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Operating a company in the traditional manner, with an emphasis primarily on profit and cost reduction, may be irrelevant in today's global context, when the world is confronted with a slew of challenges ranging from a scarcity of natural resources, exacerbated climate change, a wider gap in social inequality, to corruption. Therefore, businesses should take these variables into account and use them adequately to continue to grow sustainably while benefiting all stakeholders and creating sustainable returns.
SCG recognizes the significance of this evolving context and devotes consistent attention to the ESG criteria. In addition, the company takes a broader approach to environmental, social, and governance challenges by incorporating sustainable practices into business operations to promote confidence in all sectors and emphasize the business's responsibility in the three said dimensions.
What does ESG have to do with Sustainable Business?
ESG is a term used in the capital markets to provide investors information to assess the business's performance holistically. ESG encompasses more than just financial data; it reflects a company's corporate governance, transparent management, risk management, and commitments to its stakeholders, as well as competitiveness and the ability to deliver long-term returns.
The vital sustainable practices underlying ESG include 3 main areas: Environmental (E), covering energy, water, waste, pollution, and greenhouse gas management; Social (S), covering company's treatment regarding employees, customer, social and community development; and Governance (G) focusing on good corporate governance, sustainability risk management, supply chain management, and corporate innovation.
The Importance of ESG to Chemicals Business, SCG
In addition to placing sustainable development and circular economy at the heart of company operations, Chemicals Business, SCG also adopted ESG as an additional conceptual framework to help reflect its accountability to stakeholders in three dimensions:
The use of ESG (Environmental, Social, Governance), which conforms to environmental care, social stewardship, and good corporate governance, would aid Chemicals Business, SCG, in operating a sustainable path in line with the international community's Sustainable Development Goals (SDGs).
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