![]() ![]() ![]() To make substantive progress, look at your policies, processes, operations and products and invest in infrastructure and tools to drive needed change. Put ESG at the center of your business.Ĭenter your ESG strategy at the core of your business by incorporating it into your strategy, decision making and key performance indicators. ![]() (Full disclosure: My company offers double materiality and impact-feasibility services, as do others.) However, if you conduct an impact-feasibility analysis on all potential actions, you will be able to better prioritize implementing the most effective solutions first. It is easy for companies to get stuck at this point. Once you know the most pressing materiality issues, you then need to figure out how to address them. Double materiality assessments provide data and insights that are critical to shaping a company’s ESG strategy, resource allocations, priorities, metrics and communications. Conduct a double materiality assessment.Ī double materiality assessment is when a company looks at ESG impacts from both directions: the impacts the company’s operations have on the world around it and the impact the world (e.g., climate change) has on the company’s operations.It’s critical to focus on understanding the full impact of your products or services across the entire value chain, including your vendors, materials, packaging, carbon footprint, diversity initiatives, employee engagement, corporate giving and other areas. Define your purpose and understand your impact.ĭifferent companies have different motivations for strengthening their ESG performance being clear about the “why” behind your work should inform your entire approach to ESG.Ways To Keep Strategy Ahead Of Your Story Companies need to focus less on looking better and more on being better if they are going to contribute to driving true systemic change-the kind we need in order to limit climate warming to 1.5 degrees Celcius, stop human rights abuse in supply chains and advance the UN Sustainable Development Goals. And putting your strategy ahead of your narrative is not only good practice ESG is increasingly becoming the law of the land in markets around the world, including the EU and the U.S. ![]()
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