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Post COVID-19 Globe: How to Build Resilience to the Next Pandemic with ESG Sustainability Reporting

COVID-19 pandemic has resulted in the current fast-growing demand to build a sustainable and resilient globe. When the pandemic hit the planet in 2020, most companies were caught unaware and thrown into confusion, with some fading off the market completely. Now, we are wiser and have to prepare for the unexpected. To build better resilience to future pandemics or crises, it is paramount for companies to think broadly by including the entire value chain.

In this post, we take a closer look at the procedure of building a more resilient company after the COVID-19 pandemic. We will also highlight why you should need to have the right ESG management app for correct reporting. 

ESG is a Progressive Force: Start at the Bottom and then Grow

ESG risks that face companies today have deep implications, implying that you can only address them with smart responses. Despite the complexities, you must start from somewhere. One of the best routes is ESG sustainability reporting

Some ESG reporting guidelines or frameworks have tried to simplify this by defining how to kick-start the process. For example, the Hong Kong Stock Exchange (HKEX) puts the mandate on the shoulders of the board of directors of the listed companies. The HKEX guidelines for ESG reporting do not just require companies to capture what they are doing but also focus on future challenges. Then, they have to develop clear strategies for addressing them. 

Even if your industry does not specify the guidelines for starting or driving the process, it is important to think long-term. This means that after reviewing your company’s challenges and opportunities, the strategies you adopt should point at long-term gains. For example, you might want to focus on cutting down costs of operations by 50% by changing the raw materials from imported to locally sourced. In the case of a pandemic that slams brakes on international cargo movement, local supplies can help sustain the company. Other considerations for your company when getting started include: 

  • Make sustainability a core part of your business operations. 
  • Involve all stakeholders, from suppliers to vendors. 
  • Understand and strictly follow the sustainability reporting principles. 

Resilience in the Supply Chain

When planning for ESG sustainability reporting, we must indicate that a lot of companies tend to focus on what is right in-front of their eyes. If every effort on sustainability only targets your company without factoring others in the supply chain, the truth is that little will be achieved. 

The severity of the COVID-19 pandemic showed that companies need to work with their supply chains to counter challenges that might unfold ahead because of calamities. Particularly, you need to look at the supply chain from different viewpoints and imagine what can go wrong. Take the example of a manufacturing company that uses imported metal. In addition, the firm should consider working with local suppliers. Shifting to recycled materials might also be a better option. Other considerations that you should promote or encourage in the supply chain include: 

  • The adoption of renewable energy sources. 
  • Strict adherence to international labor standards
  • Commitment to cutting down emissions through strategies such as installation of modern equipment, regular maintenance, and shift to renewable energy. 

As we finally wrestle down the COVID-19 pandemic, the truth is that no one knows when the next disaster can strike. The lovely thing about it is that we have picked crucial lessons so that the next challenges will find a more prepared society. In this post, we have demonstrated that ESG reporting is the best tool to prepare not just your company but the entire supply chain. Remember that this preparedness is only possible when ESG sustainability reporting is done correctly. To do this, you must have one important tool, sustainability management software. The apps allow you to factor all parameters, scale the efforts over time, and get the best results. Visit Diginex.com for the best programs and expert support. 

sudarsan

Sudarsan Chakraborty is a professional writer. He contributes to many high-quality blogs. He loves to write on various topics.