Hey ground controller — we have an ESG problem
Congratulations on your new position as Head of ESG.
This article was motivated by the creation of so many ESG jobs, and accordingly, I am sharing this article as a resource for companies looking to start or upgrade their ESG story.
While you bring a lot of experience, passion, and ideas to change the company and the world, the road is paved with potholes.
In this article, I will share practical steps to help make you a successful Head of ESG and integrate a holistic approach in your organization.
So, let’s look at the challenges.
Strategy and resistance — ESG may be in conflict with the core principles of business. Your company may be a carbon Polluter, not geared up to reducing Carbon, the Finance dept is not geared up to extract or report on the data, or there are conflicts with TCF- not treating customers (or staff) fairly, etc. Therefore, it is Important to lay out the groundwork and create trust with stakeholders.
Environment — Many companies put on a spin and greenwash. One approach is to look outside of the organisation for initiatives. Learn from your competitors, seek expert advisors who have experience with ESG in your industry.
Social — This is personal and needs your footprint, the vision of the CEO, and the board. Treating Staff, and Customers fairly is a good place to start.
Governance — need to put in a robust risk assessment review process. Look to engage with professionals with experience in regulated financial companies who can bring experience in processes, especially as governance and risk.
Let’s dig deeper and look at — Data capture, management, Reporting.
The big question to tackle is — Where can I get access to the data to measure Scope 1, 2, 3, and HR and social impact?
It should not come as a surprise, but accounting systems can not handle this. Even modern accounting systems do not scan, track the detailed level of data needed to deal with ESG data.
In addition, even with the help of the CFO and his team, this will be a challenging, time-consuming, costly exercise.
So, what is the solution?
In response to this challenge, I have set up ESG 3.0— a new way to deal with Data and ESG.
In essence, you now have what is dubbed ESG Accounting.
Just like a few years, there were no head of ESG jobs, you will in the next few years have ESG Accounting systems or Carbon Accounting systems.
Based on my many year's experiences as CFO, in my search for a solution, I recommend using a 3rd party digital ESG Platform solution. There is only a handful of these providers in the world.
Recognizing the need for a digital ESG Platform, I have teamed up with GXC — Dash.
GXC DASH is the first choice, leading Sustainability ESG Platform provider to leading blue-chip companies with a strong focus on service and hitech companies, real estate, hotels, food retailers, and supply chain.
The GXC ESG platform provides real-time business intelligence analytics solutions including automated Data Capture + Data Hub + Real-time Dashboard & Reporting and solutions for offsets & reduction.
So, let’s look at some of the issues that needs to be addressed.
Benefits of adopting ESG Dash
The adoption of GCX Dash will enable your company to embrace ESG, meet the challenges of data, extraction, and reporting.
In both the short and long term, this would prove time and cost-efficient and will pay for itself on cost and energy savings
Persofi together with GCX Dash presents an opportunity for your company to upgrade your ESG story or as a place to start or re-start.
We invite you to find out how we can help you in your sustainability journey. Please feel free to reach out to me by email: jeffrey@persofi.com or browse my blogs on https://www.persofi.com/ where we cover topics with a focus on:
ESG Accounting | ESG Measurement | ESG Rating | CO2 Reduction | ESG Reporting