- by Amy McNeice on 08/07/2022
While many are just starting, and others are much further down the road, it's fair to say Companies are more conscious than ever before of their impact on the environment.
In the years ahead reporting on ESG levels is likely to become commonplace, with regulations already being prepared at EU level for reporting by larger companies. In time this is also likely to extend to wider than just large enterprises.
What can CRIFVision-net do to Help?
A new solution brought to you by CRIFVision-net, called Synesgy, is a global digital platform to help and enhance the transition to sustainability. It is the global alliance of leading companies enhancing the transition to sustainability with data and information gathered through an innovative digital platform.
In 2022, Synesgy became a member of the United Nations Global Compact (UNGC), Global Reporting Initiative (GRI) and ASVIS.
Synesgy's mission is to collect, and aggregate data from around the world to create harmonized, comparable and predictive information that they enhance within their client's business processes. The vision represents a pillar in driving our business towards the sustainability culture.
What does ESG stand for?
Pillar E regarding Environment, is the most important, given the urgency of the issue and the challenging goals defined by the Paris Accords and set by the 2030 and 2050 Agenda, and to whose support institutions, public and private capital are being mobilized in order to veer toward a transitional economy.
The second pillar S i.e. Social, is much more varied, especially because of the breadth of the issues covered and their related intangible component. It explores social problems such as the integration of disadvantaged people or migrants into the social fabric of a city, which has to devise services adapted to meet the needs of a changing population, rather than issues about poverty and how to make independent and productive territories that are currently more critical, from the point of view of economic-social conditions.
Moving on to the last pillar, G for Governance. Central themes in Governance and in the limelight, to support sustainable cultural change, are anti-corruption policies, equal payment between men and women, present of woman in company boards, work-life balance, rather than generational change within corporate and financial firms, which will have to secure themselves against the risk of leadership absence, which can go to the detriment of brand reputation.
What Happens if a Company Fails to Meet the ESG Goals?
If companies fail to meet ESG goals, it potentially exposes them to increased operational and financial risks.
A 20% year-on-year decease in the number of company start-ups was recorded for the first six months of 2022.
Our Q1 figures revealed that 2,545 companies were dissolved in the first quarter of this year, up 19% on the same time last year.