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Sustainability - Coggle Diagram
Sustainability
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Strategic ESG Program
Companies should first determine where to play and how to win. The former is particularly important because not all ESG issues are created equal, depending on the industry.
Research also shows that targeting the right issues bring financial benefits. Additionally, leaders should conceptualise the various actors in the system, their incentives, and the interventions that could drive change.
E.g. IKEA has mapped out a strategic ESG program, transforming itself in response to accelerating environmental degradation. It has introduced various products, service and process innovations to move away from its traditional retailing of inexpensive furniture that customer often discard.
E.g. Vaseline interviewed medical professional and found out the Vaseline jelly was an indispensable part of emergency first-air kits, particularly in developing countries. Additionally, it also helps alleviate cracked hands and burns. This insight helped heal the skin of 5 million people living in crisis.
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ESG (Environmental, social and governance)
E: contribution a company makes to climate change through greenhouse gas emissions, along with waste management and energy efficiency.
S: addresses the relationships your company has and the reputation it fosters with people and institutions in the communities where you do business. S includes labour relations, diversity and inclusion.
G: internal system of practices, controls, and procedures your company adopts in order to govern itself, make effective decisions, comply with the law and meet the needs of external stakeholders.
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focus on meeting the needs of the present without compromising the ability of future generations to meet their needs
Three pillars: economic, environmental, social - also known as informal profits, planet and people
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Measures of outcomes
Companies should communicate outcome metrics such as the number of customer accounts hacked, litres of water consumed per unit of product produced, carbon emissions saved, and percentage of women and people of colour promoted internally to management positions.