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Exploring ESG Trends in the Real-time Payments Sector
The integration of ESG factors into decision-making processes and business strategies has become crucial for companies operating in the real-time payments industry. By incorporating ESG considerations, companies can enhance due diligence, make better investment decisions, and align their operations with the United Nations' Sustainable Development Goals (UN SDGs).
A quantum leap in real-time payments (RTPs) has leveraged customers, enterprises and governments to streamline payments and enhance the efficiency of the financial ecosystem. Real-time payments have made financial services attractive among millennials and the Gen Z population. The upsides of RTPs will be pronounced as policymakers, start-ups and other stakeholders emphasize the expansion of modern payments infrastructure. When compared with legacy alternatives that normally take days to reach the target, RTP has brought a tectonic shift to provide faster and more robust means of payment. It has unfolded social and economic facets that can influence stakeholders across verticals.
Industry leaders have jumped on the bandwagon to inject funds into environmental, social and governance (ESG) frameworks and policies. The year 2023 and beyond could witness real-time payments continuing disruptions. Notably, it could offset economic inefficiency with money locked up in financial systems. Cash-dominated regions are expected to invest in the advanced payment structure to help consumers gain access to financial services and help governments collect taxes and distribute benefits accurately and swiftly.
Fintechs and banks turned adversities into opportunities following the prevalence of the COVID-19 pandemic. The outbreak brought a paradigm shift in the payment landscape, bolstering the digital paymentecosystem. Companies scampered to keep up with the payment demands amidst a surge in cyber threats. Early adopters anticipate witnessing better liquidity management, enhanced communication with counterparties and seamless access to transaction data.
Environmental Perspective
Sustainable payment structure has emerged as a pressing segment amidst the soaring cost of cash management, including environmental, social and governance cost of printing notes. Payments initiated and settled instantaneously could prove to be a game-changer in the cost-effectiveness of cash management and be available 24 hours a day, 7 days a week & 365 days a year. Organizations have exhibited strong demand to boost spending on payment infrastructure. According to an FIS survey released in 2021, around 27% of organizations expect to implement RTP in the next three to five years, while 14% have already embedded the payment infrastructure.
At a time when customers of U.S. corporations are writing approximately 2.3 billion checks (equivalent to 455,000 trees) annually to pay their bills, digital payment could be a silver lining. With policymakers and global regulators pushing for a framework for reporting of climate risks, a transition from paper to digital could be a notable step toward sustainability. In April 2022, one of the largest check processors in the U.S. BNY Mellon announced a reduction in paper checks. Clients have reportedly minimized the number of checks they send to BNY Mellon for processing by 8.5% since 2019.
In May 2021, the check processing company announced the rollout of a real-time electronic bill (e-bill) and payment solution, it claims to be the first bank cashing in the RTP network to offer instant digital consumer bill pay service. Reflecting these trends, advanced economies, such as the U.S. have set an overarching goal of minimizing greenhouse gas emissions by 50%-52% by 2030. Advancements in payment systems are expected to complement these priorities.
Social Perspective
With payments becoming cashless, the road to a digital economy has become pronounced globally. Agility and being proactive on ESG have become compelling as a solid ESG proposition can be the precursor to the company’s long-term success. A buoyant ESG framework can propel employee motivation, reduce employee turnover and enhance social credibility. For instance, Mastercard alluded to the launch of four “work from elsewhere” weeks annually in its 2021 Corporate Sustainability and Diversity, Equity, and Inclusion (DEI) report.
The payment processing company joined forces with Neurodiversity in the Workplace (NITW) to roll out a Neurodiversity Hiring Pilot for the recruitment of neurodivergent candidates for full-time job opportunities. A sharpened focus on social performance has created an avenue of growth. The U.S.-based company has also set an “In Solidarity” action plan to overcome racism and is on course to bring 50 million micro and small businesses and 1 billion people into the digital ecosystem by 2025.
Businesses have also realized the need for skills renewal to leverage lucrative investment opportunities. The FIS survey asserts that around 44 percent of organizations will emphasize skills to bolster innovation. Fintech companies are investing in diversity and economic strength, especially among underbanked populations. To illustrate, in 2021, PayPal earmarked USD 535 million for racial equity and social justice and allocated USD 108 million commitment to underpin the economic empowerment of women and girls. The online payment company also furthered its social profile by enabling early wage access, financial education sessions and financial wellness grants. Companies are expected to harness the power of the ESG ecosystem to tap into the global landscape.
Is your business one of participants to the Global Real-time Payments Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.
Governance Perspective
Governance has become invaluable for banks to act as gatekeepers, comply with the law, make effective decisions and meet the needs of external stakeholders. Companies are gearing up to adhere to environmental laws amidst soaring sustainability concerns. High standards set by governance structure will add a fillip to the brands’ reputation and corporate culture. Sound internal governance and disclosures pertaining to the role of the Board and management in climate-related risk management and technology resiliency could reshape the industry dynamics.
Prevalence of practices, such as a diversified board of directors, ethical business practices and transparency has propelled the prominence of the ESG framework. For instance, BNY Mellon boasts of 91% board independence and 36.4% women directors (after the election of directors in 2022). Throughout the year, the senior management rendered reports and updates of the company’s environmental and sustainability programs to the Corporate Governance, Nominating and Social Responsibility (CGNSR) Committee.
Directors, venture capitalists and other stakeholders have prioritized governance, long-term business strategy and education on climate-related issues. Well-established brands have underscored monitoring board composition, risk management and diverse board structure. Akin to BNY Mellon, independent directors at Visa were pegged at 91% (as of April 2022). Besides, the payment giant has fostered its ethics & compliance program amidst a shift to a virtual business environment. Notably, Ethisphere Institute listed Visa among the world’s most ethical companies in early 2022. Embedment of ethics, compliance and transparency into management processes could further promote and bolster corporate governance.
Forward-looking companies face an uphill task that provides both challenges and opportunities to empower people, invest in a diversity workforce and protect customers from cyber threats. The projected CAGR of the real-time payments market at 34.9% through 2030 indicates a rising trend of electronic payment infrastructure.
Related Reports:
Digital Lending Industry ESG: https://astra.grandviewresearch.com/digital-lending-industry-esg-outlook
Digital Payments Industry ESG: https://astra.grandviewresearch.com/digital-payments-industry-esg-outlook
#Real-time Payments Industry ESG#Real-time Payments Industry#Real-time Payments Market#ESG Report#ESG
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ESG Trends in the Green Packaging Industry
Green packaging or eco-friendly packaging or sustainable packaging is anything that reduces the environmental impact. When it comes to the impact of green packaging on the environment and society, it has a very high negative impact both in terms of environmental and social factors.
Fast-moving consumer goods (FMCG) companies, packaging manufacturers and retailers have taken a giant stride towards a circular economy with investments in green packaging. Consumers’ preferences for sustainable packaging and the repercussions of plastics on the environment have prompted governing bodies to look beyond plastic bans.
Spain introduced Plastic Tax (a special tax on non-reusable plastic packaging) by Law 7/2022 to promote a circular economy and manage waste and contaminated soil; the law came into force on January 1, 2023. In August 2021, the Whitehouse introduced REDUCE (Rewarding Efforts to Decrease Unrecycled Contaminants in Ecosystems) Act to encourage recycling and impose a USD 0.10 per pound fee on virgin plastic resins used for the single-use product, rising up to USD 0.20 per pound in 2024.
With single-use plastic becoming ubiquitous, the burden on the environment and society has become a grave concern. So much so that green packaging has become synonymous with biodegradability and instrumental in fostering corporate social responsibility. That said, several companies have received the flak for greenshifting—a part of greenwashing wherein brands shift blame from themselves to consumers in a way that would not hold specific companies accountable for the environmental crisis. Several pundits, including Heather Rogers, claimed that Coca-Cola and companies, such as Dixie Cup launched—Keep America Beautiful—aimed at making Americans believe that it was their personal responsibility to keep the environment clean.
Environmental claims are pervasive in Europe, too. The Guardian cited a Changing Markets Foundation report, noting that P&G ‘s Head and Shoulders shampoo bottles—dyed blue—cannot be recycled further, although these products are touted as being made of beach plastic. Meanwhile, P&G stated that the pack was recyclable and is no longer available in the U.K. While consumer protection laws are in place, better ESG performance has become invaluable for brands to avoid landfills and bolster share value.
Key Companies in this theme
• Amcor
• DuPont
• Mondi
• Sealed Air
• DS Smith
Is your business one of participants to the Green Packaging Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Amcor Invests in Responsible Packaging to Enhance Environmental Profile
Sustainable packaging solutions have received global traction to facilitate a circular economy. Recycled-ready products can be the mainstay for brands striving to keep abreast of ESG trends. For instance, Amcor is gearing up for 30% recycled material across its portfolio by 2030, up from the previous target of 10% by 2025. In January 2022, the company committed to establishing science-based targets and attaining net-zero emissions by 2050. It is contemplating augmenting recycling value for PET Thermoformed Trays; boosting value in PET recycling; using on-pack recycling instruction; minimizing virgin plastic use in B2B plastic packaging; and bolstering recycling value in rigid HDPE and PP.
