Guide to Environmental, Social and Governance Standards

ESG Standards are designed to guide organisations towards achieving good governance and transparency, while prioritising environmental and social responsibilities.

What are the ESG Standards? 

There are high expectations placed upon businesses in the 21^st century. Companies are expected to operate according to high ethical standards and sustainable principles, to reduce their environmental impact, and to be transparent in their dealings with people.

Intertek Inform provides Environmental, Social and Governance Standards to enable businesses to achieve these types of goals and principles. Standards range from environmental management systems, energy management, sustainable development to climate change adaptation and more.

Why is ESG important?

ESG is not only important for people and the planet, but also for business. As well as achieving sustainability it can help a company reduce its energy, water and waste costs, build a positive reputation and attract investors.

However, there has been a lack of coherence about what constitutes ESG principles. This makes standardisation very important for achieving harmonisation.

Standards Australia says a lack of harmonisation is one of the main challenges to ESG^. Other challenges include environmental degradation, social inequities, achieving best practice, and lack of accurate information when it comes to ESG-focused investments. Greenwashing can also be a factor – where a company claims to have green credentials that it doesn’t have.

Part of the solution towards building trust, harmony and consistency is the development of published ESG Standards that cover a range of user needs.

Popular ESG Standards

Intertek Inform offers access to a range of ESG Standards in our online Standards store. These include:

• ISO 37108:2022 - Sustainable cities and communities – business districts. This document provides guidance on implementing a management system for sustainable development in communities and cities in the context of a business district. It covers sustainable development and continuous improvement for all stages of the business district life cycle. It also serves as the basis for assessing and improving ESG outcomes.
• ISO 14001:2015 – Environmental management systems guidance. The Standard sets out the requirements for an environmental management system to improve environmental performance.
• ISO 50001:2018 – Energy management systems guidance. Covers requirements for the establishment, implementation, maintenance, and improvement of an energy management system.
• AS 5334-2013 – Climate change adaptation for settlements and infrastructure using a risk-based approach.

By following the principles laid out in Environmental, Social, and Governance Standards, you can help improve your business’s sustainability and environmental credentials and potentially save costs in the process.

^Reference: https://www.standards.org.au/flagship-projects/environmental-social-and-governance-esg