The Growing Importance of ESG Reporting and the Role of AI
Published: 2023-10-11Star Bulk Carriers, a US-listed company, has reported a strong financial performance in 2022, along with significant improvements in its environmental, social, and governance (ESG) practices. The company underwent a DryBMSA audit with RightShip, becoming the first dry bulk company in the world to do so. Star Bulk also measured and reported its emissions at Scope 3 level, introduced a Board-level ESG Committee, and actively contributed to the development of Green Corridors. Through the implementation of technical and operational measures, the company has improved the energy efficiency of its fleet and reduced its carbon footprint.
Reusable plastic packaging and performance pooling solutions provider, Tosca, has released its second Environmental, Social, and Governance (ESG) Report titled “All Together Better, Innovation through Partnership.” The report highlights Tosca’s progress on its sustainability journey and its collaboration with customers, suppliers, and team members to create a more responsible business. The company focused on data accuracy and transparent reporting, aiming for continuous improvement and innovation. Tosca aims to eliminate wasted miles, food, space, and labor from the supply chain, working towards its shared vision with customers of a more sustainable world. The full ESG report can be found on Tosca’s website.
TricorBraun, a global packaging leader, has signed an agreement with AFA Dispensing Group to be the preferred distributor of AFA’s sustainable and rechargeable Flairosol spray technology in the US and Canada. Flairosol is a propellant-free, non-pressurized system that can be recharged and reused, providing a more sustainable alternative to aerosol packages. TricorBraun’s partnership with AFA allows them to offer the Flairosol device to customers in various industries, including personal care, beauty, nutraceuticals, home and fabric care, animal and pet care, and automotive. This agreement expands TricorBraun’s sustainable packaging offerings and supports their commitment to helping customers become more sustainable.
The global meal replacement market is expected to reach $18.4 billion by 2028, with the North American region currently holding the largest market share. The Asia-Pacific market is projected to have the fastest growth rate during the forecast period. The market is segmented into powder, ready-to-drink, meal replacement bars, and others, with the powder segment currently claiming the largest share. The online segment is expected to exhibit the most robust growth rate. Factors driving the market include the rising prevalence of diabetes, increasing obesity rates, and growing awareness of the benefits of a healthy lifestyle. The COVID-19 pandemic had both positive and negative impacts on the market.
The Britannia Group has released its latest sustainability report, highlighting its commitment to embedding sustainability and ESG practices throughout the organization. The report showcases the development and monitoring of key performance indicators (KPIs), the implementation of ethical policies, and the rollout of an online sustainability training program for employees. The report also reflects the adoption of draft European Reporting Sustainability Reporting Standards, disclosing the financial, environmental, and social impacts of ESG risks and how they are managed. The Britannia Group has also implemented an investment strategy that includes reporting on the ESG alignment of its investment managers. Additionally, the group supports volunteering and charity fundraising activities and has made donations to maritime charitable organizations. CEO Andrew Cutler emphasized the group’s dedication to addressing ESG challenges and creating a more sustainable future.
Kimberly-Clark Corporation’s Vice President of Safety, Sustainability, and Occupational Health, Lisa Morden, recently participated in a virtual panel discussion on integrating climate and biodiversity into business strategies. Morden emphasized the importance of incorporating climate, biodiversity, and nature into the company’s supply chain and value chain to build resilience. The panel also explored topics such as integrating climate with broader nature strategies and the role of biodiversity in risk reduction. Kimberly-Clark is committed to sustainability and has been recognized as one of the world’s most ethical companies.
Hong Kong-based environmental services group, Baguio Green Group, has secured new contracts worth approximately HK$752 million ($96.5 million) from various Hong Kong government departments, quasi-government organizations, and private organizations. This brings the total value of contracts on hand for the group to a historical high of approximately HK$4.7 billion ($603 million) as of October 5, 2023. The contracts include services such as cleansing and supporting services for leisure venues, management and pest control services for markets, and recyclables collection services for public spaces and schools. Baguio Green Group aims to promote sustainable development and create a cleaner, greener, and healthier city.
Enviri Corporation, a global provider of environmental solutions, reported that it derived 100% of its annual revenue last year from its environmental solutions divisions, a 38% increase from three years ago. The company recycled or reused over 35 billion pounds of waste, with 90% of waste being recycled or reused by its Clean Earth division and 87% of slag waste being recycled or reused by its Harsco Environmental division. The company also saw a 20% improvement in total recordable incident rates and tied senior executive compensation to ESG results. Enviri has set goals to reduce energy and carbon intensity, enhance workplace safety, and promote diversity and gender representation.
The article discusses the increasing importance of environmental, social, and governance (ESG) reporting for businesses. It highlights the growing expectations from investors, customers, employees, and partners for corporations to demonstrate their commitment to ESG. The use of generative AI is suggested as a solution to help businesses navigate the complex landscape of ESG reporting, improve efficiency, and reduce costs. AI can assist in tracking carbon footprints, generating framework-specific reports, and streamlining the report authoring process. The article also emphasizes the need for upskilling in AI and sustainable development to ensure a just and equitable transition to a net-zero future.
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