Amcor has forayed its penetration in Latin America to ramp up “inclusive and economically viable recycled projects.” It joined forces with Delterra in Olavarría, Argentina to fund the project boosting recycling, waste collection and composting. Olavarría could recover 2,000 metric tons of plastic annually by 2024. It is worth mentioning that the brand is poised to make all packaging recyclable, reusable or compostable by 2025. In FY 2022, Amcor Flexibles Latin America teamed up with a customer to create an innovative compostable packaging solution for paper-made butter and margarine.
Mondi Navigates Social Initiatives to Enhance Sustainability Solutions
The need for positive social practices has prompted industry players to inject funds into diversity, health & well-being, and community welfare and play a part in overcoming sustainability challenges. Mondi expanded its footprint in Africa through investments in corporate social projects and offering sustainability training opportunities in South Africa. Besides, in 2022, it poured €8.9 million (approximately USD 9.8 million) into social initiatives to underpin environmental protection, health, education, infrastructure and local enterprise. Amidst Russia’s invasion of Ukraine, the packaging and paper group donated €2 million (roughly USD 2.2 million) to the World Food Program for humanitarian causes.
Mondi furthered personal development opportunities, mental health and diversity and inclusion. The company tested Mental Wellbeing Index for employee surveys across different locations to emphasize safety, mental health, inclusive behavior and climate action. Additionally, in 2022, approximately 31% of all employees participated in the online Performance and Development Review Process.
DS Smith Reinforces Good Corporate Governance
The principles of sound corporate behavior, board diversity, transparency, ethics & compliance and anti-corruption have become paramount to underscore brand position. DS Smith is aiming to engage 100% of its people on the circular economy and is optimistic about removing 1 billion pieces of problem plastics from supermarkets by 2025. Bullish corporate policies could complement buoyant strategies to achieve the target and spearhead the ESG rankings. The company has formed a circular business around sustainable packaging.
The prevalence of bottlenecks, such as bribery and corruption, has compelled DS Smith to introduce strict anti-bribery and anti-corruption policies. The company has exhorted a zero-tolerance approach to bribery and corruption and urged to conduct third-party background checks by reviewing third-party’s likely business partners; and the payment terms, among others. The company also prepares a companion report, along with the sustainability report annually, to provide a deep-dive into the quantitative detail of ESG and sustainability performance across non-financial indicators.
At a time when sustainable packaging could bring a green revolution, forward-looking companies are expected to inject funds into ESG strategies. For instance, in March 2023, DuPont joined forces with the members of the Water Resilience Coalition to infuse USD 3 million to boost access to safe water and sanitation. The high-impact investment validates Grand View Research’s projection of the global green packaging market at 6.1% CAGR from 2020 through 2028.
Related Reports:
Plastic Package Industry ESG: https://astra.grandviewresearch.com/plastic-package-industry-esg-outlook
Plastic Industry ESG: https://astra.grandviewresearch.com/plastic-industry-esg-outlook
#Green Packaging Industry ESG#Green Packaging Industry#Green Packaging Market#ESG Report#ESG packaging#ESG
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ESG Initiatives in the Recycled Plastic Industry
Recycling plastic industry players are focusing on sustainability and connecting brands with environmentally friendly plastic to combat carbon emissions and minimize waste. Amidst the global push to eradicate pollution, packaging has garnered huge headlines. UNEP notes that global plastic production is pegged at 400 million tons per year. Besides, merely 9% of this is recycled and 12% is incinerated. Accordingly, in March 2022, the U.N. member states endorsed a resolution to beat plastic pollution and create an international legally binding agreement by 2024. Sustainable and affordable options for recycled products have gained ground, furthering the need for ESG frameworks globally.
Public policy could be instrumental in overcoming plastic packaging pollution. The ubiquitous nature of plastic has put pressure on regulators and investors to find solutions for pollution across sectors, including retail, manufacturing, industrial, and electronics. According to Greenpeace, supermarkets in the U.K. emit 800,000 tons of plastic packaging per year, while the government is committed to ensuring all plastic packaging is reusable, recyclable or compostable by 2025. Meanwhile, in May 2022, legislators in New York proposed two bills to enhance plastic recycling rates. It would need producers to eliminate toxic chemicals from packaging, minimize packaging and pay for recycling and disposal costs.
Key Companies in this theme
• REMONDIS SE & Co. KG
• Biffa
• Stericycle
• Republic Services, Inc.
• WM Intellectual Property Holdings, LLC
• Veolia
• Shell International BV
• Waste Connections
• Clean Harbors, Inc.
• Covestro AG.
Is your business one of participants to the Recycled Plastic Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Veolia Bolsters Environmental Profile to Navigate Growth Potentials
Concerted efforts from manufacturers and suppliers to combat pollution have led to the demand for recycled products and services. The shifting trend toward recycled products is expected to foster the environmental profile. Companies upgrading technologies to reduce environmental impacts could be the new normal. Veolia asserted in its Integrated Report 2021-2022 that around 476 thousand metric tons of plastic were recycled in its transformation plants in 2021. The company has acquired a host of end technologies to recycle plastic and equipment for biological, material and energy processing. It expects around 610,000 metric tons of recycled plastic to leave its processing plants by 2023.
With China and countries from Europe and North American Free Trade Agreement (NAFTA) witnessing a surge in plastic production, stakeholders are poised to boost their efforts to eliminate waste from the environment. Leading players are likely to use polyethylene (HDPE or LDPE)—in packaging or construction—and polypropylene (PP)—in household appliances, furniture, automotive and construction. In October 2022, Veolia rolled out PlastiLoop which will help customers source recycled plastics with a host of polymers. The France-based company has been offering high-performance ready-to-use recycled resins, including HDPE, PP, PET, LDPE and PS.
PureCycle Emphasizes Social Performance
Well-established players are positioning themselves to connect brands with sustainable and high-quality products and complement social responsibilities. Recycling technology companies are prioritizing workplace safety, diversity and training & development, recruiting & hiring, discipline, compensation & benefits. To illustrate, PureCycle has a Diversity & Inclusion Policy in place to foster non-discrimination, equal employment opportunity and diversity and inclusion, among others. The company alluded to a low turnover as low as 7.5% in 2021. It has also put forth risk management systems and formed policies to help reduce possible accidents, such as team member and visitor safety protocols, a code of business conduct and ethics, guidelines for management systems and operational excellence policy. Moreover, the company is slated to establish a recruiting and employee engagement program to reinforce a resilient workforce.
Investors, manufacturers and other stakeholders have underscored the importance of workers’ safety. Prominently Shell inferred that over 100,000 employees and contractors completed compulsory training on the Life-Saving Rules that came into effect from January 2022. It is also committed to its Shell Supplier Principles and expects contractors and suppliers to offer a dedicated whistle-blowing mechanism where grievances pertaining to labor and human rights, Health, Safety, Security, Environment (HSSE) & Social Performance (SP) and business integrity are recorded anonymously.
Dow Invests in Corporate Governance Structure
Stakeholders have depicted profound inclination to enhance governance, accountability and transparency. In doing so, industry players are likely to maintain a board with diverse backgrounds, design compensation programs and ensure a culture of integrity. According to Dow’s 2021 ESG report, 5 new members of its board have been women or U.S. ethnic minorities in the last 3 years. It has also set comprehensive ESG disclosures in line with GHG Protocol, GRI, TCFD, WEF and SASB. In its 2021 report, the company alluded to meeting the 2017 commitment to fully implement the TCFD recommendation.
All board committees—audit committee; compensation and leadership development committee; corporate governance committee and Environment, Health, Safety & Technology (EHS&T) Committee— comprise independent directors. The board and its committees underscored ESG transparency and accountability with the first integrated ESG report in 2021. Furthermore, the company noted in its second annual ESG report released in June 2022 that it took a giant stride with enhanced carbon emissions reporting and climate risk disclosures and greenhouse gas intensity metrics.
Corporate governance, with the focus on recycling technologies, has become the mainstay for board members and stakeholders to remain ahead of the curve. In the last two years, Dow has reportedly infused around USD 50 million into recycling infrastructure, impact funds and major technologies to transform waste into solutions. Moreover, in June 2022, it revealed a slew of partnerships in plastics recycling, including the collaboration with Mura Technology. It will help eliminate plastic pollution with the construction of advanced recycling facilities. Mura’s first plant using the technology could begin in 2023 in England.
At a time when environmental, social and governance frameworks could propel customer-centric, innovative and sustainable, stakeholders could inject funds into organic and inorganic strategies. For instance, in January 2022, SCG Chemicals announced a collaboration with Shell to introduce eco-friendly lubricant bottles. The packaging reportedly recycles household plastic waste complying with ESG and the UN Sustainable Development Goals. Grand View Research anticipates the global recycled plastic market to depict around 4.8% CAGR by 2030. Industry leaders are expected to underpin their efforts to minimize GHG emissions, prevent plastic waste and provide recycled plastic products.
