ESG adoption is something more than simply filing ESG report or making public disclosures. Organization should, to realize the ESG benefits assess its sustainability related risks and opportunities and try to capitalize on the opportunities while effectively managing its sustainability related risks. It implies that the entire business processes need to be reviewed from ESG perspective and re-orient them with ESG enabled business strategies of the organization.
ESG adoption is a journey which the organization embarks to make a gradual progress towards becoming fully ESG compliant-entity. The key steps, among others to start this ESG journey are:
ESG adoption is a journey which the organization embarks to make a gradual progress towards becoming fully ESG compliant-entity. The key steps, among others to start this ESG journey are:
Benchmarking: Comparing with international best practices, local regulations and industry peers
Monitoring and reporting: Establish a monitoring framework with clear communication channels for timely internal and external reporting.
Stakeholder engagement: Identify and consult with key stakeholders of the business on their ESG expectations from the organization.
Strategy and targets: Have a strategy to manage ESG impacts including adaptation and mitigation, set KPIs, have a road map to achieve the targets and implement the plans.
Maturity Assessment: Understanding where your organization currently stands in terms of ESG adoption
Materiality Assessment: Identify and priorities your organization’s ESG impacts.
This is an iterative loop process meaning that it is a continuous process wherein each step reinforces the next one by Plan –Do-Check and Act (PDCA) Procedure. SAM, as a pioneer in ESG consulting and provider of state of the art ESG solution is happy to assist your organization to start on this journey by conducting maturity assessment and benchmark exercise on a complimentary basis.
