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As the waste management and recycling industry grows rapidly in response to environmental concerns, RMP look at the significant risks to local authorities, their staff and or contractors, and members of the public.
ESG
Background
ESG….Environmental, Social and Governance – but what does it mean? Broadly speaking ESG refers to the examination of an organisation’s environmental, social and governance practices.
For public sector organisations, much of this is not new. The sector has operated under the guise of the International Framework: Good Governance in the Public Sector for many years. The aspects of ‘Environmental’ and ‘Social’ are however; more recent additions and guidance around the expectations of the sector here are still forming.
ESG first captured our attention back in 2005 when an unsponsored report – Who Cares Wins: Connecting Financial Markets to a Changing World argued that embedding ESG considerations into capital markets would lead to better societal outcomes.
Whilst the basis of the report was primarily concerned with ESG in relation to investments, the concept has grown exponentially, with many organisations placing ESG at the centre of their strategic planning processes and board-level considerations.
The use of ESG ratings is becoming an increasingly common method of being able to progress and report on the improvements being made. In March 2023, the UK Government through HM Treasury launched a consultation process to consider whether regulation for providers of ESG ratings should be introduced and on the potential scope of a regulatory regime. The outcome of the consultation was that the then Conservative Government committed to regulating ESG ratings through legislation. It is to be seen whether the current Labour Government will continue with this commitment.
ESG is now big business and there are few organisations who have not yet considered ESG, its impacts and how it will respond to the increasing need to demonstrate positive action in this space.
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