Related Reports:
Plastic Package Industry ESG: https://astra.grandviewresearch.com/plastic-package-industry-esg-outlook
Bioplastics Industry ESG: https://astra.grandviewresearch.com/bioplastics-industry-esg-outlook
#Recycled Plastic Market#ESG#ESG Report#sustainability#Recycled Plastic Industry ESG#Recycled Plastic Industry
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ESG Outlook for Solar Energy Generation Industry
The average ESG score for the solar energy generation industry is between 55% and 65%. Our proprietary ESG scoring framework analyzed 65 parameters across the environment, social, and corporate governance.
The need for proactive and relentless efforts from forward-looking companies to navigate the risks posed by climate change will foster the solar energy generation market size. Climate change has brought a paradigm shift in the ways that businesses assess risk and plan and deploy resources. Sustainability, security compliance, safety, business growth and innovation have become instrumental to progress toward implementing best practices in environmental, social and governance portfolios. The trend for green, sustainable and safe pathways is likely to pay off and help make better economic sense in the long run. Prominently, solar has garnered popularity as one of the cheapest forms of electricity and will be a solid proposition to tap potential in energy generation.
In common parlance, solar energy plays an invaluable role in boosting sustainable development energy solutions. Solar energy generation applications are likely to play a vital role in fostering an environmentally friendly energy agenda. In essence, solar panels have gained ground to generate clean power and contain the cost of electricity. To illustrate, in June 2022, the U.S. Solar Buyer Consortium announced an infusion of USD 6 billion to bolster the domestic solar panel ecosystem with the supply of around 7 GW of solar modules per year from 2024. It is worth mentioning that the Solar Energy Industries Association asserts the U.S. installed 23.6 gigawatts of solar capacity in 2021. The federal investment tax credit, along with renewable energy credits, advanced technologies, reduced installation costs and financing arrangements, offers promising opportunities for stakeholders to emphasize solar power as an indispensable part of the ESG goals across the U.S.
Is your business one of participants to the Global Solar Energy Generation Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Exelon Corporation Harnesses the Potential of ESG
With environmental issues spurring governance and social practices, investors are curious to know how businesses minimize their carbon footprint. Stakeholders are responding to these trends through ESG strategies. Several companies have come to the fore to inject funds into renewable energy to propel ESG sustainability goals. For instance, the Exelon Corporation reportedly avoided 78 million metric tons of GHG emissions with its zero-carbon nuclear generation. The company witnessed 161 million MWh zero-carbon generation, around two-fold more compared to the next largest producer. In July 2022, Exelon released the 2021 Corporate Sustainability Report and noted that it poured USD 6.6 billion in energy infrastructure in 2021 and is contemplating raking in USD 29 billion from 2022 through 2025. On the environmental front, the company claims to be working to minimize impacts on biodiversity and watersheds. It has also spurred sustainability through corporate governance—assessing accountability and risk.
E.ON SE at Pole Position in ESG Disclosure; Emphasizes Green Electricity
Sustainability strategies and disclosures have come on the horizon amidst ESG being tasked with the goal of decarbonizing the global economy. When it comes to ESG disclosure, E.ON SE is at the helm, followed by Exelon Corporation and Equinor ASA. E.ON is gearing to be climate-neutral by 2040 and its corporate governance is increasingly linked to its ESG management aspects. CDP, an international association of investors that independently assesses the transparency and detail of companies’ climate reporting, lauded E.ON as a Supplier Engagement Leader in 2021. In a bid to bolster the green-power community across Europe, E.ON forayed its .ON Home, an energy management app, into the U.K. Similarly, it claims over 10 million customers received certified green electricity products in 2021.
Incumbent players have reinforced their efforts to underpin the decarbonization of Europe. E.ON contemplates investing €1 billion (around USD 1 billion) annually through 2026 to significantly boost the infusion of funds into energy networks. It is geared to foster sustainable homes, work and lifestyles with innovative solutions, including self-generated green electricity. E.ON aims to install approximately 5,000 new charging points through 2026. The Germany-based company plans to pour €27 billion into energy transition through 2026. Furthermore, the company has also upped investments to provide green energy to take carbon neutrality and sustainability to the next level. For instance, in April 2022, E.ON inked a deal with Solar Markt to create Green Cloud to offer green energy to corporate customers across Hungary.
The competitive landscape alludes to an increased focus on ESG framework and sustainable policies from forward-looking companies, such as E.ON SE, Adani Green Energy Limited, Equinor ASA, Nextera Energy, Inc., Exelon Corporation, Duke Energy Corporation, Solaria Energía y Medio Ambiente and ReNew Wind Energy (Jath) Limited. Besides, organic and inorganic growth strategies have become pronounced, underscoring solar energy generation market share. To illustrate, in November 2022, Equinor announced the acquisition of BeGreen, a Danish solar developer, to propel the solar PV portfolio. Meanwhile, in April 2022, the Norway energy giant forayed into the Australian market through investments in RayGen to provide impetus to solar energy. In November 2022, Equinor expressed contemplation to augment investment in renewables by two-fold and that renewable energy will account for approximately 20% of the company’s investments in 2022. Amidst the trilemma of the Russia-Ukraine war, energy security and affordability, emphasis on renewable energy sources could be a game-changer with considerable environmental upsides in solar energy generation.
Related Reports:
Solar Panel Industry ESG: https://astra.grandviewresearch.com/solar-panel-industry-esg-outlook
Lithium-Ion Battery Industry ESG: https://astra.grandviewresearch.com/lithium-ion-battery-industry-esg-outlook
#Solar Energy Generation Industry ESG#Solar Energy Generation Industry#Solar Energy Generation Market#ESG Report
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ESG Trends Shaping the Bakery Product Industry
Embedding the value of environmental, social and governance (ESG) in the bakery product industry has become a vital cog in augmenting revenue growth and bolstering employee productivity. A strong ESG performance can help industry leaders tap into new markets and attract customers to pay more. That said, status brings responsibility and challenges—air pollution and waste from bakery manufacturing have become pervasive. Oven produces volatile organic compounds (VOCs), including ethanol, while food waste in the landfill releases methane, aggravating global warming. Amidst criticism, buoyant ESG policies could be the silver lining. In 2023, the U.K. Environmental Act 2021 came into full effect, which fosters the U.K. government’s commitment to eliminate food waste in landfill by 2030.
The food industry has an overarching impact on the planet, society and governance. Reduction of ecological footprint has become instrumental in underpinning the sustainability profile. One of the most rapidly rising segments in the bakery industry is that which offers sustainably raised products. Besides, robust ESG policies can help deal fairly and ethically with stakeholders, deliver value to customers, reinforce communities and provide value for shareholders.
An increasing chorus of stakeholders has pushed for publishing sustainability/ESG reports and fostering transparency and ethical standards. In the same breath, questions arise:
1. Which ESG issues have garnered headlines among forward-looking companies?
2. Are companies ramping up efforts to underpin employee safety, reduce carbon footprint and accentuate transparency?
Kraft Food Bolsters Environmental Stewardship
Climate risks have posed risks as the increasing number of days with extreme heat has led to reduced productivity. Moreover, changing rainfall patterns and scorching heat have triggered wildfires, disrupting economies and killing citizens. ESG goals, including minimizing waste, reducing GHG emissions and making sustainable packaging, have become invaluable to stay ahead of the curve. Kraft Heinz has set an audacious goal of a 20% reduction in waste-to-landfill intensity across manufacturing facilities by 2025.
In 2021, the American food manufacturing company pledged to attain Net-Zero greenhouse gas emissions by 2050. Kraft Heinz collaborated with seven companies in Canada to minimize food waste by 50% by 2025. The company will emphasize regenerative and sustainable practices, procure most electricity from renewable sources and shift to more circular and recyclable packaging. It will also further its efforts to propel scope 3 emission minimization strategies across ingredients, upstream and downstream transportation, packaging, end-of-life and sold products.
Is your business one of participants to the Bakery Product Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Bimbo Bakeries Gains from DEI Initiatives
Stakeholders’ actions on social factors, including conditions employees work under, pay parity and diversity, equity & inclusion, can notably impact shareholders’ returns. Bimbo Bakeries is gearing up to ensure 50% diverse candidate slates—at least 25% racially diverse and a minimum of 25% women; the company laid down the goals to be achieved from 2022 to 2024. The company also requires associates to complete at least 1.5 hours of Racial Equity Strategy Training (REST) annually.
It has established the 2030 ambition to bolster underserved communities, emphasizing economics, education and health assistance. In 2021, Bimbo Bakeries USA (BBU) committed USD 1 million to national and local organizations to propel the financial well-being, education and health of Black and minority Americans. The company provides scholarships and internships through collaboration with the United Negro College Fund.
The reputation of companies largely depends upon their social credibility. In 2020, BBU donated half a million dollars to the COVID-19 Relief Fun of Feeding America. The company donates around 20 million pounds of food to local food banks annually (collaborated with Feeding America). Across the U.S., the bakery firm chooses ten food banks to receive a donation of 5,000 pounds of bread. The prevalence of a safe and inclusive working environment, along with economic assistance, will add value to ESG goals.
Transparency Pivotal for General Mills to Create Synergy
The financial impact is largely driven by the impact the firm has on the environment and society. In the realm of ESG factors, investors, managers, communities, employees and suppliers have furthered governance pillar to adhere to the law, make effective decisions and keep up with the demand of stakeholders. Consumers are eager to know what is in their bakery products, how they are prepared and where they came from.
