ESG
Es ECH OR
Sustainability is often mistaken for environmental , social and governance , which have connotations and relevance , but fail to define what the term really means . People , planet and profit , known as the 3Ps in many circles , are the key components of sustainable action , but as they are referred to as environmental , social and economical factors the confusion arises .
Nevertheless , these are the key areas of focus , and it ’ s important that businesses endeavour to meet all three for that coveted ‘ sustainable ’ status . But how much do businesses know about their impact on communities , the planet we live on , and the economic growth as a result of decarbonisation and social prosperity ?
While the focus is often on large corporations and their impacts — because they do have the platforms and reach to facilitate them as such — SMEs must also understand how this affects them , especially when collaborating with said companies .
“ In the bustling arena of sustainability conversations , the ‘ People ’ aspect often finds itself in the shadows , not quite catching the limelight like its counterparts ‘ Planet ’ and ‘ Profit ,” says Sherif Tawfik , Chief Sustainability Commercial Officer of Central , Southeast Europe , Middles East , and Africa at Microsoft . “ The talks about environmental conservation and economic gains are everywhere , while the important discussions about social sustainability – think equity , diversity , and social responsibility – don ’ t always get to the same stage .”
“ This oversight might be because gauging social sustainability isn ’ t as straightforward as counting carbon emissions or dollars . It ’ s a bit elusive , dealing with a wide canvas of human experiences and societal nuances .
sustainabilitymag . com 65