What is a sustainability report, why should businesses have it?
Sustainability reporting as an agenda is an extremely crucial and integral part of any business strategy in today’s date. As discussed in several of our blogs previously, an increasing number of investors and customers choose businesses and causes that have a sustainable vision and work toward building a better future for the people and the planet.
Sustainability reporting enables businesses to communicate the impact of their operations effectively and transparently. A sustainability report, therefore, becomes an imperative tool for businesses. A sustainability report helps organizations highlight their effort and achievements while also building social responsibility and accountability as part of their brand identity. It also works as a company’s mouthpiece for its plans and agenda towards the environment and community. Look how important sustainability reporting is for brands.
Sustainability Reporting & Businesses: The Significance
- Sustainability reporting helps businesses “focus on the sustainability reporting standards and ratings that are most closely aligned with their strategic requirements and the information needs of their stakeholders,” sums up a blog on sustainability reporting on Harvard business school online.
- Sustainability reports, or as they are interchangeably known as CSR or impact reports are becoming increasingly common among companies and organizations these days, a trend that is predicted to swell in the coming years. As per Harvard Business Online, a whopping 90 percent of companies listed on the S&P 500 index published CSR reports in 2019, up from only 20 percent of companies that published sustainability reports in 2011.
- A business can choose to report a particular aspect of its CSR effort – say, carbon emissions or water waste management – or prepare an overarching, well-rounded statement on a sum of its sustainability activities. Often, it may become challenging for businesses to choose a framework or decide which aspects and metrics to report on.
Sustainability reporting frameworks or standards are a good place to start for businesses looking at creating their sustainability report. A company can choose from a range of frameworks or decide to work with a mix of them to suit its agenda and form a comprehensive and robust report. Carbon Disclosure Project (CDP), Climate Disclosure Standards Board (CDSB), Global Reporting Initiative (GRI) are among a host of globally accepted and widely used sustainability reporting frameworks. Want to learn more about sustainability reporting standards and ESG frameworks? Check out our in-depth blogs & get your free copy of the ESG Frameworks e-book.
Succinctly put, a sustainability report is a tool that showcases an organization’s performance, reputation, and risk. The report helps the management arrive at critical and judicious decisions concerning their CSR effort and sustainability strategy leading to enhanced sustainability and corporate performance. Companies that report their sustainability efforts regularly enjoy greater loyalty from stakeholders besides attracting new talent, resources, investors, and expansion opportunities. It is a great way to counter SDG or greenwashing and establish a brand as a leader and impact creator. Besides, a thorough analysis of sustainability reports also helps foresee, manage and mitigate risk while improving operational efficiency.
Artemis Impact offers a platform that simplifies all processes associated with impact creation, management, and reporting. Artemis Impact Platform offers a unique opportunity for impact leaders to go beyond their sustainability reporting and share achievements rather than just the activities or output created.
What is Artemis Impact?
We know today’s average customer cares about sustainability and we enable our clients with real-time, bottom-up, evidence-based analytics that allow them to Tell the Right, human-focused stories about their brands and build long-term trust consistently with consumers.
We use a combination of consultancy services & technology to deliver our solution to our clients. Create a more lasting impact with your CSR efforts & share evidence-based stories. Schedule a call back to know-how.
Artemis Impact is an impact service & technology provider with the aim to create an ecosystem that allows impact makers to #DoGoodBetter