While still in its beginning stage, companies and investors are beginning to meld together sustainability reporting with traditional financial reporting for their companies.
Most sustainability reports contain information about the impacts and risks of sustainability strategies. But a growing movement is shaping up to push companies toward integrated reporting that combines conventional financial information along with key sustainability data.
Much of the integrated reporting model is being backed by the International Integrated Reporting Council, a global coalition of regulators, investors, companies, and NGOs.
Sustainability reporting is not likely to go away as more companies are seeing the financial benefit of implementing energy saving strategies.
“Good companies will see integrated reporting as an opportunity to communicate on and implement a sustainable strategy.”
By Gaylen Davenport
So you’ve succeeded in getting your company to set some sustainability goals, what now? Sustainability goals aren’t required, but are certainly a key in successfully saving your company money and utility costs.
Interface’s North Star goal, known today as Mission Zero, is a single public commitment to eliminate any negative impact the company may have on the environment by 2020. The company offers four tips in meeting your sustainability goals:
- Find the elephant in the room: what is the single biggest driver for your company’s sustainability? It can be to reduce costs, energy use, or emissions.
- Build you goal into the business: “the key thing that distinguishes early corporate social responsibility efforts from the modern movement toward sustainable business is whether you have a business strategy that links sustainability progress with increasing profitability.”
- Align key business partners with your goals: finding key partners to help and guide your company through sustainability efforts will provide you with additional support and knowledge.
- Measure and report transparently along the way: a near-term goal will help make your company accountable for progress toward your goals and make clear the progress that you are making.