Implementing Environmental, Social and Governance (ESG) Principles for Sustainable Businesses: A Practical Guide in Sustainability Management

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Springer Verlag (2024)
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Abstract

The concept of environmental, social and governance (ESG) is rapidly emerging as the new global industry standard and an important benchmarking tool for socially responsible investments. Major corporations seek the expertise of specialized consultants to develop and implement tailored ESG framework for their businesses. This book offers a guide to ESG and its practical applications. Beyond introducing the structured procedures of the most common ESG approaches, it delves into the comprehensive impact on the value chain, providing practical insights. The text explores the latest trends in various business sectors, offering insights into their ESG practices. Closing with a forward-looking perspective, the book anticipates future developments such as climate change management and ESG certifications, while also addressing potential pitfalls encapsulated by the term “greenwashing”. Written by authors with a solid background in teaching and research, the book establishes a robust theoretical foundation. The inclusion of numerous practical examples and country-specific recommendations enhances this book’s applicability and makes it an invaluable resource to those navigating the complexities of ESG.

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ISBN(s)

9783031527333   9783031527340   303152733X

DOI

10.1007/978-3-031-52734-0
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Chapters

Corporate Strategy

This chapter outlines the role of corporate strategy in shaping the overall decisions such as business purposes, directions for business development endeavours and the importance of alignment of all strategic choices with the overall corporate strategy. It introduces the process of the strategic man... see more

Outlook to ESG Future Trends

This chapter introduces some current and emerging challenges faced by businesses in their ESG implementation, as well as potential future trends and developments. It begins with a discussion on growing legal pressure for climate change contributions, followed by an introduction of green financing th... see more

ESG Reporting Rules

Effective stakeholder communication is essential for overcoming the challenges of the principal-agent dilemma in complex stakeholder relationships, enhancing management accountability and active stakeholder engagement. Therefore, transparency of ESG reporting is pivotal for conveying an organization... see more

Strategy Selection

The selection of the optimal strategic option is essential for long-term business success. Such strategic choice is a comprehensive process that involves narrowing down the strategic options after thorough consideration of the possible impacts of the most influential internal and external factors. T... see more

Strategy Implementation

This chapter aims to demonstrate the process of strategy implementation that includes the elements of strategic goals and objectives, action plans, resource allocation, change management considerations as well as appropriate monitoring and evaluation instruments.While the concept of strategy archite... see more

Consumer Relationship and Sustainable Talent Management

Consumers and employees hold a special place among a company’s stakeholders in maintaining the brand image. This chapter is dedicated to their roles in shaping corporate ESG strategy to best meet their needs and requirements.It begins with depicting the emerging power of consumers in influencing cor... see more

ESG Stakeholders

To develop a successful ESG policy, it is crucial to understand the needs and concerns of all relevant stakeholders. This chapter depicts the role of stakeholders in modern business processes. The decisions and actions taken by the company can have far-reaching consequences that are not confined to ... see more

Approach to ESG Policy

In business practice, developing and implementing effective ESG policy is not without challenges. This chapter briefly outlines some of the major challenges and provides a detailed description of a framework recommended by McKinsey that entails the processes for conception and development, as well a... see more

Sustainability Marketing

The market is the arena where companies engage in a dynamic exchange with their customers, seeking to provide value in the form of products and services in return for revenue. To thrive in this competitive ecosystem, companies rely on a well-designed marketing strategy that serves as a roadmap for a... see more

ESG in Risk Management

Over the past decades, investors increasingly acknowledge the importance of environmental, social and governance (ESG) factors in evaluating a company’s financial viability over the long term. Thus, ESG issues have become a crucial element in risk management.This chapter delves into the fundamentals... see more

ESG Metrics

ESG metrics are performance indicators, mainly of non-financial nature, designed to assess an organization’s commitment to sustainability and responsible business practices. These metrics provide valuable insights. This chapter offers a comprehensive overview of typical ESG metrics in various aspect... see more

Emergence of ESG Principles

This chapter delves into the emergence of the concept of environmental, social and governance (ESG) principles that have become a fundamental component of corporate strategy in terms of responsible business practices worldwide. It traces the historical development of ESG that began with a joint task... see more

Introduction: ESG and Corporate Accountability

The world has witnessed significant transformations in various aspects of society and the economy, including social movements advocating for environmental and societal causes, the global integration of economies through globalization, the rapid adoption of digital technologies in industrial processe... see more

Public Policies

This chapter focuses on the role of public policies in guiding the environmental, social and governance (ESG) practice in a society. It introduces the fundamental functions and responsibilities associated with governments, especially the influence of economic public policies. Through a critical disc... see more

Sustainable Supply Chain

Sustainable supply chain management encompasses a range of topics and considerations aimed at minimizing environmental impacts, promoting ethical practices and ensuring economic viability throughout the supply chain.Today’s companies operate in a highly interconnected global marketplace. Globalizati... see more

ESG-Related Theoretical Frameworks

To develop optimal environmental, social and governance (ESG) solutions, companies should set clear strategic goals based on a holistic approach and deploy robust monitoring and reporting systems. In real-world practice, the notions of sustainability, corporate social responsibility (CSR) and Sustai... see more

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