General Mills has fostered ingredient sourcing by disclosing information about purchasing Roundtable on Sustainable Palm Oil (RSPO) certified palm oil volumes. The website also includes an updated list of all palm oil suppliers. As of 2022, the company has listed around 1,900 products on smartlabel.org, 319 topics were covered on askgeneralmills.com and 600 products were enrolled in the U.S. Non-GMO Project, according to its 2023 Global Responsibility Report.
A strong ESG proposition warrants the assessment of climate-related risks, opportunities; relationships with the society they do business; and investments in corporate governance that encapsulate firms’ long-term success. Grand View Research indicates that the global bakery products market size could reach USD 251.1 billion by 2025. The billion-dollar industry will emphasize ESG reporting to undergird sustainable bakeries.
Related Reports:
Healthy Snack Industry ESG: https://astra.grandviewresearch.com/healthy-snack-industry-esg-outlook
Cookies Industry ESG: https://astra.grandviewresearch.com/cookies-industry-esg-outlook
Breakfast Cereals Industry ESG: https://astra.grandviewresearch.com/breakfast-cereals-industry-esg-outlook
About Astra – ESG Solutions By Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!
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How the Biofuel Industry is Embracing ESG Principles
Stakeholders are counting on environmental, social and governance (ESG) goals to decarbonize the supply chain of the biofuel industry. The global push to replace fossil fuels with biofuels has sparked innovations and prompted industry players to invest in renewable feedstock. Sustainable solutions will warrant infrastructure developments, demand signals and sound corporate governance. Energy companies will likely consider ESG risks and opportunities for a low-carbon economy.
The need for clean energy has spurred the penetration of renewable sources. According to an IEA report, in the net zero scenario, biofuel produced from residues, wastes and dedicated crops that do not compete with food crops account for 50% of the biofuels consumed in 2030. Moreover, biofuels can prevent 4.4% of global road transport oil use.
Businesses are responding to the need for low-carbon fuels to help decarbonize the automotive, transport, marine and aviation sectors. For instance, Raízen produced approximately 3 billion liters of ethanol from sugar cane, while around 26 million liters of second-gen cellulosic ethanol from inedible agricultural waste in 2022. Besides, during the same period, Shell inked a non-binding MoU with Lufthansa to supply sustainable aviation fuel (SAF) to help reduce carbon emissions from air travel.
All that glitter is not gold. Green campaigners claim that biofuels could disrupt land use patterns that may lead to increased GHG emissions, air and water pollution and pressure on water resources, thereby augmenting food prices. According to Transport & Environment, palm biodiesel is three times worse for the climate than fossil fuel. Besides, the watchdog claimed that every day around 19 million bottles of rapeseed and sunflower oil, and 14 million bottles of soy and palm oil are burned across Europe. Amidst the flak received from governing bodies, forward-looking companies and innovators are expected to bolster their ESG profile to enhance their brand values.
Valero Energy Emphasizes Reducing Scope 1 and 2 Emissions
Sustainable fuels have become paramount in contributing to the energy transition and a decarbonized economy. Forward-looking companies, such as Valero, have bolstered their emission targets and are gearing up to propel a low-carbon economy. The company has injected over USD 4.65 billion into low-carbon fuels business. In 2021, it allocated over 70% of the growth capital to low-carbon projects. Furthermore, the U.S.-based company is on course to minimize and displace 100% of refinery Scope 1 and 2 GHG emissions by 2035.
The petroleum refinery is expected to augment the total annual capacity of the new renewable diesel plant to 1.2 billion gallons and 50 million gallons of renewable naphtha. Similar to Shell, Valero has spurred emphasis on sustainable aviation fuel: it is assessing the engineering capability to include SAF in the new renewable diesel facility in Port Arthur. Renewable fuel and SAF could be game changer to undergird the ESG profile and create long-term value for stockholders.
Diversity and Equity Garner Headlines in Bunge Limited
Mental well-being and diversity, to name a few, have become the bedrock for organizations to propel their ESG rankings. With shifting trends, training, diversity, equity and inclusion have amassed huge attention across business verticals. In 2021, Bunge offered its employees over 87,000 hours of training, while over 60 participants were in targeted female development programs. The company infers that around 44% of all new hires across the organization were women.
Bunge Employee Resource Group has furthered its focus on community building and awareness initiatives, including Proud & Allied, Women @Bunge, Veterans, Bunge Global Black Network and Asian Professionals. Besides, the U.S-headquartered company also established a “Together We Grow” consortium—a coalition (public-private) between food companies, agriculture, the USDA, nonprofits and universities—to address diversity and inclusion within the food and agriculture sectors in the U.S. Brands will potentially put their energy into building an organization that complements diversity and fair representation at every level.
Is your business one of participants to the Biofuel Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Commitment to Ethics & Compliance Paves Way for Petrobras
A governance model that fosters transparency, ethics, compliance and integrity has become instrumental in fostering ESG practices. Petrobras has formed an Ethics Commission to oversee compliance with the Code of Conduct of the Federal Senior Management (CCAF). It also supervises the Compliance Program through the Statutory Audit Committee with the support of the Senior Management.
Compliance risk management has gained ground to monitor, define, control and report actions as a riposte to the risks and prioritize money laundering, fraud & corruption, harassment, antitrust, conflict of interest, trade sanctions and embargoes. The organization asserts it has an independent board for the compliance program. Robust history of good governance and manufacturing biofuel ethically will enable companies to bring ESG solutions to farmers and customers.
The competitive nature of the industry indicates sustainable sourcing of products and the role of biofuels across business verticals will steer the growth trajectory. Governments exhibited resilience amidst havoc wracked by the COVID-19 pandemic. In June 2022, the USDA announced pouring USD 700 million to restore sustainable fuel markets grappling with the outbreak. Besides, the Wall Street Journal was reported to have mentioned that Archer Daniels Midland (ADM) would receive USD 50 million in U.S. aid to tone down losses during the pandemic. These ESG trends validate Grand View Research’s projected CAGR of the global biofuel market at 6.9% between 2019 and 2024.
Related Reports:
Biomass Power Industry ESG: https://astra.grandviewresearch.com/biomass-power-industry-esg-outlook
Hydrogen Generation Industry ESG: https://astra.grandviewresearch.com/hydrogen-generation-industry-esg-outlook
Solar Energy Generation Industry ESG: https://astra.grandviewresearch.com/solar-energy-generation-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
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The Role of ESG in the EdTech Industry
Edtech industry or Education Technology Industryplayers are gearing up to plan, report and monitor their ESG performance amidst an exponential rise in digitization. Notably, the prevalence of online learning against the backdrop of the COVID-19 pandemic prompted industry leaders to achieve ESG goals. AI-based learning tools forayed into the mainstream education landscape, encouraging investors, venture capitalists and other stakeholders to prioritize ESG goals. Lately, education technology has witnessed skyrocketing demand across advanced and emerging economies. A host of global organizations expects their vendors to adopt ESG goals, while stakeholders are demanding that startups define and focus on ESG strategy.
Investors are bullish on the prospect of edtech providing an immersive learning experience to K-12 students (kindergarten to 12th grade). High-profile and emerging players continue investing in tech and tools that boost online and digital learning. A slew of private equity funds has ESG-themed funds, alluding to stakeholders growing interest in society and the environment. For instance, in March 2022, Cakap, an Indonesian online language learning platform, secured fresh funding from IIF (Indonesia Impact Fund). The infusion of funds is reported to be the first ESG-compliant private impact fund under the aegis of Mandiri Capital Indonesia. Buoyant investments will propel access to high-quality education, especially in lower-tier cities, and play a pivotal role in bridging the language proficiency gap.
Environmental Perspective
Edtech companies are responding to climate change to invest in an environmentally sustainable future. Digital learning companies have furthered their efforts to propel UN Sustainable Development Goals and take a giant stride toward decarbonization. Stakeholders are expected to be on the same page on global net zero emissions and use technology and operations to foster the change the world needs. Microsoft aims to reduce its Scope 1 and 2 emissions to near zero by 2025 and is contemplating removing more carbon than it emits by 2030. Moreover, in July 2021, it also rolled out the Microsoft Cloud for Sustainability to render automated, integrated and comprehensive sustainability management.
Stakeholders are likely to take a robust approach to reporting and recording emissions with automation and data collation. Industry players could use a secure cloud to tackle e-waste across schools with startups investing in the advanced technology. In December 2020, Karo Sambhav used Microsoft Azure, engaged with over 22,700 schools, and collated around 12,000 metric tons of e-waste for responsible recycling in India. Furthermore, Microsoft also emphasized bridging the skill gap in data center communities through investment in technical training programs at vocational schools, community colleges and other educational institutions.
Social Perspective
Edtech companies are promoting the values of gender equality, inclusion and a safe work environment. Companies are likely to complement UN Sustainable Development Goals with an emphasis on quality education and boosting workers’ health and safety. Several edtech companies have sought state-of-the-art technology to bolster inclusion, diversity and access. For instance, in September 2021, SP2 Mentor Collective suggested that it connects students, targeting first-generation learners, including those of color, students from low-income backgrounds and other underrepresented students.
