Issue 630 (Week ending 01/05/2024)

The ability to benchmark a company against an industry, and the universe of companies with regards to ESG was once a far off idea when it came to considerations in decision-making. Today, it's a reality, with ESG Scores available on all Irish businesses.

It's incredibly likely that ESG wasn't a consideration for you at all when selecting suppliers and customers, as the information and detail required hasn't been available - and if it was available, it hadn't been aggregated or standardised to compare in a fair or meaningful manner.

Now, with ESG Scores, you can and it was a high priority topic of discussion at the ESG Summit 2024, which we attended to discuss and learn more about the impact it is having on how business is done.

"ESG reporting is going to be a requirement for all companies eventually, and it is important that we all start taking it seriously," said Kevin Rochford, ESG expert from CRIFVision-net who attended the Summit this year. Sustainable businesses has a number of benefits, and being able to benchmark your company, and your supply chain in your respective industries can provide an invaluable metric to use when building a roadmap for a more sustainable future.

Attendees at the ESG Summit 2024 were most concerned with 'Statutory ESG reporting, what is required, and how to do it,' confirmed Kevin. Getting started is the hardest part, so utilising a questionnaire that you can fill out quickly, and get back a comprehensive and informative report, that leads into a roadmap to becoming more sustainable is the best way to get your own, personal sustainability journey underway.

The key benefits attendees saw from receiving ESG Scores on their own business and their supply chain were:

1. Knowing first: to minimize risk and surprises when it comes to your sustainability strategy.
2. Demonstrating a commitment to sustainability: ESG due diligence is becoming more important and discussed in everyday business operations and decisions.
3. Supporting your ESG Strategy: With ESG scores, you can monitor your business, your partners, and empower teams to make informed decisions.
4. Benchmark capabilities: Compare your company's sustainability performance with others in your network and identify areas of improvement.
5. Meet compliance obligations: be ready for the ever increasing regulations and requirements for businesses to perform sustainably.

To learn more about ESG Scores on Companies, get in touch with our team of experts. We would be delighted to tell you more, and discuss the options for your business, on solutions.vision-net@crif.com, or Tel: +353 1 906 2660.