Glove Intelligent Assistant
07.30.2024
With the current effects of climate change and global warming, many businesses are conscious that consumers are concerned about purchasing and consuming green products and supporting green businesses eventually toward sustainable business practices, often willing to pay a premium for sustainable products. Local legislature is ever evolving to support environmental sustainability. Now, it is more important for businesses to be transparent about their annual carbon footprint and how committed they are to protecting the environment. Businesses are now in the habit of releasing annual sustainability reports. This is one of the keyways consumers and third party fact finding organizations can verify that a business is being operated ethically and sustainably. SW has recently published our annual sustainability report on our website.
The basic objective of sustainability reporting is to showcase the true commitment towards sustainability – what actions the business has taken to move towards sustainable business practices. SW’s sustainability report aligns with the GRI reporting standard, which is a globally accepted Universal Standard for sustainability reporting. Furthermore, the sustainability indicators measured by EcoVadis, SBTi, and CDP are addressed in our sustainability report.
The ASK GIA blog has briefly talked about these three organizations before. To briefly summarize, EcoVadis is known for the world’s largest and most trusted provider of business sustainability ratings. The Science Based Targets initiative (SBTi) is a global organization that helps companies set ambitious and achievable greenhouse gas (GHG) emission reduction targets in line with the latest climate science. CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
EcoVadis’ methodology is centered around international sustainability standards, including the Global Reporting Initiative, the United Nations Global Compact, and the ISO 26000. The assessment is based on 3 management pillars: policies, actions, and results. A company must have sustainable policies, actually enforce these policies, and then provide transparency to all stakeholders. According to the U.S. Securities and Exchange Commission (SEC) Measuring and Reporting GHG emission is essential to Businesses in US region, Additionally it is mandatory reporting other environmental indicators such as raw material consumption, Energy and water consumption, waste generation. Businesses must show they have abided by local mandatory reporting standards and abide by local testing standards. SW follows through with these categories and describes how our brand is compliant with these values in our sustainability report.
SBTi’s V5.0 Criteria states that companies must set 1.5° C aligned scope 1 & 2 targets, which must be achieved within 5-10 years from the date the target is submitted to the SBTi for validation. SW’s own goal is to reduce absolute scope 1 & scope 2 GHG emissions 42% by 2030 from 2022 base year, as stated in our report.
CDP aligns its scoring methodologies with frameworks and standards, such as the Task Force on Climate-related Financial Disclosures (TCFD), the Global Reporting Initiative (GRI), the United Nations Sustainable Development Goals (SDGs). These frameworks guide companies on how to report on various aspects of environmental impact, including greenhouse gas (GHG) emissions.
CDP scoring also focuses on aspects such as governance, strategy, risk management, and metrics and targets, as part of its broader approach to assessing how companies manage and disclose environmental risks and opportunities.
Our annual sustainability report offers scientific, quantitative and qualitative evidence of SW’s sustainable practices. Not only can our customers find numerical reports on our GHG emission levels but also the various philanthropic projects we are currently sponsoring. The most important part is that we continue to take action towards a more sustainable model. EcoVadis, SBTi, and CDP, all stress the importance of continued progress. SW is proud to share our company’s yearly progress with all our stakeholders and will continue to provide transparency on SW’s commitment to sustainability.