Stakeholders have added fillip to their ESG goals by investing in new-age skills and focusing on talent mobility. Companies are gearing up to upskill talent pools to keep up with global digital transformation. Cisco is expediting the way it develops, attracts and promotes diverse talent. It has joined forces with OneTen Initiative, that is gearing to hire, upskill, and promote one million African American/Black (AA/B) Americans over the next ten years. It witnessed a 60% surge in the representation of all employees who identified themselves as AA/B from entry level through the manager.
State-of-the-art technologies, including ML and AI, have witnessed an uptake. To illustrate, as of June 2022, Coursera reported around a 50% surge in the number of business learners in India. The trends have prompted technology-oriented startups to inject funds into advanced solutions and services to help bolster the digital skills of their employees. In August 2021, Caisse de dépôt et placement du Québec (CDPQ) announced an infusion of funds into ApplyBoard through Equity 253 fund—a diversity-dedicated fund—aimed at companies leveraging diversity and inclusion initiatives and promoting them as business priorities.
Is your business one of participants of the Global EdTech Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices.
Governance Perspective
As sustainability becomes mainstream, governance and accountability have become instrumental for prioritization and alignment across the industry. Microsoft has formed a Climate Council with business leaders from every business group to foster alignment, offer sustainability advice, review progress on commitment, prioritize resources and funding and collaborate. Its Board of Directors offers feedback, insights, and oversight across environmental and social aspects.
With companies targeting pre-K to 12, post-secondary and workforce education portfolios, stakeholders have prioritized governance structure to foster their ESG profile. For instance, Cisco asserted in its Purpose Report that audits covered 390,000 supply chain workers during fiscal 2022. Cisco’s compliance and ethics organization reports all allegations and cases of ethical violations to the Audit Committee of the BoD and the Compliance Steering Committee.
Poor ESG practices may be detrimental to environmental, reputational and legal risks that can dent an organization’s prospect on the bottom line. Companies with strong ESG performance could stay ahead of the curve with a lower cost of capital, a loyal investor base and better access to financing. According to the U.S. financial services company Morningstar, ESG investment strategies surpassed USD 1 trillion in 2020, largely fueled by sustainable investment funds amidst the COVID-19 pandemic.
In December 2022, Skillsoft’s corporate social responsibility report found that diversity, equity, and inclusion (DEI), participation in fair trade, and enhancing labor policies were top priorities in the CSR program. The research noted that 46% said ESG efforts were replacing CSR efforts. Prevailing trends suggest the global edtech market could register a 16.5% CAGR from 2022 through 2030. The growth trajectory is expected to gain ground as companies focus on creating long-term value by creating ESG strategies.
Related Reports:
Online Tutoring Services Industry ESG: https://astra.grandviewresearch.com/online-tutoring-services-industry-esg-outlook
Business Process Outsourcing Industry ESG: https://astra.grandviewresearch.com/business-process-outsourcing-industry-esg-outlook
Telecom Services Industry ESG: https://astra.grandviewresearch.com/telecom-services-industry-esg-outlook
About Astra – ESG Solutions By Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
#EdTech Market#edtech industry sustainability#EdTech Industry ESG#EdTech Industry#Edtech sustainability#ESG Report
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Sustainability Trends Shaping the Grocery Retail Industry
A strategic combination of brick-and-mortar stores and sustainability has come of age to help create a society free of hunger and waste—a commitment that is all but likely to foster the ESG performance of food grocery retailers. A holistic approach and concerted efforts for a circular economy have unlocked avenues of opportunities to underscore sustainability, complementing good governance, transparency, ethics, diversity, health & wellbeing, renewable energy and greenhouse gas reduction.
Grocery CEOs, shoppers, vendors, investors, NGOs and government organizations are zeroing in on ESG targets to streamline the path to sustainability. A spike in greenhouse gas emissions has meant grocers have upped their efforts on environmental, social and governance fronts—known as ESG.
With consumer behavior shifting towards sustainable products, more so during the COVID-19 pandemic, food manufacturing companies have exhibited resilience. Of late, brands are not shying from making their ESG performance public, communicating their milestones and sharing credentials.
Key Companies:
• Walmart
• Costco Wholesale Corp
• 7-ELEVEN, Inc
• Amazon.com Inc
• The Kroger Co.
Learn more about the practices & strategies being implemented by industry participants from the Food Grocery Retail Industry ESG Thematic Report, 2023, published by Astra ESG Solutions
Walmart Echoes Green Growth
Millennials and the Gen Z population prioritize sustainability-marketed products as grocery shoppers emphasize GHG emission reduction and raw material conservation. Amidst the popularity of ready-made meals, consumers expect brands to adhere to sustainability goals. Brands are gearing to reduce virgin plastic content and invest in recyclable packaging. Walmart is heading to 100% recyclable, reusable or compostable packaging by 2025. The behemoth aims for 20% post-consumer recycled content in private-brand product packaging across North America by 2025.
The American retail brand is on the cusp of innovation and is committed to science-based targets (SBTs) to attain a 35% reduction in absolute scopes 1 & 2 emissions by 2025. In fact, the company is on course to minimize or avoid one billion metric tons of GHG emissions (Project Gigaton) in the global value chain by 2030. It claims that over 4,500 suppliers have joined the project since 2017.
On the other side of the spectrum of opportunities and challenges, an unprecedented rise in waste has prompted Walmart to use reusable packaging containers and navigate unsold food issues. The retailer giant is aiming for zero operational waste in the U.S., Canada and Mexico by 2025. Leading brands are expected to develop an ESG impact that resonates the sentiments of the circular economy.
Kroger Insists on Food & Product Safety to Bolster Philanthropy
The COVID-19 disruption was a wake-up call for retailers to reinforce responsible sourcing and foster quality food across the supply chain. A robust social profile is paramount to provide convenience and add value to customers through the inculcation of, including but not limited to, integrity, safety, respect and inclusion. Kroger has set bullish strategies across manufacturing and distribution centers, such as environmental monitoring programs, hazard analysis and risk-based preventive controls, leadership and training, food allergen control, food safety maintenance, cleaning practices and pest prevention.
Brands are positioning themselves to tap into social pillars to foster donations and meals for communities. Ever since the retail company set the Zero Hunger | Zero Waste plan in 2017, it has taken a giant stride to achieve the philanthropic goals of creating communities free from food waste and hunger. Kroger infers to have trained 98% of associates in personal safety, while it boasts of rescuing 94 million pounds of surplus food for donation. In 2021, the American brand asserted to have directed 546 million meals to communities.
The retailer explored diversity-focused development and learning opportunities to underpin positive change in the workplace. The company joined forces with historically Black colleges and universities (HBCUs) and Hispanic-serving institutions (HSIs) to foster a diverse talent pipeline. It essentially injected around USD 450 million into associate wages and training in 2021.
Is your business one of participants to the Food Grocery Retail Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Costco Wholesale Underscores Corporate Governance
Strong corporate governance heralds a company culture that complements transparency, ethics & compliance, engagement in public policy, board diversity and human rights. The FY 2022 saw Costco make sustainability a "core part of the charter and responsibility" for the Board's Nominating and Governance Committee. It has also introduced ESG Executive Advisory Council and aligned executive compensation with ESG priorities, including but not limited to, waste reduction, diversity, equity and inclusion (DEI), climate and resource consumption.
Risk assessment in financial planning, strategy and business has become paramount to upholding sustainability standards. Costco has qualitatively analyzed and identified potential climate-related risks influencing the Food & Beverage and Multiline retail industries. In 2022, its global executives reportedly held in-depth climate-pertaining scenarios assessments to decipher risks and opportunities to supply chain, operations, goodwill, employees, members and products.
The retailer has taken a quantum leap in transparency through frameworks, including CDP. The retail giant has rolled out several frameworks to augment data security. The manufacturing company is counting on the NIST Cyber Security Framework (CSF), ISO27001 and the Payment Card Industry Data Security Standard (PCI DSS). The adoption of measures, such as multi-factor authentication, phishing detection and mitigation and file integrity monitoring, has furthered the company's governance policies.
At a time when brands are grappling to protect the planet and propel their business performance, creating a transparent baseline around GHG emissions could be the silver bullet. For instance, the AEON Group has set the AEON Decarbonization Vision 2050 to minimize CO2 emissions to zero at stores by 2040, helping achieve a decarbonized society.
Growth Of The Food Grocery Retail Market
As of 2022, the global food grocery retail market is valued at USD 11,324.4 billion and is expected to grow at a compound annual growth rate (CAGR) of 3.0%. In addition to increased grocery expenditures induced by COVID-19 lockdown, higher online grocery sales volumes, and consumer polarization, the growth is primarily attributed to these factors. As a result of the pandemic, consumers became polarized where some were ready to pay for premium-priced products. The food & grocery retail sector has been altered by the COVID-19 pandemic.
