What is sustainability reporting?
This video shows a woman walking in the woods near Nelson BC in the Kootenays, talking to the camera about Sustainability Reporting
Simply put, sustainability reporting is organizations sharing what they are doing to meet sustainability goals.
Companies that are meeting their sustainability goals are more likely to meet their financial goals. Studies are consistently showing that companies prioritizing ESG* goals are outperforming more traditional peers. Gone are the days of sustainability measures being considered an expense - investing in sustainability pays returns in multiple ways, whether it's surviving disaster, being able to pivot quickly in changing environments, or very specifically accessing financing that has sustainability requirements.
Here are some examples of comany’s you might know here in Nelson, the Kootenays and beyond who are doing this:
Loblaws (In Nelson this is The Wholesale Club and Shoppers, in Castlegar its No Frills and Shoppers)
The process of sustainability reporting can start small - picking one or two metrics to measure usually done by consulting key interest groups or by looking at requirements for sustainability linked financing or funding. From there, companies commit to measuring that information and reporting out on it annually. This opens doors to new financing (such as sustainability linked loans), increases the likelihood of permits, generates community support and enables companies to combat accusations of "greenwashing". In general, the steps are:
Figure out the audience (funders, lenders, communit)
Determine what matters to that audience (generally called “material topics”)
Select a sustainability reporting standard
Gather data
Prepare a report
Check back with your audience to find out what went well and what could be added - and repeat!
Sustainability is an extremely broad term - and with it the measurable metrics can run from diversity measures, to biodiversity measures, to being prepared for new weather patterns and more.
My favourite definition of sustainability is:
"The practice of living, producing and consuming in a way that meets our current needs, without exhausting natural resources or compromising the ability of future generations to meet theirs"
-UN Brundtland report, 1987
This can mean effectively collaborating with Indigenous communities - it's no longer a legal option to ignore opposition, nor is it a palatable one. It's also an incredibly expensive mistake to make as evidenced by pipeline opposition in BC. https://globalnews.ca/news/10103531/indigenous-rights-collide-with-35b-western-canada-pipeline-expansion/
It can mean investing in a workforce that is healthy and loyal.
It can mean transitioning to net zero.
This blog will explore what this can mean in much more detail. Follow along as we dive into all of the how's, why's, what's and where's of sustainability reporting.
One question is simple though - when? Now.