The Financial and Practical Implications of Delivering on Your ESG Strategy
The downfall for many of today’s businesses who are recognizing the need to take environmental, social and governance (ESG) seriously is that they’re falling victim to the same fallacy. Setting a fanciful goal, like for example cutting down to net-zero greenhouse gas emissions by 2040, isn’t all that meaningful if you aren’t establishing a concrete framework to achieve it.
With this in mind, let’s explore the ways in which today’s organizations can get serious about the ESG imperative and take a strategic approach designed to deliver results.
Setting an ESG Strategy Means Analyzing the Big Picture
At all times, it’s important to think about your sustainability and ESG initiatives through the scope of your business as a whole. Why do these matter to the organization, its people, and its future? How can ESG strategy be implemented in a way that complements, rather than distracting from, your company’s many other goals and needs?
Through this lens, treat ESG like any other business strategy. That means mapping out steps and incorporating tangible methods of benchmarking, planning, and measurement.
A thorough ESG strategy should include the following steps at a minimum:
- Conduct a materiality assessment to get a handle on your current state
- Set objectives and goals: where can you maintain, improve, and optimize?
- Analyze gaps and roadblocks to achieving your desired future state
- Develop a strategic ESG roadmap and framework (and document it!)
- Set action plans and KPIs
- Report, evaluate, and communicate progress
Of course, with any business strategy, budget is critical. If something isn’t financially viable it simply isn’t going to happen, which is why it’s important to keep money at the center of these strategic underpinnings.
About Antea Group: Antea Group is an international engineering and environmental consulting firm specializing in full-service solutions in the fields of environment, infrastructure, urban planning, and water. By combining strategic thinking and multidisciplinary perspectives with technical expertise and pragmatic action, we do more than effectively solve client challenges; we deliver sustainable results for a better future. We serve clients ranging from global energy companies and manufacturers to national governments and local municipalities. Learn more at https://us.anteagroup.com.