Related Reports:
Snack Industry ESG: https://astra.grandviewresearch.com/snack-industry-esg-outlook
Dietary Supplements Industry ESG: https://astra.grandviewresearch.com/dietary-supplements-industry-esg-outlook
Protein Supplements Industry ESG: https://astra.grandviewresearch.com/protein-supplements-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
#Food Grocery Retail Industry#Food Grocery Retail Industry ESG#Food Grocery Retail Market#ESG Report#sustainability
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How ESG Factors Drive Sustainable Growth in the Online Grocery Sector
Grocery CEOs, consumers and grocers envisage online shopping as the next big thing, spurred by technological advancements and greater convenience. The COVID-19 onslaught was partly attributed to online grocery flooding the market. While leading players and startups jumped on the bandwagon, ESG watchdogs were wary of the sustainable impact the industry would have on the planet. Stakeholders are expected to harness gender equality, fair wages, waste reduction, responsible sourcing of farm produce and sound corporate governance.
The ease of browsing, getting items ticked off and quick delivery have been a revelation—a delivery service delivering to multiple homes has negated the need to drive to the store. More than 17 million metric tons of CO2 pollution are attributed to weekly household trips to the grocery store, a report cited by the U.S. EPA claimed. Incumbent players have furthered investments in electric vehicles (EVs) to offset greenhouse gas emissions. In April 2022, India-based Swiggy, a food delivery company, joined forces with EVIFY to enable grocery and food delivery through EVs in Surat, Gujarat.
Industry leaders are likely to emphasize upstream transportation (farm-to-retail) and foster last-mile transportation—pushing for deliveries and offsetting personal trips. Centralized grocery delivery services and fulfillment centers have brought a paradigm shift in minimizing GHG emissions and food loss. State-of-the-art technologies, including predictive analytics, can provide the silver bullet to prevent pilferage and streamline sourcing. Besides, boosting access to affordable and high-quality fresh food, along with the focus on diversity, integrity and transparency, will remain instrumental for a circular economy.
Is your business one of participants to the Online Grocery Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Kroger and BigBasket Invest in Climate Strategy for a Sustainable Future
The online retail boom and an emphasis on speed and user experience—instant delivery—have disrupted e-commerce business models. Brands with sustainability strategies appeared resilient during the COVID-19 outbreak, banking on online shopping to conserve raw materials and minimize GHG emissions. Kroger is poised to establish a new Scope 3 goal for supply chain emissions reduction in line with its Science Based Targets initiative (SBTi) commitment. The American retail giant has set 2030 sustainable packaging goals, such as using 100% recyclable, reusable and/or compostable packaging.
Amidst emerging climate risks and opportunities, Kroger inferred using infrared refrigerant leak-detection technology in 2,000 stores. Meanwhile, in 2021, Bigbasket, a TATA Enterprise-owned online grocery retailer, teamed up with New Leaf Dynamic to install a biomass-powered chiller that can save 186 tons of CO2 annually. The Indian giant cited in its Green Report 2022 that it produced 5,457,000 kWh of solar power (reducing 1,670 tons of GHG emissions) in 2022 and 5,458 electric delivery vehicles helped minimize 7012 tons of CO2 emissions during the period.
Amazon Fresh Navigates Changing Social Landscape
Amidst rampant layoffs and the prevalence of workplace injuries, grocery warehouses and fulfillment centers have prioritized the social pillar. In January 2023, Amazon announced over 18,000 job cuts, denting workers across industry verticals, including grocery stores. People employed as supply chain managers, program managers, software engineers and store designers bore the brunt in online grocery delivery and fresh stores businesses. That said, the American behemoth inferred in May 2023 that it had poured CDN 25 billion since 2010 in its Canadian operations, including job creation and establishment of data centers and fulfillment centers. In September 2021, the U.S. giant committed USD 1.2 billion to offer 300,000 employees education and skills training programs till 2025.
Incumbent players have upped investments to make the workplace safer and foster a healthy environment. Amazon has a team of health coordinators, physiotherapists and advisors. The occupational doctors perform medical checks and report trends in major risk areas.
The U.S. e-commerce company has augmented diversity, equity and inclusion (DEI) efforts to underscore its sustainability quotient. In 2021, it committed to a 30% rise year over year in hiring U.S. black employees in level 4 through level 7 from the preceding year’s hiring. The multinational company warrants 100% of employees to take inclusion training.
Governance Key for Relentless Sustainable Goals of Rakuten and Walmart
Sound corporate behavior is second to none for an agile business process and an inclusive global system that complements ethical business practices. Rakuten creates a list of ESG themes with the assistance of external experts and refers to the UN Sustainable Development Goals and Sustainability Accounting Standards Board (SASB) Materiality Map.
The Japanese company has appointed Chief Compliance Officer (CCO) to undergird compliance management. It has banked on a risk-based approach to define high-risk issues and implement measures, such as prevention of money laundering and terrorist financing; prohibition of bribery and corruption; and adherence to competition, antitrust and other related laws.
Rakuten has propelled board diversity—outside directors account for 58.3% of the BoD, while 25% are foreign directors. Meanwhile, Walmart expects Board members to disclose their race/ethnicity and gender annually. Its board had 27% women and 18% directors who are racially/ethnically diverse (as of April 2023).
Millennials and Gen Z want the e-commerce sector to foster social contributions, operate in a responsible supply chain and bolster transparency. ESG reporting could be pronounced, prompting online incumbents to further their investments in sustainability. Grand View Research anticipates the global online grocery market size to depict upward growth through 2030. Investments in the circular economy can create momentum and be a differentiating factor in an ever-growing competition in the online grocery business.
Related Reports:
Real-time Payments Industry ESG: https://astra.grandviewresearch.com/real-time-payments-industry-esg-outlook
Digital Payments Industry ESG: https://astra.grandviewresearch.com/digital-payments-industry-esg-outlook
Business Process Outsourcing Industry ESG: https://astra.grandviewresearch.com/business-process-outsourcing-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
#Online Grocery Industry ESG#ESG Report#Online Grocery Industry#Online Grocery Market#ESG#online grocery industry sustainability
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ESG Innovations in the Bottled Water Industry
Concerted efforts to boost water conservation have prompted bottled water brands to bank on environmental, social and governance (ESG) pillars. Maintaining the delicate balance between the ecosystem and human needs will foster environmental sustainability. Brands are vying to bolster their sustainability journey with commitments across packaging, climate change, water and sourcing. Moreover, emphasizing labor management, supply chain labor standards, corporate governance, board diversity and transparency will develop resiliency and help produce high-quality and safe products.
Prioritizing ESG has become paramount for leading companies to stay ahead of the game amidst stiff competition. Consumers have increasingly sought bottled water. According to the Beverage Marketing Corporation, bottled water outnumbered soft drinks in the U.S., amassing 15.7 billion gallons of water as of 2021. The total volume of packaged drinks surpassed the all-time peak of the carbonated drink of 15.3 billion gallons in 2004. Industry players are expected to bank on the three pillars as ESG reporting is poised to garner headlines while framing sustainable strategies.
Key Companies in this theme
• Nestlé, PepsiCo
• The Coca-Cola Company
• DANONE
• Nongfu Spring
• National Beverage Corp.
• Keurig Dr Pepper Inc.
Environmental Perspective
Sustainable packaging solution has received an impetus to negate the environmental impact of plastic bottles. According to the survey conducted by the Harris Poll for the International Bottled Water Association (IBWA), nine out of ten Americans sought the availability of bottled water wherever other drinks were sold. Soaring consumer preference for bottled water has prompted industry leaders to use recycled PET and HDPE plastic.
Prominently, PET bottled water containers have reduced material usage and weigh less. Moreover, rPET (recycled PET) and rHDPE (recycled HDPE) have become pronounced. In February 2023, Revalyu announced an infusion of USD 50 million to build a PET bottle recycling plant in the U.S. The company will use water- and energy-conserving advanced recycling methods on 12 million PET bottles per day when operation starts in 2024. With recyclable and sustainable packaging more in demand than ever, industry leaders will likely bolster their environmental profile.
Is your business one of participants to the Bottled Water Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Social Perspective
Diversity, equity and inclusion (DEI) has become imperative to narrow the gender gap across organizations. Recruiting from diverse backgrounds, social dialogue and emphasizing workplace safety can provide promising growth opportunities. In 2021, Danone rolled out the “Future of Work” study to redefine the ways of working. Besides, it fosters equal pay for men and women and has deployed a parental policy globally, covering 91,628 employees.
Companies have left no stone unturned to underpin and promote human rights. In 2021, Danone bolstered a partnership with UN Women and Bonafont in Mexico to equip and train women with entrepreneurship skills. The company has propelled its human rights policy as it has pledged to deploy and develop Human Rights Due Diligence (HRDD) systems emphasizing forced labor in its operations. In 2020, it attained the 5-year ambition of reducing lost time accidents by 50% between 2015-2020. Ensuring health & safety with a safe working environment will remain indispensable to streamline operations.
Governance Perspective
The business practices and principles designed to propel corporate governance, tax transparency, ethical behavior, accountability and board diversity have become pronounced. The Coca-Cola Company has an Audit Committee, a Committee on Directors and Corporate Governance, a Talent and Compensation Committee, an ESG and public policy committee, a Finance Committee and an Executive Committee to help smoothly discharge governance duties.
