Common ESG Reporting Frameworks and Standards

 ESG reporting frameworks are the guiding principles for ESG reporting, whereas standards provide the tools to practically implement those principles. Most of the standards/frameworks are either too broad-spectrum in addressing ESG principles, or too specific to any single pillar of ESG.

1. Task Force on Climate-Related Financial Disclosures (TCFD) framework

It is a framework to help public companies and organizations to effectively disclose climate-related risks and opportunities by making use of their existing reporting systems.

2. International Integrated Reporting Council (IIRC) framework 

Being an evolution of corporate reporting, the integrated reporting focusses mainly on conciseness, strategic relevance and future orientation.

3. Global Reporting Initiative (GRI) framework 

GRI is an international independent standards organization that helps businesses and other organizations to evaluate and report their impacts on issues related to climate change, human rights and other ethical issues at work.

4. Climate Disclosure Standards Board (CDSB) framework 

A non-profit organization working to provide information on climate change-related statistics to organizations in order to bring environmental concerns into mainstream financial reporting.

5. Sustainability Accounting Standards Board (SASB) standards

SASB Standards addresses the most relevant environmental, social and governance issues which influence financial performance of a wide variety of industries. The Standards rely on evidence-based research; participation from companies, investors and experts and approval from the independent SASB Standards Board.

6. GRESB (Global Real Estate Sustainability Benchmark)

GRESB is an organization that provides transparent Environmental, Social and Governance (ESG) data to financial markets. Those benchmarks can be used by businesses to compare their performance with their competitors and find out how they can improve their ESG performance.

Incorporating ESG into any business involves identifying industry specific ESG factors, establishing measurable ESG targets and benchmarks, evaluating and disclosing ESG performance by means of international reporting frameworks. Embedding ESG values into corporate culture and operations brings clarity in business which also drive innovation and growth into the system.



Comments

Post a Comment

Popular posts from this blog

Environment, Social and Governance (ESG)- The New Era of Corporate Sustainability

Image
ESG is a terminology that is slowly gaining importance among sustainability-enthusiasts who are aware of the fact that committing to environmental and social development will not hamper the present corporate motto of maximizing the profits. ESG, the acronym for Environmental, Social and Governance, talks about a mechanism that integrates environmental sustainability, social responsibility and efficiency in governance into an organization’s business strategies in order to maximize the outcomes in terms of safer environment, stronger community relations and sustainable investments. Evolution of the concept of ESG The concept of sustainability and ESG has undergone tremendous changes over the last few decades. The early industrialization and increased use of pesticides resulted in growing concerns about environmental pollution. As a result, the modern environmental movement began in 1960s, which led to a new era of social responsibilit
Read more

What is a snag? & Reasons for snagging?

Image
What is a snag? A snag is a small defect or problem that remains in your property after the building work has been completed. It is typically something that is damaged or broken; not fitted properly or looks unfinished – think a scratch on a window or a missing hinge on a door. Finishes not completed properly, major snags cause FLS issues and operational defect. Etc. however more serious defects can arise such as major cracks and kitchen fixtures that are not fitted properly. snagging as an important part of construction. Reasons for snagging? There are many reasons for snagging, poor workmanship and design material problems, you can always prevent snags, but there are steps that contractors can take to reduce the number and severity of snags in their work. In some cases, you may need a second snagging survey to ensure that all previously identified issues are fixed. Checking the quality of work throughout the project is crucial, as well as keeping detailed, ongoing records of co
Read more

Evolution of Fire Safety Audits: A Journey through Time

Image
Fire safety is paramount in any setting, be it a home, workplace, or public space. The devastating impact of fires on lives and property underscores the critical need for proactive measures to prevent and mitigate fire-related incidents. One of the most critical tools in the arsenal of fire safety is the fire safety audit. In the upcoming blog post, we'll embark on a historical journey through the evolution of fire safety audits, delving into their transformative changes over time and emphasizing their critical role in ensuring the safety of our communities. The Early Years: Ancient Rome Fire safety has been a concern for centuries. In ancient Rome, for instance, there were regulations in place to prevent fires, such as spacing between buildings and the use of water sources for firefighting. However, systematic fire safety audits as we know them today didn't exist in the past. In ancient Rome, fire safety was indeed a significant concern due to the widespread use of open flame
Read more