{"id":32838,"date":"2024-12-02T00:01:08","date_gmt":"2024-12-01T22:01:08","guid":{"rendered":"https:\/\/consecon.d.ourbox.org\/?page_id=32838"},"modified":"2024-12-02T15:00:34","modified_gmt":"2024-12-02T13:00:34","slug":"esg-practical-information-and-relevance-for-exports","status":"publish","type":"page","link":"https:\/\/consecon.d.ourbox.org\/en\/esg-practical-information-and-relevance-for-exports\/","title":{"rendered":"\ufffc\ufffcESG \u2013 practical information and relevance for exports"},"content":{"rendered":"\n

The Sustainable Development Goals (SDGs) and Environmental, Social, and Governance (ESG)<\/strong> criteria are interconnected frameworks guiding sustainable development. The SDGs, established by the UN, provide a global roadmap for addressing critical issues like poverty, inequality, climate change, and environmental degradation by 2030. ESG, meanwhile, is a set of criteria used in the corporate sector to assess companies’ impact on the environment, society, and governance structures.<\/p>\n\n\n\n

Both frameworks encourage responsible action: while the SDGs target mainly governments, nonprofits, and communities to achieve specific global goals, ESG focuses on businesses and investors to ensure sustainable practices that contribute to these goals. For example, ESG practices that reduce carbon emissions, promote workplace diversity, and maintain transparent governance directly support the achievement of SDGs like Climate Action (SDG 13), Gender Equality (SDG 5), and Reduced Inequalities (SDG 10). In essence, ESG metrics can be seen as tools for companies to contribute to broader SDG targets, aligning private sector actions with global development goals.<\/p>\n\n\n\n

ESG<\/strong> is an acronym for Environmental, Social, and Governance<\/strong> and refers to a set of non-financial standards (many of which have demonstrable financial impact) that companies are increasingly incorporating into their decision-making processes.<\/p>\n\n\n\n

(E) Environment<\/strong> – the impact of company activities on the environment (pollution, waste management, preservation of natural resources and climate change mitigation);<\/p>\n\n\n\n

(S) Social<\/strong> – the company’s relationship with its stakeholders, e.g. employees, customers, community. This can cover labor relations, diversity and inclusion, employee health and safety, community involvement and respect for human rights;<\/p>\n\n\n\n

(G) Governance<\/strong> – the extent to which the company complies with governance requirements, e.g. leadership, legal compliance and adherence, shareholder rights, etc. It focuses on the organization’s governance structures and control mechanisms. This includes issues such as business ethics and integrity, transparency, compliance with laws and regulations, evaluation and internal audit.<\/p>\n\n\n\n

When speaking about ESG, organisations also use a number of terms such as Corporate Responsibility, Sustainability, Sustainable Development and others.<\/p>\n\n\n\n

ESG (Non-financial) reporting is not currently mandatory for entities in the RM, but many companies that are part of multinational groups do it voluntarily, as well as in line with Group policies.<\/p>\n\n\n\n

At the same time, it is necessary to mention that in connection with the EU accession process and in accordance with all the commitments of the Republic of Moldova undertaken to counteract harmful climate change, reporting will become a mandatory activity for organizations in our country in the near future.<\/p>\n\n\n\n

Likewise, local entities wishing to export goods and services to the EU will gain competitiveness benefits and facilitated access to the desired markets, if they will implement the ESG principles and report on them publicly.<\/p>\n\n\n\n

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Source: PwC- ESG Reporting<\/figcaption><\/figure>\n\n\n\n
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Advantages of implementing ESG principles:<\/strong><\/h2>\n\n\n\n
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Access to markets (integration into the value chains)<\/p>\n\n\n\n

Access to finance<\/p>\n\n\n\n

Improved reputation<\/p>\n\n\n\n

Reduction of operational risks<\/p>\n\n\n\n

Operational efficiency<\/p>\n\n\n\n

Access to new business opportunities<\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n

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Regulatory compliance<\/p>\n\n\n\n

Attracting responsible investors<\/p>\n\n\n\n

Enhanced sustainability<\/p>\n\n\n\n

Improving stakeholder relations<\/p>\n\n\n\n

Develop strategic partnerships<\/p>\n\n\n\n

Enhancing attractiveness for employees<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div><\/section>\n<\/div><\/div>\n\n\n\n<\/br><\/br>\n\n\n\n

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ESG in the Republic of Moldova<\/figcaption><\/figure>\n\n\n\n<\/br><\/br>\n\n\n\n

Stages of ESG Reporting:<\/strong><\/h2>\n\n\n\n

1. Drafting the ESG Strategy, assessing the following aspects<\/strong><\/p>\n\n\n\n