The topics related to CSR and ESG aren’t at all new, but they have certainly received a great deal more attention and focus as the result of…
In context: If you’ve read much about changes in the corporate world recently, you’ve undoubtedly started hearing about something called “CSR,” short for Corporate Social Responsibility, and “ESG,” an acronym for Environmental, Social, and Corporate Governance. Seemingly out of the blue, organizations of all types and sizes are advertising, blogging, and promoting their own goals in these areas and talking about the progress they’ve made against them. The topics related to CSR and ESG aren’t at all new, but they have certainly received a great deal more attention and focus as the result of societal changes, growing environmental concerns, and regulatory requirements. In particular, environmental sustainability issues have received a great deal of attention recently, as massive wildfires, floods, and other natural disasters driven by climate change have wreaked havoc on countries around the world. As a result, many organizations have announced ambitious plans to do things like reduce their energy consumption and carbon footprint and make whatever effort they can to lessen their impact on the environment. Companies are not only focusing on their own efforts here, but even on those companies that partner with them in supply chains. Speaking of supply chains, industries of all types are now facing massive challenges in this area. While most of these challenges are driven by the pandemic, some can also be tied to environmental changes. This is particularly true in industries like agriculture and energy. Looking ahead, many organizations are also very concerned with the impact that future weather-based and environmental issues could have on business continuity. In the World Economic Forum’s latest Global Risks Report 2021, the top 3 risks they cite for business over the next 10 years are all related to weather and the environment: extreme weather, climate action failure, and human-led environmental damage.
