August Round-Up of ESG Monthly Newsletter
By PA Mediapoint 31/08/2023Welcome to the monthly round-up of our ESG Monthly Newsletter: ESG Perspectives by Mediapoint!
Throughout August we covered important topics including avoiding social washing in companies, measuring ESG goal success, and understanding the differences between sustainable and ethical business practices. We also highlight upcoming ESG events in September that you won’t want to miss.
These articles provide businesses with a deeper understanding of the changing environment by offering insights from industry leaders and experts and we hope you enjoy the read.
What’s the difference between sustainable and ethical business practices?
(Alamy/PA)
For organisations aiming to do better, having ethical and sustainable core values is key to showing your employees – and the world – that, as a business, your purpose and impact goes beyond profits. Sustainability is a company’s strategy to reduce the negative impact of their operations on the environment. An eco-friendly business functions in the best interest of its local and global environment. Matthew Paver, COO of Carbon Responsible, and Miranda Hill, executive global sustainability leader at Avanade, unpick the differences and also explain how the two terms relate, plus discuss what organisations can do to be more ethical.
How can your company measure the success of its ESG goals?
Calculate your carbon footprint (Alamy/PA)
In an age when environmental issues are of increasing concern to the public, proven sustainability credentials can boost a company’s profile.
But being green is much more than a PR exercise. Every company has a moral responsibility to establish and fulfil ESG goals; very soon all companies will be expected to publish reports about how well they’re doing.
Greater transparency certainly means less chance of greenwashing, and with the EU’s Corporate Sustainability Reporting Directive coming into force earlier this year to put sustainability reporting on par with financial reporting, more and more companies will be asked to self-audit from 2025.
But how can success in Environmental, Social and Governance goals be measured?
We spoke with Jessie Frahm, sustainability consultant at Planet One Point Five, Hugo Kimber, CEO of carbon accounting specialists Carbon Responsible, and Lakshmi Woodings, head of CSR at Apex Group, to find out how.
What is social washing and how can companies avoid it?
Misleading consumers is a form of fraud (Alamy/PA)
Some might call it clever PR, but when a company seeks to cover up their negative social impacts by pretending to be socially responsible, they are 100% guilty of social washing. Distraction tactics might involve making a big charitable donation, or attempting to align themselves with an ethical organisation, without having any genuine conviction to really make a change.
How is it different to greenwashing?
While greenwashing revolves around environmental claims, social washing refers to misleading information about the social responsibility of a company’s products or services. “It’s a new term for a relatively old practice. It’s a close relative of greenwashing,” says Anthony Quigley, co-founder and executive chairman of The Corporate Governance Institute. “Social washing and greenwashing both talk the talk without walking the walk. They are ‘campaign tools’ that big companies can use to deflect people’s attention away from ugly realities.”
Anthony Quigley, co-founder and executive chairman of The Corporate Governance Institute, and Adrien Gaubert (He/Him) and Pierre Gaubert, co-founders of myGwork, the largest global LGBTQ+ talent platform, detail what falls under the umbrella of social washing along with examples – and how companies can avoid falling foul of it.
ESG events coming up as businesses get into gear in September
Want to know what the key ESG events are in September? Here, PA Mediapoint Sustainability reporter, Rebecca Speare-Cole takes a look at key events for your diary for September.
In conclusion, our August ESG Perspectives by Mediapoint highlighted the importance of ethical and sustainable business practices, effective ESG goal measurement, and the dangers of social washing.
As we go into September, upcoming ESG events offer fresh opportunities for businesses to champion responsible practices.
Stay tuned for more informative articles in our upcoming newsletters, ESG Perspectives by Mediapoint, as we continue to provide valuable insights on these ESG-related matters. Don’t forget to subscribe to our monthly newsletter, On The Point, to stay updated on our services and initiatives.
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