Hesham Saad Al-Sherbiny: Sustainability and the difference between (CSR) … And… (ESG)
Arabian Steel Industries Technical Advisor
The first question …. What is sustainability?
Sustainability refers to the ability to support and sustain the process over time as corporate sustainability includes business practices that keep a business going and sustain its success.
Coordinate and manage environmental, social, and financial demands to ensure that businesses are responsible, ethical, and consistently successful and sustainability allows companies to meet current needs without compromising the company’s ability to meet their needs in the future.
The second question …. What is Corporate Social Responsibility?
It is a management concept in which companies integrate social and environmental concerns into their business strategy, to positively impact society while improving brand reputation.
CSR goals can be, for example, reducing the carbon footprint, improving labor policies, building green office spaces, or initiatives such as creating new products from plastic waste.
The third question …. What are ESG standards?
It is a sustainability assessment using environmental, social, and governance (ESG) metrics to assess a company’s sustainability and resilience to make it accountable for its sustainability claims.
Fourth question …. What is the difference between CSR and ESG?
Corporate social responsibility refers to the sustainability strategies that companies use to ensure that a company executes ethically.
In contrast, ESG standards are standards used to measure a company’s overall sustainability.
It can be said that…
Corporate social responsibility is a self-regulatory strategy used by organizations to have a positive impact on society … CSR helps a company make its sustainability commitments .
Build a responsible business reputation … Work to increase brand credibility … Strive to increase customer loyalty…Attract and retain the best talent…
Whereas, environmental, social, and corporate governance.
One step further is to measure these efforts in a more accurate assessment, often demanded by investors.
It helps companies set measurable goals to show their operations and where they are on their sustainability journeys as environmental, social, and corporate governance helps meet current and upcoming regulations and requirements.
Responding to climate change and other societal risks… Gain real insights into the company’s risks and opportunities.
Striving to be more attractive to investors… Unleashing competitive value… Building trust between stakeholders such as investors and clients
However, the philosophy of corporate social responsibility is essential to put an environmental, social, and corporate governance plan into practice.
Environmental, social, and corporate governance provides a clearer physical path to business sustainability.
