AS an independent civil society organisation that provides a platform for leadership, thought and action in responding to sustainability challenges in Asia, Green Growth Asia Foundation (GGAF) takes the lead to promote a new growth strategy that strikes a balance between economic development, social inclusivity and environmental sustainability.
For that, it makes good sense that it is supporting the inaugural ESG Positive Impact Awards (ESG PIA) as a working partner.
GGAF envisions a resilient low carbon world built through strong, inclusive and sustainable green growth policies and principles focusing on Asia, by encouraging individuals, institutions, investors and political leaders to commit to practising the green growth concept at all levels.
The green growth concept ensures Asian countries drive economic opportunity while sustaining natural resources and improving quality of life.
“As an ESG PIA working partner, we expect all candidates to demonstrate outstanding leadership in sustainability practices and showcase innovative solutions that contribute to sustainable development in the region,” said GGAF executive director Dr Mahadi Mohamad.
He added that as a partner in the awards, GGAF looks forward to recognising and celebrating companies that are making a positive impact in the Asia-Pacific region through their sustainability practices.
“We hope that this award will inspire more companies to adopt sustainable business practices and contribute to the region’s green growth.”
He also said that on the horizon are upcoming trends on how ESG will be reported.
“We will expect to see a rise in impact reporting, as there is a growing interest in measuring the companies’ positive impacts on society and the environment.
“This reporting may become a more prominent feature of ESG reporting in the future,” he shared, as ESG reporting moves away from today’s focus of identifying and mitigating risks.
Dr Mahadi also highlighted the increased use of technology and AI in the future.
“With advances in technology, especially with the upcoming rise in AI, companies are increasingly using data analytics and artificial intelligence to collect and analyse ESG data,” he shared.
“This may lead to more standardised and sophisticated ESG reporting.”
Also, while environmental and governance factors have traditionally been the focus in ESG reporting, there is a growing recognition for the importance of social factors, such as diversity, equity, and inclusion and this could shift the types of data companies use to report on.
GGAF achieves its vision and goals through cutting-edge “green growth” strategies, programmes, projects and activities that drive economic prosperity within a socially inclusive context.
It is also underpinned by a strong sense of responsibility towards the environment and advances through education for sustainable development initiatives.