ESG

Why working together is essential to protect the environment and wider society

Written by James Beiny, ESG Manager

Amidst the complex and devastating challenges the world faces, from climate change to rising levels of inequality, the need for collaboration has never been more crucial. Businesses play a pivotal role in tackling these so called ‘wicked problems’, however, attempting to solve them in isolation can be likened to fighting a losing battle.

There are several benefits for businesses by collaborating with its stakeholders across its value chain. Here are some of the main advantages:

  • Sharing diverse ideas – working with stakeholders, both internally and externally, presents the opportunity to understand and harness diverse perspectives, expertise and resources. By doing so, businesses will be better equipped to drive innovation, as they can learn from each other’s experiences, share best practice, and identify common risks and challenges. When all of this knowledge and expertise is pooled, companies can find more effective solutions to problems and mitigate the risk of them reoccurring.
  • Driving progress towards net zero – businesses rely on its suppliers, clients and other partners to make meaningful emission reductions. This is because every business needs to obtain certain data from its partner organisations to measure and report on its ‘scope 3’ emissions, which constitute emissions from sources that the business does not own or control. Depending on the nature of its activities, a company may require an array of data from its suppliers to accurately calculate its scope 3 emissions, such as the mode of transport used, and distance travelled to transport goods to its premises. As scope 3 emissions account, on average, for 75% of a company’s carbon footprint, stakeholder engagement is imperative for a business to make the emission reductions necessary to achieve net zero.
  • Achieving shared ESG goals – from sharing data and best practice to transparently communicating priority environmental, social and governance (ESG) areas, businesses can support one another in a mutually beneficial way to achieve ESG goals. For example, by exchanging defined ESG-related targets and supporting KPIs used to measure and monitor progress, a business and a supplier can learn from one another to effectively meet each other’s needs and expectations.

Ward works closely with its business partners to operate more responsibly. A notable example is Ward’s longstanding partnership with TINYg — a dynamic counter terrorism information network— to raise awareness of safety in the community. Alongside the police and other law enforcement agencies, Ward has helped to highlight the important role that businesses play in tackling violence against women and girls, among an array of other pressing security issues.

The importance of stakeholder collaboration to drive sustainable change cannot be emphasised enough. By bringing employees, suppliers, clients and other partners on their ESG journey, businesses can maximise their positive contribution to their local communities. As a result, businesses can create the conditions necessary to effectively tackle climate change, rising inequality and other pressing sustainability challenges.

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