Today, most leaders understand the benefits of sustainability measurement and reporting and use it to:
Early adopters of organizational sustainability practices and goals have utilized their data to reduce utility costs through improved building performance or for compliance with local benchmarking laws in cities such as New York City, Boston, Orlando, Philadelphia, and more. Overall spending on ESG business services is expected to grow 32% a year for the next five years. For those who have not yet begun their ESG journey, it is important to start today. As the Security Exchange Commission finalizes their Climate Disclosure ruling later this year and the European Union rolls out their sustainability disclosures and directives next year, this work will become inescapable due to interwoven supply chains. Investors are seeking to understand how companies are preparing for climate risks while simultaneously seizing opportunities that exist within these risks to build resilient companies of the future. This demands investor grade reporting in line with financial reporting. According to NAVEX Global, 88 percent of public companies have ESG initiatives in place and about two-thirds of privately-owned companies have ESG initiatives in place.
Rather than viewing these reporting efforts as a compliance exercise, there is value in viewing this as a value creation exercise. Engage with the data and use it to make informed decisions around corporate strategy to ensure the health and longevity of your financial, human, natural, manufactured, and intellectual capital. Executing sustainable strategies requires collaboration internally across departments and with external vendors across the supply chain. A systematic flow of accurate information, including both quantitative and qualitative data metrics enables leaders to make more impactful decisions.
ESG data collection and reporting can seem like a daunting task to organizations just starting out. Companies already collect utility data for financial purposes, but this information is also a foundational asset for ESG reporting. Generating new insights from available data is an effective first step in any ESG program. Resource management (especially energy), energy procurement for rate optimization with options for greener energy and driving transparency across all sustainability metrics through programs and certifications will attract investment, partnerships, talent, savings, and recognition.
The focus areas above are what have built the three divisions at Evolution Sustainability Group. This Philadelphia based consulting company utilizes Energy Efficiency Engineering, Energy Procurement, and ESG as three core business offerings to guide clients who are just beginning their sustainability journey or clients that are leading in sustainability but want to expand their efforts.
