Many businesses committed to sustainability are now asking, "What's next?" The answer lies in sustainability reporting. This practice is the next logical step for companies seeking to showcase their achievements and communicate them effectively to stakeholders.
You’ve probably encountered sustainability reports in various contexts, such as annual reports, corporate websites, or dedicated sustainability publications. They typically cover core topics across three main categories: environmental, social, and economic sustainability. Their purpose is to show how a company’s operations influence the environment, its workforce, the community, and other stakeholders.
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Sustainability reporting offers a range of significant benefits that extend beyond simply sharing information. By systematically documenting and communicating their sustainability efforts, businesses can enhance their credibility, manage risks more effectively, and ultimately achieve greater success. Here are some key benefits:
Enhanced communication: Clearly articulating your sustainability efforts and progress to stakeholders builds trust and transparency. This openness helps customers, investors, and the community understand and appreciate the steps your business is taking to operate responsibly.
Recognition and reward: By showcasing your commitment to sustainable practices, you can attract socially responsible investors and customers who value ethical and sustainable operations. This recognition can lead to increased customer loyalty and new business opportunities, driving growth and success.
Improved performance: Regular sustainability reporting helps identify areas for improvement and drives continuous enhancements in your sustainability practices. This process also fosters a culture of continual learning and adaptation, leading to better overall performance.
Risk management: Understanding and mitigating environmental, social, and economic risks is crucial for long-term success. Sustainability reporting helps businesses identify potential risks and implement strategies to address them.
As companies worldwide increasingly adopt sustainability reporting, several standards have been established to help stakeholders effectively assess and compare reports. The most widely adopted framework is the Global Reporting Initiative (GRI) Standards. This framework is related to other forms of non-financial reporting, such as triple bottom line reporting and corporate social responsibility (CSR) reporting.
These standards ensure that sustainability reports are comprehensive, consistent, and transparent, facilitating better comparison and assessment of a company's sustainability performance.
FutureTracker’s new sustainability reporting solution offers businesses a structured pathway to communicating and refining their sustainability. Through GRI alignment, the solution allows businesses to disclose their sustainability performance in a structured and globally recognised manner, improving credibility and fostering stakeholder trust.
We’ve put a lot of expertise into finding the best ‘next step’ for sustainability-conscious businesses, and this is it.
Seamlessly combining tech and sustainability expertise, you will be guided through a streamlined but comprehensive journey, culminating in your very own tailored sustainability report.
If you’d like to learn more about sustainability reporting with FutureTracker, you can view our plans here or contact us directly at enquiries@futuretracker.com