In 2022, the Talent and Compensation Committee gave the nod to link the ESG performance measures to annual and long-term incentive programs, thereby fostering executive compensation. The beverage giant has also incorporated its 2030 Water Security Strategy and World Without Waste packaging strategy (50% recycled material in all packages by 2030) into the 2022-2024 incentive awards.
The growing prominence of water security and the need for smart water policies has amplified the topic of water governance. Coca-Cola has incorporated certain ESG metrics to underscore water issues. It has over 225 bottling partners across 200 countries and territories. Moreover, in 2021, the drink company earned a spot on the “A-List” of CDP for leadership in corporate transparency and action on water security.
Incumbent players have depicted increased traction for organic and inorganic growth strategies to tap into the global ecosystem. Brands are likely to map opportunities from collaboration, technological advancements, innovations and research & development activities. To illustrate, in December 2022, PepsiCo set a goal to double the reusable packaging for beverages to 20% by 2030. These trends suggest that the global bottled water market could expand at 6.7% CAGR between 2022 to 2030.
Related Reports:
Luxury Footwear Industry ESG: https://astra.grandviewresearch.com/luxury-footwear-industry-esg-outlook
Handbag Industry ESG: https://astra.grandviewresearch.com/handbag-industry-esg-outlook
Disposable Gloves Industry ESG: https://astra.grandviewresearch.com/disposable-gloves-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. – a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
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ESG Trends Reshaping the Life Science Analytics Industry
Business goals in the healthcare and medical sectors are increasingly linked with big data, so much so that life science analytics has become a major proponent of environmental, social and governance (ESG) practices. At a time when life science companies are painstakingly emphasizing the manufacturing and distribution of medicines, research and development and innovation, sustainable reporting has become instrumental in solidifying their brand positions. ESG reporting can be the silver bullet to retain talent and drive business results with a positive influence on society and the best possible outcome for all.
A concerted and sustainable effort to expedite replacement, reduction and refinement to foster new research models, approaches and tools has panned well. Several organizations are banking on diversity to minimize attrition rates and employees who prioritize environmental issues and social factors for good health. Furthermore, policymakers, consumers, employees, investors and venture capitalists have prioritized transparency, leadership behavior, opportunities and pay parity.
IBM Views Sustainability as Vehicle to Drive Business
Business leaders have fostered their roles in the environment portfolio to bolster carbon footprint monitoring and develop recycling initiatives. Life science companies are poised to play an invaluable role in combating climate change. The 2021 UN Climate Change Conference (COP26)—Glasgow Climate Pact—has potentially encouraged companies to move towards a low-carbon and more sustainable path. IBM will use renewable sources to procure 75% of its global electricity consumption by 2025, the giant mentioned in its 2022 ESG report. The company is also committed to implementing at least 3,000 new energy conservation projects to offset the consumption of 275,000 MWh of energy from 2021 through 2025.
With IBM expecting to reach net-zero operational GHG emissions by 2030, it has addressed market-based scope 1 and 2 emissions and scope 3 emissions (linked with electricity consumption) at third-party co-location data centers. Besides, the technology behemoth pegged its weighted average power usage effectiveness (PUE) at 1.52 in 2022 vis-à-vis 1.552 PUE (baseline) in 2019. Commitment to environmental leadership has received an impetus, creating a path to reduce climate-related risks.
Is your business one of participants to the Life Science Analytics Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Wipro and Novartis Up Social Commitment to Turn ESG Goals into Actions
Employees and consumer safety are pivotal to further sustainable goals as companies foster social targets to underpin the business strategy. So much so that ESG-themed bond has become pronounced to make drugs more accessible to everyone. In September 2020, Novartis reportedly became the first pharma company to issue a sustainability-linked bond at EUR 1.85 billion (USD 2.2 billion) to impel patient reach in low- and middle-income countries (LMICs). The company is bullish on augmenting patient reach in LMICs through strategic innovative therapies by 200% by 2025.
Wipro underpinned its social profile with an infusion of funds into an inclusive and diverse culture that fosters sustainable performance. The Indian giant has implemented buoyant policies to attract and retain LGBTQ+ employees. It has apparently revised group mediclaim insurance and the medical insurance scheme to include same-sex partners of employees. In February 2021, Wipro was named in the Human Rights Campaign Foundation's Corporate Equality Index (CEI)—the U.S. corporate policies and practices pertaining to LGBT workplace equality. Cultivating a culture of inclusion will sow the seed of a plurality of ideas and embrace all forms of differences.
Accenture Invests in Board Diversity to Pave Path with Vision and Value
Gender-diverse boards are widely linked with better engagement, increased investment efficiency and increased work-life balance. The trend toward transparent disclosure and creating an equitable environment can be contagious. Accenture infers that 50% of its board of directors is women, while 50% is racially and ethnically diverse. The company's 2021 U.S. workforce data reveal that it has fostered the number of Asia Americans and Asia executives by 3.5 percentage points. The service company is gearing up to achieve its 2025 goals of boosting representation of Black, African American, Hispanic American and Latinx among its leadership and workforce. Forward-looking companies are expected to uphold sound corporate governance practices to ramp up their ESG objectives.
Amid medical device, pharmaceutical and diagnostic regulatory scenarios changing, top-performing companies are poised to inject funds into sustainable goals. Tax transparency, for instance, is invaluable to building trust among stakeholders. Plastic packaging tax in the U.K. came into force in April 2022, with the charge pegged at £210.82 per ton from 1 April 2023 on plastic packaging with less than 30% recycled plastic, imported or manufactured into the U.K.
Price transparency in hospitals has gained a considerable uptick, a compelling portfolio to raise the ESG bar. In January 2021, each hospital functioning in the U.S. have been required to offer accessible and clear pricing information online about services and items. With the ESG pressure compelling businesses to enhance their sustainable value chain, Grand View Research forecasts the global life science analytics market to exhibit a 7.7% CAGR between 2022 to 2030.
Related Reports:
Clinical Trials Industry ESG: https://astra.grandviewresearch.com/clinical-trials-industry-esg-outlook
Antibiotics Industry ESG: https://astra.grandviewresearch.com/antibiotics-industry-esg-outlook
Biotechnology Industry ESG: https://astra.grandviewresearch.com/biotechnology-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
#Life Science Analytics Market#Life Science Analytics Industry#Life Science Analytics Industry ESG#ESG Report#life sciences esg#sustainability
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ESG Trends and Challenges in the Digital Payments Sector
Financial institutions and technology vendors have repurposed their strategies on digital payments—more so—on the back of a dip in physical cash. Add to it the technological innovations that have leveraged online banking. Cash may still be the king; electronic payment, however, is giving a run for the money. An exponential rise in smartphone usage, surging internet penetration and growth in e-commerce have made electronic payment a force to reckon with. Meanwhile, the luxury of contactless and fast payments comes with caveats—environmental, social and governance challenges.
Amidst climate change, a volatile economy and the Russia-Ukraine war, society, businesses and governments have exhibited a strong commitment to foster an inclusive workplace, accentuate low-carbon energy solutions, bolster transparency and create long-term value. Several financial institutions have started carbon offset programs, providing rewards and loyalty points. In September 2021, Ascenda joined forces with Patch to enable consumers to redeem their rewards points for carbon offsets, helping reduce and eliminate GHG emissions.
PayPal Propels Science-Based Targets (SBTs)
Carbon footprints from the digital payment ecosystem have prompted financial institutions to up their sustainable strategies. A study from Cambridge inferred that Bitcoin used 80% more energy consumption in 2021 compared to the preceding year. Digital wallets reportedly consume less energy vis-à-vis cryptocurrencies, offering opportunities galore. In March 2022, Helpful rolled out digital wallets that it claims can save up to 80% of the CO2 produced from payment transactions.
The potential risks posed by adverse weather conditions on facilities have encouraged companies, such as PayPal to underscore science-based GHG emission reduction targets. The Fintech player achieved 100% renewable energy sourcing for its data centers in 2021, while it reached 90% total energy use in 2022. The American giant formed science-based emission reduction targets—to minimize absolute operational GHG emissions by 25% by 2025. In 2022, the company set the goal to engage 75% of its suppliers (in terms of spending) to SBTs by 2025 and Its IT asset management team retired 338 metric tons of IT hardware across the data center services.
Global Payments Underscores Philanthropic Activities
The social criterion emphasizes a shifting business environment where companies are gearing up to enhance workplace diversity, financial literacy, social equity and health & wellness. In 2021, Global Payments Plano, Texas office teamed up with the National Breast Cancer Foundation (NBCF) and collected USD 1,600 for charity. Besides, the Lindon, Utah team formed a canned food drive to donate 2,500 cans to a local food bank. Taking the philanthropic work further, the company doled out USD 5 million in 2021 to underpin several organizations, such as Red Cross, the American Heart Association, UNCF, Leukemia & Lymphoma Society, Susan G. Komen and Mercer Medical School.
To reinforce financial literacy and economic inclusion, the Fintech company offers around 4 million (especially small and medium-sized businesses) locations globally with digital commerce solutions, allowing acceptance of more than 140 payment methods. Meanwhile, the U.S.-based company has propelled its DEI strategies to augment female representation to 47% and boost the number of people of color to 39% by 2025.
