ESG (Environmental, Social, and Governance) is a series of standards that are used to measure the impact that a business or organisation has on the environment and society. It also measures how accountable the business or organisation is for its actions, as well as how transparent it is.
What is TCFD, and why is it important for your organisation? What are the TCFD recommendations and how are they used?
On 27 June 2023, under the IFRS Foundation (International Financial Reporting Standards), the ISSB (International Sustainability Standards Board) released the S1 and S2 reporting standards.
How well a company is performing on ESG aspects is becoming more important for investors, consumers, employees and business partners and, therefore, management. In a recent poll, we found that a majority of people found the multiple ESG frameworks and evolving ESG regulations among the biggest challenges when it comes to producing ESG reports.
Under the theme ‘Cooperation in a Fragmented World’, the annual World Economic Forum 2023 will bring together more than 2,500 leaders from government, business and civil society, at a pivotal time for the world.
According to a recent survey by Morningstar Sustainalytics, 90% of companies either have or are developing a formal strategy to manage corporate environmental, social, and governance practices. This follows on the heels of a ‘Sustainability Action Report’ commissioned by Deloitte in December 2022, which revealed that 99% of public companies expect to invest in ESG reporting tech and tools in the next 12 months.
The past year has been a busy one with three UK Prime Ministers, two different COPs and TCFD mandate for businesses. It has also been a a challenging one for companies with regards to ESG. From an energy and cost-of-living crisis that emerged at the start of the year to key climate and biodiversity summits in recent weeks, 2022 has reinforced the need to tackle the climate crisis head-on.
As we foresaw, the impetus on biodiversity and Nature-based Solutions has further gathered momentum, with COP15 continuing to pave the way on how to deliver a net-positive impact on nature.
COP15 is taking place in Montreal, Canada, from 5 December to 17 December, more than two years after the summit was meant to have taken place. Delegates from across the globe are meeting to produce a Paris Agreement-style deal for nature, resulting in an end to the degradation of biodiversity and the acceleration and mainstreaming of work to restore ecosystems and habitats.
