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Why is sustainability reporting important for companies?

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Sustainability reporting is a way for companies to disclose their environmental, social, and governance (ESG) performance and impacts to their stakeholders. It can help companies to communicate their values, goals, and strategies, as well as to demonstrate their accountability and transparency. In this article, you will learn why sustainability reporting is important for companies and how it can benefit them in various ways.

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Sarah Salvatoriello

1 What is sustainability reporting?

Sustainability reporting is the process of measuring, managing, and disclosing the ESG aspects of a company's activities. It can cover topics such as climate change, human rights, diversity, health and safety, ethics, and community engagement. Sustainability reporting can be done in different formats and frameworks, such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), or the Task Force on Climate-related Financial Disclosures (TCFD).

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Sarah Salvatoriello
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Sustainability reporting is critical for companies with a vision that involves a future state of existence to ensure that the future exists. Depending on the mission and values of the brand, the activities and effects that get measured should be aligned, measured, and evaluated in tandem with the more traditional standards of business health and viability. Every single effort in service of a business operation carries some environmental impact, involves some relationship or community effect, and decisions are guided or influenced by leadership and internal controls that can ripple out. Whether a business is product or service-based, establishing metrics and adaptable methods early ensures the ability to succeed in the future.

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2 Why is sustainability reporting important?

Sustainability reporting is important for companies as it can help them to improve their reputation and trust among stakeholders, enhance their decision-making and risk management, increase their efficiency and innovation, attract and retain talent, and comply with regulatory and market expectations. It can also aid in identifying and addressing material ESG issues that affect business performance and value creation, reducing environmental footprint, optimizing resource use, creating positive social outcomes, fostering a culture of sustainability, diversity, and inclusion, as well as offering opportunities for learning and development.

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Sarah Salvatoriello
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Beyond the external optics and investor needs, sustainability reporting increases a business's long-term viability. It ensures the company considers its impact on the world and reciprocates by informing plans and goals that feed a mutually beneficial future state of success. As pace accelerates and distance is created between supply chains and people operations, it is increasingly more challenging for stakeholders to have a holistic understanding of the impact a business has. Measuring and reporting on the relevant impact of decisions and practices made today ensures that the company mission can be upheld or defended in the future.

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3 How to start sustainability reporting?

If you want to start sustainability reporting for your company, you need to define your purpose and scope of reporting, aligning it with your business strategy and vision. Engaging with stakeholders is essential to understanding their expectations and interests regarding ESG performance and impacts. It is also important to identify and prioritize your material ESG topics, collecting and analyzing data on them using reliable methods and indicators. Reporting and communicating your ESG performance and impacts should be done using clear language and format, following the relevant standards and guidelines. Finally, reviewing and improving your reporting process and outcomes based on feedback is necessary.

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Sarah Salvatoriello
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Starting with the vision and mission of the company, one can evaluate the social, human, and environmental capital in place currently and set metrics for where it would like to go. The first step is outlining what you have. The next step is outlining what you want to have. It is not dissimilar from any other metrics tracking in that respect. Through testing and iterating, aligning, and communicating, those key areas of measure can rally and align stakeholders. Accountability to review initial findings and modify future performance indicators to look at will allow an early habit to form.

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4 What are the challenges of sustainability reporting?

Sustainability reporting can present some challenges for companies, such as finding the right balance between the quantity and quality of ESG information they provide, as well as ensuring the accuracy and completeness of data. Additionally, managing the costs and resources involved in the sustainability reporting process is a challenge, as is dealing with the complexity and diversity of sustainability reporting frameworks. Additionally, companies must integrate sustainability reporting with financial reporting to demonstrate linkages and trade-offs between ESG and financial performance and impacts.

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5 What are the trends of sustainability reporting?

Sustainability reporting is evolving and adapting to the changing needs and expectations of companies and their stakeholders. Recently, there has been a rise in digital and interactive reporting, which allows companies to use different media and platforms to present ESG information and engage with stakeholders. Additionally, sustainability reporting is being integrated with the Sustainable Development Goals (SDGs) to end poverty, protect the planet, and ensure prosperity by 2030. Moreover, new reporting topics such as circular economy, human capital, biodiversity, and social justice are emerging to reflect current ESG issues. Lastly, new tools and metrics such as science-based targets, net-zero emissions, social return on investment, and impact measurement are being developed to set and track ESG performance more effectively and transparently.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Why is sustainability reporting important for companies?

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5

6

1 What is sustainability reporting?

2 Why is sustainability reporting important?

3 How to start sustainability reporting?

4 What are the challenges of sustainability reporting?

5 What are the trends of sustainability reporting?

6 Here’s what else to consider

Communication

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Why is sustainability reporting important for companies?

1

2

3

4

5

6

1 What is sustainability reporting?

2 Why is sustainability reporting important?

3 How to start sustainability reporting?

4 What are the challenges of sustainability reporting?

5 What are the trends of sustainability reporting?

6 Here’s what else to consider

Communication

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