Is your business one of participants to the Digital Payments Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
JP Morgan Embeds Transparency and Accountability
Corporate governance has become a value proposition to impel ethics & compliance, board diversity, transparent work culture, independence and anti-corruption activities. In 2021, directors at JP Morgan were offered education on DEI, cybersecurity, its climate risk management framework and technology. The Board in the financial service company has ramped up corporate culture and values, boosting diversity in leadership positions. As of April 2022, Out of ten, there were four women directors and one black director. Further, women accounted for 37% of seats on the Operating Committee (as of December 2021).
While digital solutions have become invaluable in the economy, data privacy and cybersecurity threats have sent alarm bells to stakeholders. The Global Cybersecurity and Technology Controls organization analyzes changes in global threats and monitors JP Morgan’s operations. In 2022, the company was involved in policy issues, such as software bills of materials, evolving U.S. National Institute of Standards and Technology (NIST), zero trust and notification. The need to protect the global financial system and underpinning cybersecurity will help companies achieve ESG goals.
Fintech players have expedited their strategies to undergird climate solutions and build financial confidence among underserved and vulnerable communities. In the 2021-2022 ESG Report, American Express announced an infusion of USD 3 billion toward DEI initiatives and underrepresented groups through 2025. During the Earth Month of 2022, the financial service company asserted that at least 70% recycled or reclaimed plastic would be used to make most plastic cards by 2024. The rising footprint of contactless- and card payments against the backdrop of the COVID-19 pandemic has made electronic payment the next big thing. The global digital payments market size stood at USD 68.61 billion in 2021 and will expand at a CAGR of 20.5% between 2022 and 2030, reports Grand View Research.
Related Reports:
Digital Lending Industry ESG: https://astra.grandviewresearch.com/digital-lending-industry-esg-outlook
Real-time Payments Industry ESG: https://astra.grandviewresearch.com/real-time-payments-industry-esg-outlook
E-commerce Industry ESG: https://astra.grandviewresearch.com/e-commerce-industry-esg-outlook
About Astra – ESG Solutions by Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
For more ESG Thematic reports, please visit Astra ESG Solutions, powered by Grand View Research
#Digital Payments Industry ESG#ESG digital payments#Digital Payments Industry#digital payments industry sustainability#Digital Payments Market#esg in payments industry
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Third-party logistics, also known as 3PL, is the practice of outsourcing various logistics and supply chain management functions to a third-party provider. Development of transport logistics and related infrastructure in the Middle East and Asia regions, fast progress of the e-commerce market coupled with the development of new technologies, increasing working capital, and globalization that led to the demand for efficient inventory management services are some of the significant factors that drive the global third-party logistics market.
#Third-party Logistics Market ESG#Third-party Logistics Market#Third-party Logistics Industry#ESG Report
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Unveiling ESG Practices in European Pharmaceutical Industry
Environmental, social and governance (ESG) reporting in the healthcare sector has received a further push with the European pharmaceutical industry players confronting climate change and exploring challenges and opportunities, including strategies for product marketing and developing technologies and policies. In April 2021, the European Commission issued a legislative proposal for the Corporate Sustainability Reporting Directive (CSRD), requiring companies to report in line with European Sustainability Reporting Standards (ESRS). Furthermore, in July 2023, the EC adopted the first set of ESRS — companies will need to report in compliance with the new ESRS as early as 2024.
A rising chorus of voices is pitching for net-zero goals. In retrospect, the EU’s audacious move to become the first global market to roll out financial penalties for emissions in 2005 was a shot in the arm. So much so that companies that are leaving no stone unturned to reduce carbon are overcoming waste in packaging and production and encouraging suppliers to minimize emissions.
Stakeholders, including investors, clients, partners and the public, perceive transparency, diversity, equity & inclusion (DEI), corporate governance, business ethics, tax transparency, social opportunity, and pollution and waste as a game-changer for a better tomorrow. Predominantly, the circular economy is a riposte to the stiff challenge the 21st century presents — providing people’s needs without putting a burden on the environment and exhausting natural resources.
Is your business one of participants to the European Pharmaceutical Industry ESG? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices
Healthcare facilities, such as hospitals, are responsible for a large chunk of environmental pollution. Citing Dutch government data, a U.K.-based Law company — Pinsent Masons — noted (in November 2022) that the healthcare sector contributed around 7% of the CO2 emissions. The emergence of the Green Deal has brought a seismic shift in the healthcare system by minimizing the sector’s negative effects on the environment and climate and achieving a shift towards green and climate-neutral healthcare. The 3rd Green Deal, effective from 2023 through 2026, will gear up to help the Netherlands be carbon neutral by 2050, minimize the environmental burden of pharmaceuticals, promote more sustainable, healthier and plant-based diets for consumers and minimize the use of new materials and reuse more materials.
Novartis Explores Environmental Challenges and Opportunities
As medical technology continues to accelerate to keep up with the soaring demand for high-quality healthcare, European pharmaceutical companies are banking on proactive decisions to underpin sustainability goals. A leap toward ESG business practices and reduction targets of scope 1, 2 and 3 emissions will propel long-term environmental goals. For instance, in 2022, Novartis claimed it minimized scope 1 and 2 emissions by 23% from the preceding year.
The Switzerland-headquartered company is committed to using 100% renewable electricity across its operations by 2025. In 2022, renewable power purchase agreements helped the healthcare giant cover electricity consumption across its operations in Europe and North America. Amidst its scope 3 emissions rising by 20% (from the preceding year), Novartis has set a bullish target of becoming carbon neutral by 2030.
Bristol-Myers Squibb Advances Inclusion and Diversity Efforts
Pharma companies are fostering ESG strategies — enhancing health & well-being and underscoring diversity, equity and inclusion (DEI). Commitment to a patient-centric culture and just society that respects and values people from all backgrounds will boost sustainably responsible investing. In 2023, Bristol-Myers Squibb bolstered workforce representation goals to include executive directors and above to impel the next generation of leadership. In March 2023, the company inferred that 85% strongly agreed or agreed that they felt they worked in diverse and cross-cultural teams at BMS UK.
The pharmaceutical industrial company asserted it enrolled more than 6,800 employees (in 2022) into professional, manager, and leadership development programs. The company claimed in its 2022 ESG report that 100% of its leadership development programs are inclusive and address topics pertaining to women and underrepresented ethnic groups.
AstraZeneca Encourages Transparency
Robust corporate governance warrants greater transparency, the integrity of risk management, internal controls and financial information. Embedding sustainability from the lab to the patient will strengthen the healthcare system and herald an ESG-powered future. AstraZeneca alluded to its commitment to high ethical standards and full compliance with laws, regulations and internal policies in its Sustainability Report 2022.
The U.K.-headquartered company has set an audacious 2025 target of maintaining 100% of active employees trained on the Code of Ethics. Besides, the stakeholder group has a keen interest in exposure to macro-economic risk, R&D productivity and successful pipeline, commercial operations, financial performance and strategy, climate and sustainability matters and culture, values and behaviors.
European pharmaceutical companies are striving to fuel high standards of conduct and accountability, including anti-corruption, anti-bribery, human rights and use of human tissue and animals for research. Businesses are centered on trust — seeking feedback and providing inputs on diversity, equity & inclusion and leadership structure — which will further align sustainability strategy with business strategy. Grand View Research estimates the Europe pharmaceutical market, which stood at USD 282.75 billion in 2020, to grow at 5.4% CAGR between 2021 and 2028. With ESG becoming a common denominator, stakeholders are poised to prioritize sustainability issues and propel ESG reporting.
About Astra — ESG Solutions By Grand View Research
Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. — a global market research publishing & management consulting firm.
Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.
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#European Pharmaceutical Market#European Pharmaceutical Industry#European Pharmaceutical Industry ESG#ESG Report
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🔋🌍 Battery Industry ESG Outlook: Unlocking Sustainable Growth 🔋🌍
Did you know that the global battery market is projected to expand at a compound annual growth rate (CAGR) of 14.1% from 2020 to 2027, reaching a value of US$ 108.4 billion? This growth is driven by the increasing demand for lithium-ion batteries, especially in the electric mobility sector. As the world gears up for a future with nearly 10 billion people by 2050, battery industry leaders are facing both challenges and opportunities.
One of the key challenges is addressing environmental, social, and governance (ESG) issues. Improper disposal of batteries contributes to pollution and negative health impacts. However, battery companies are stepping up their efforts, with some setting targets to reduce CO2 intensity and GHG emissions globally.
Notable companies in this sector include BYD Company Ltd., Duracell, Johnson Controls, LG Chem Ltd., and Samsung SDI Co. Ltd. These companies are at the forefront of developing sustainable technologies and business models.
To stay informed about industry developments, regulatory changes, and company actions, check out the Battery Industry ESG Study, Challenges, Issues & Risks Report by Grand View Research. It provides insights into ESG trends, challenges, and initiatives, helping investors and businesses make informed decisions for a greener and more sustainable future.
#Battery Industry ESG#Sustainable Growth#Lithium-Ion Batteries#Environmental Responsibility#energy Battery Industry#Battery Market
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