‘Sustainable” has been a buzzword for quite some time now, but for many businesses, the ESG (environmental, social, and governance) framework is relatively recent. The two are related in that ESG features lead to sustainability. Know more:
Sustainability and ESG standards are crucial for today’s businesses and organizations because of the global challenges that our planet is facing. We can be sure that we will be hearing or encountering more of them in the years to come, which makes it obvious that businesses truly need to align with these standards as soon as possible in order to remain relevant, competitive, and cooperative.
Aligning means making investment/business decisions based on ESG elements or frameworks. In the long run, it is good not just for the planet and its inhabitants, but also for the organizations themselves as more investors, employees, consumers, and stakeholders demand that companies be more responsible and sustainable.
For instance, last year the European Commission adopted a finance package that would require around 50,000 EU companies to report on ESG issues starting in 2023. In the Philippines, the Ayala Group has embarked on a long journey of actualizing its “commitment to sustainability through the ESG metrics.” This is according to the conglomerate’s chairman himself, Jaime Augusto Zobel de Ayala.
To work within the ESG framework, an organization needs to have a strategy that focuses on the environmental, social, and governance pillars. Some of the actions that can be taken include: taking measures to decrease pollution and COoutput, having an inclusive workforce, reducing waste, addressing climate change and issues related to biodiversity, human rights, health and safety, corruption, and so on. The scope is much wider, but you get the picture.
On the surface, ESG may look expensive and time-consuming to implement, but as mentioned, it brings rewards to the organization and its people, as well as to the world and its citizens.Here’s an invitation to watch the films that are part of the Spanish Film Festival, which opens on October 5, at 7:30 p.m. at the Shangri-La Plaza Red Carpet Cinema in Mandaluyong.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Continuing saga of the PTA - BusinessMirrorIT had the noblest of intentions. It was created over 12 years ago to professionalize and train the core of government tax collectors in the Bureau of Internal Revenue (BIR), Bureau of Customs, and local government treasurers’ offices. I am referring to the Philippine Tax Academy (PTA). The PTA was established pursuant to Republic Act
Read more »
PHL’s 8-rung dip in innovation index most alarming–IPOPHL - BusinessMirrorTHE Intellectual Property Office of the Philippines (IPOPHL) has described as “most alarming” the Philippines’s slide of eight notches in the 2022 Global Innovation Index (GII). “We regret to see the decline of the Philippines in the 2022 Global Innovation Index [GII]. Our slide of eight rungs is most alarming. This calls for the urgent
Read more »
‘Amid peso decline, confidence is key’ - BusinessMirrorFISCAL prudence is “an existential imperative,” according to an economist-lawmaker, after the announcement of a new tax cut plan by the British government pulled the pound sterling to a 40-year low against the US Dollar. House Committee on Ways and Means Chairman Joey Sarte Salceda made the statement amid the Philippine peso’s continuing to hit
Read more »
RE law changes crafted on eased equity share - BusinessMirrorThe Department of Energy (DOE) is working on the necessary amendments in the renewable energy (RE) law following the legal opinion of the Department of Justice declaring that RE is not subject to the 60:40 rule on foreign ownership. “The DOE is preparing the necessary amendments to Rule 6, Section 19 of the IRR of the
Read more »