CINCINNATI – Benchmark Digital Partners, a leading provider of cloud-based EHS, Sustainability & Environmental, Social and Governance (ESG) software solutions, recently convened its seventh Sustainability & ESG Collaboration Forum session, where guest presenters, Mardi McBrien and Dr. Stephanie Hime, discussed the importance of syncing ESG sustainability standards to ensure companies, consumers, and investors are able to accurately compare enterprise sustainability efforts and results.
The event featured commentary from Mardi McBrien, the Director of Strategic Affairs at the IFRS Foundation and Dr. Stephanie Hime, the Managing Director and Little Blue Research Ltd.
Topics included nonbinding disclosure frameworks and the importance of their alignment with new and emerging regulatory frameworks in the E.U., U.K. and U.S. With the launch of the IFRS S1 and S2 due at the end of Q2 2023, event discussions also touched upon how the new disclosures will be mandatory, yet largely align with both the GRI and TCFD.
Also discussed was the effective management of our natural resources for the future of the earth and businesses. Dr. Stephanie Hime outlined the core concepts of natural capital, its relevance to business, and underlying risk factors generated by our planet’s rapid nature decline and what this means for the global economy and beyond.
“Natural capital can be considered like your bank account of nature and resources,” Hime explained. “If you use too much of it, there won’t be any interest to live off in the future. When you don’t pay for nature’s services, you don’t see the dependency on them until they run out.”
“ESG has is something that’s been around for several decades. But in recent years, it has seen explosive growth, particularly in the frameworks that have grown around this, and it’s presented some real challenges to corporates and to industry,” remarked Peter Walsh, Director of ESG Market Strategy & Partnerships at Benchmark.
The seventh session of Benchmark’s Sustainability & ESG Collaboration Forum series, a recording of which is available here, sought to distill the evolution of ESG regulatory disclosure requirements and trends to better inform end-users, businesses, and sustainability leaders. One such trend especially pertinent was the shift of voluntary frameworks towards a mandatory basis , with frameworks such as CSRD and IFRS due to come into effect by the end of this year..
Benchmark appreciates the evolving nature of international sustainability standards in incorporating nature, resilience and biodiversity into operational business models. To that end, Benchmark encourages interested parties to join the Sustainability & ESG Collaboration Forum LinkedIn group for additional discussion on matters examined in the webinar. Additional resources on best practices and digital solutions for ESG data management and reporting can be found here, as well as a full Benchmark event calendar here.
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