audits or provide rebates for swapping out appliances and faucets for eco-friendly versions.

Hit the Thrift Shop

Online shopping makes it easy to get anything you could dream of at an affordable rate. However, there’s a good chance that someone like you had a similar item and discarded it.

Hitting the thrift shop before shopping online will not only save you money but will also have a positive environmental impact. The clothes you buy online are manufactured and shipped from all over the world. This creates carbon emissions that have a detrimental effect. There’s a hidden cost to affordable online shopping; buy local whenever possible.

Eat Seasonally

Eating food from local sources is better for the environment and the economy. By ensuring that your money stays in the local economy, you’re stimulating growth that will ultimately benefit you over time. Furthermore, you aren’t paying to have food manufactured, shipped, and stored from thousands of miles away.

Eating seasonal produce will help you save money on fresh food and improve the diversity of your diet. By consuming seasonal, local produce, you’re saving money, boosting the local economy, positively impacting the environment, and improving your health. It’s a win for all involved.

Be Water Savvy

Minimizing your water consumption will help keep your budget low and the environment thriving. Start by monitoring your consumption at home and making small changes. Shut the water off while brushing your teeth. Don’t rinse your dishes before putting them in the washer. Wait until you have a full load to do laundry.

To take it to the next level, swap your faucet and showerheads out with aerators and low-flow alternatives. Start collecting and reusing rainwater for gardening. Replace your hot water tank with a “tankless” alternative. Look at your meter usage and set reduction goals.

Reduce, Reuse, Recycle

Recycling is a great initiative that can make an incredible difference in the environment when done correctly. However, recycling is just one of the “Three R’s” to remember.

Reduce and reuse often go hand-in-hand. Reduce your packaging consumption by buying food in bulk and using reusable grocery bags. Before you recycle something, think about ways to give it new life. Mason jars can be used to store dry goods and pack lunches rather than using plastic containers. Keep a few large jugs handy to fill with water, rather than adding to the single-use bottle problem. Instead of plastic toothbrush, use a bamboo toothbrush from Ecoy.

There are plenty of ways to lower your spending while taking care of the environment. Use a budgeting app like Mint to gain awareness about where your money is going. Then, use a carbon footprint calculator to evaluate your consumption. By making some simple changes to your lifestyle, you can limit harmful spending.

The post 5 Ethical, Sustainable and Eco-friendly Cost-Saving Tips first appeared on BioEnergy Consult.