Tuesday, June 18, 2024

The Imperative of Embracing Sustainability in the Philippines

The Imperative of Embracing Sustainability in the Philippines

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The world is undergoing significant transformations, with some of these changes carrying consequences if not addressed sooner. Among the pressing challenges that the world faces are environmental and social issues, threatening not only our planet but also the future of businesses. This has led to a growing emphasis on sustainability, a concept critical for today’s businesses to embrace.

Nowadays, companies are quick to embrace sustainability measures in their operations through action plans that will adhere to the Environmental, Social, and Governance (ESG) goals. These goals measure a company’s impact on climate change, human rights, diversity, employee well-being, and ethical governance. By meeting these goals, businesses project an image of trustworthiness and responsibility, ultimately contributing to long-term success.

The financial benefits of sustainability are undeniable. A recent report by Global Sustainable Investment Review reveals a staggering $30.3 trillion invested globally in sustainable assets. Notably, sustainable investment assets under management (AUM) have grown by 20 percent since 2020 in non-US markets, highlighting the increasing investor interest in this area.

Against this backdrop, the Philippines has been taking concrete steps towards sustainability in recent years. For instance, Publicly Listed Companies (PLCs) with a public float of at least 50 percent are now required to submit ESG reports according to Securities and Exchange Commission (SEC) guidelines based on Global Reporting Initiative (GRI) standards. While not mandatory for medium and large companies, adopting these guidelines is highly encouraged to contribute positively to society and the environment.

With the growing focus on social responsibility and ESG goals, businesses are exploring various strategies for success. However, one area remains largely untapped: the use of data. But how can companies leverage the power of data to fully realize their sustainability goals?

The role of data to achieve sustainable goals

ESG goals have made it clear to companies that inaction is no longer an option. The question now is not if they will act, but how and when. This has led to a surge in companies seeking ways to integrate sustainability into their core operations.

But how can companies act without a clear understanding of their environmental, social, and economic impact? This is where data becomes crucial. Data empowers businesses to understand their current sustainability performance across social, cultural, environmental, and economic dimensions. By analyzing this data, companies can identify areas for improvement and transform operations to become more responsible and relevant to all stakeholders. Data unlocks a wealth of sustainability opportunities. However, to leverage this data effectively, large organizations need robust data analysis capabilities. Transforming data into actionable insights is key to creating meaningful change.

Using data to create a sustainable solution

Transitioning to sustainable processes requires data-driven decision-making across all operations. By analyzing relevant data sets, companies can pinpoint areas for improvement, optimize resource utilization, and implement effective sustainability initiatives.

This data-driven approach empowers businesses to prioritize actions that yield the greatest environmental and economic benefits, whether it’s reducing energy consumption, minimizing waste generation, or optimizing efficiency on their operations.

The approach begins with collecting relevant ESG data from various sources, including internal systems, sensors, surveys, and external databases. This data is then analyzed to identify opportunities, challenges, and areas for improvement in sustainability performance. Based on this analysis, companies can establish priorities, set goals, and develop a long-term action plan. The action plan is monitored using specific key performance indicators (KPIs), and the results are continuously evaluated and refined for improvement.

While seemingly straightforward, this process can be complex. Integrating technology can significantly improve data comprehension. Companies need to leverage data and technology to create impactful sustainable solutions and translate them into actionable measures. This fosters trust and credibility among stakeholders and drives a positive global impact.

The journey to a more sustainable future starts now

Transforming a business for the better should be an achievable goal if the company knows where to start. For Aboitiz InfraCapital (AIC), the infrastructure arm of the Aboitiz Group, sustainability has always been integrated in its planning and day-to-day operations, AIC and its business units continue to leverage innovative technologies to enhance operational efficiencies across the Group while pursuing initiatives that drive positive environmental and social impacts. Towards this end, AIC partnered with delaware, a global company that delivers advanced ICT solutions and services, to implement SAP S/4HANA Work Clearance Management.

This collaboration represents a strategic initiative by AIC to enhance occupational health and safety and optimize resource utilization across the Group. According to AIC Head of IT & Digital, Vice President Raymund Ramos, adopting SAP S/4HANA Work Clearance Management is a strategic move to streamline work processes, enforce safety protocols, and ensure compliance with regulatory standards, ultimately driving sustainable outcomes for the company and the community.

“We have started by deploying a system on work clearances and permits for our asset technicians to ensure safety in the field. We are implementing this across all of AIC’s subsidiaries. This is one of our simple yet impactful steps towards promoting health and safety in our organization,” said Ramos.

Senior Vice President for Customer Success of delaware Simone Pigason could not agree more. She underscores the importance of this partnership and innovation in driving sustainable practices, and this move with AIC is evidence of that.

“By combining AIC’s industry expertise in developing smart and future-ready infrastructure with delaware’s technological capabilities and implementation expertise, we hope to achieve optimal results that will deliver tangible value for stakeholders while advancing sustainability goals,” said Pigason.

Partner and Delivery Head of delaware Rosette Carrao underscores the important role of delaware in helping businesses realize their sustainability and business transformation goals.

“The path to a sustainable future starts now, and delaware stands ready to guide businesses on this transformative journey. As the world demands accountability and action from organizations, the time for change is upon them. Prioritizing sustainability goes beyond mere profit-making; it fosters resilience and creates a brighter future for all stakeholders. delaware is committed to delivering impactful change, partnering with businesses to navigate this crucial shift,” said Carrao.

To learn more about delaware’s solutions and services, visit their website at https://www.delaware.pro/en-ph.