The International Organization for Standardization (ISO) recently announced new Environmental, Social, and Governance (ESG) principles at this year’s U.N. Climate Change Conference. These implementation guidelines align with the organization’s commitment to climate action and the United Nations Sustainable Development Goals.
These guidelines will mainly focus on assisting companies to navigate the ESG landscape, with their primary objective being to make it easy to comply with disclosure requirements while improving the communication, reporting, and measurement of sustainability efforts.
This matters as ESG rules continue to be adopted across the globe. In the last ten years, these regulations have grown by over 150% globally, creating a complex landscape for consistent reporting across different sectors, organization sizes, and jurisdictions.
During the launch, the ISO explained that the principles would offer a standardized structure for transparent and effective sustainability practices that could be applied to all companies, from multinational corporations to small companies. These guidelines, it continued, would integrate ESG principles into organizational culture and help address governance practices, social considerations, and environmental impacts for a comprehensive approach to sustainability.
The principles were developed with input from more than 1900 experts from over 120 countries. This included national standard bodies like the Brazilian Association of Technical Standards, the Standards Council of Canada, and the British Standards Institution.
ISO Secretary-General Sergio Mujica stated that these guidelines would promote an ESG culture that’d bring actual value to investors, governments, organizations and consumers. He added that the principles would also accelerate the adoption of sustainable business practices which benefit communities as well as the environment.
The President of the Brazilian Association of Technical Standards, Mario William Esper, explained that the principles also provided a foundation for organizations to meet international requirements and adopt structured practices. He added that they hoped the guidelines would enable organizations of different sectors and sizes to contribute to a more inclusive and environmentally responsible global economy.
The CEO of the Standards Council of Canada, Chantal Guay, stated that the guidance would also simplify the process of implementing ESG while complementing existing disclosure frameworks and standards. This, she said, was in addition to helping drive performance and building trust in ESG practices and information.
The British Standards Institution’s Chef Executive, Susan Taylor Martin, explained that the guidelines would also help society drive actual change in areas like biodiversity protection and reduction of emissions, ultimately accelerating progress towards a sustainable world.
Individuals wishing to learn more about the implementation principles can visit iso.org/ESGprinciples.
These global guidelines are likely to help numerous entities, such as Coyuchi Inc., to have a better way of collecting and making use of the data they collect while implementing different ESG principles.
NOTE TO INVESTORS: The latest news and updates relating to Coyuchi Inc. are available in the company’s newsroom at https://ibn.fm/COYU
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