ESG’s Next Big Step

For merchants and brands looking to strengthen their environmental, social, and corporate governance (ESG) practices, there’s no “plug and play” solution. Companies need to fully assess their business and reset it in a responsible way – taking a holistic, top-down approach to implementing an ESG strategy, and putting the elements of purpose, diversity and sustainability at the core. Here, and in the video link below, Jill Standish, Senior Managing Director & Global Lead of Retail at Accenture, shares insights into how ESG is evolving into a “management approach,” what retailers need to consider when resetting and deploying a strategy, and why sustainable practices are needed now more than ever. FMG: When considering developing a sustainability strategy, where should retailers and brands start? Jill Standish: First is an assessment. Leaders need to answer this question: Where are the impacts along the value chain of your business? By understanding your impacts, you can reset and assess where there are quick wins – both environmentally and socially, but also financially. We estimate that 50 to 60 percent of ESG improvements are either cost-neutral or cost reducing, so the reconciliation of targets versus expenses is a natural and motivating starting point. FMG: Why should merchants and brands consider

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