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In this episode, I am speaking to Eshwar and Rishab on the evolution of the sustainability concept and we touch base on the basics of ESG as well.
We are into the second episode of our Sustainability Series where we are Tracing Sustainability from Ancient Roots to Modern ESG.
In this podcast, we are covering the remarkable journey of sustainable practices from ancient times to the present day as we understand the origins of sustainability, uncover key milestones in environmental consciousness, and examine how ESG frameworks have become integral to contemporary business and societal values.
Join us as we explore the evolution of Environmental, Social, and Governance (ESG) principles, tracing how sustainability has shaped our world across generations.
Know the Guest Speaker :
Rishabh is an expert in Business Excellence and Sustainability with extensive experience in Oil and Gas, facilities management, Energy Service Companies, and the district cooling industry. Rishabh is known for pioneering the integration of ESG strategy with enterprise design thinking, bringing a wealth of experience in tackling challenges and crafting impactful solutions in senior leadership roles. His sustainability acumen encompasses meticulous GRI reporting, adherence to SASB standards, precise execution of GHG inventory calculations, and a strong focus on net-zero strategy, SBTi (Science-Based Targets initiative), and decarbonization initiatives. Additionally, Rishabh is a seasoned design thinking practitioner who has spearheaded innovative advancements in AI, ML, and RPA, driving significant organizational transformations.
Topics we discussed :
We discussed on difference between ESG and CSR , Definition of ESG and the historical balance of governance, social, and environmental factors, How does integrating ESG considerations benefit both businesses and communities and how can ESG practices foster long-term adaptation and sustainable development to mitigate the effects of climate change on ecosystems and communities?
In the realm of corporate responsibility, two acronyms have gained significant traction in recent years: ESG (Environmental, Social, and Governance) and CSR (Corporate Social Responsibility). While they both revolve around the idea of responsible business practices, there are crucial differences that set them apart and define their roles in today's corporate landscape.
Understanding ESG vs. CSR:
CSR traditionally encompasses a company's voluntary actions to address social and environmental issues. It often involves philanthropic initiatives, community engagement, and ethical business practices. On the other hand, ESG encompasses a broader spectrum, incorporating not just social and environmental factors but also governance aspects like board diversity, executive compensation, and shareholder rights. ESG is more integrated into the core strategy of a business, aligning sustainability with financial performance and risk management.
Defining ESG: The Historical Balance of Governance, Social, and Environmental Factors:
The concept of ESG has evolved over time, reflecting society's increasing awareness of the interconnectedness between business activities and their impact on the planet and communities. Historically, governance factors focused on ensuring transparent and accountable decision-making within organizations. Social factors encompassed employee welfare, diversity and inclusion, human rights, and community engagement. Environmental factors addressed resource consumption, pollution, climate change, and ecological preservation.
The Benefits of Integrating ESG:
Businesses that integrate ESG considerations into their operations can reap numerous benefits. Firstly, it enhances their reputation and brand value, attracting socially conscious investors, customers, and employees. ESG practices can also lead to cost savings through energy efficiency, waste reduction, and streamlined processes. Moreover, by fostering a culture of responsible business conduct, companies can mitigate risks related to regulatory compliance, reputation damage, and stakeholder trust erosion.
ESG for Long-Term Adaptation and Sustainable Development:
One of the most pressing challenges of our time is climate change and its far-reaching consequences on ecosystems and communities. Integrating ESG practices is a crucial step in mitigating these effects and fostering long-term adaptation and sustainable development. By reducing carbon footprints, promoting renewable energy sources, adopting circular economy principles, and investing in climate resilience strategies, businesses can contribute significantly to climate action.
Connect with Rishab on LinkedIn: https://www.linkedin.com/in/rishabh-shrivastava-9773793a
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