Five steps to embed sustainability for competitive advantage:
), will provide initial insights. For example, SASB will tell you that if you run a consumer packaged goods industry, climate, water, and labor practices are amongst 10 material topics that need to be managed. Critical stakeholders such as employees, investors, customers, regulators and civil society should also be consulted as their insights may help identify priorities that business leaders may otherwise ignore.
Then, define goals and key performance indicators : How much water reduction is needed, how much is feasible, and what is your action plan? You’ll need to understand your current water-use performance, benchmark against competitors, explore technologies that can reduce water use, and reach out to key stakeholders, such as NGOs, community groups and regulators working on water in your operating regions.
Build these ESG goals and strategies into your core business strategy. Using water in your factories, as an example, you likely have overall goals related to the high-quality functioning of those factories, related to operational costs, quality of goods produced, capital investments planned, etc. Improving those factories’ performance on water becomes part of your overall goals associated with manufacturing. Investing in better water management can reduce costs and improve performance .
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