What is a Climate Change Commitment Story?
A climate change commitment story is the story that your organization wants to share with the world about your concern for the planet. This means addressing climate change influences holistically throughout your business and demonstrating a dedication to transparency by publicly sharing information about your climate change data, goals, and strategy.
Download the whitepaper to learn more: The Guide for Setting Corporate Climate Goals
Key Climate Change Commitment Impact Areas
When addressing climate change impact across the enterprise, it’s important to consider not only your internal impact, but also external influences, partnerships, and local contributions – each of which will impact your business’ overall climate change reduction strategy. Begin by considering the following key areas:
- Environmental protections/position on climate change
- Climate change mitigation
- Climate change adaptation
- The sustainable use and protection of water and marine resources
- The transition to a circular economy
- Pollution prevention and control
- The protection and restoration of biodiversity and ecosystems
Once you’ve identified your internal impact in each of these areas, move to analyzing impactful externalities in the following areas:
- Identifying and managing third-party risk
- Vetting third parties and partners for climate risks
- Vetting third parties and partners for climate commitments
- Identifying potential issues that could impact the carbon footprint score and future valuation of your company
As a result of each factor, your greenhouse gas (GHG) emissions reduction story will consist of multiple parts. Harmonizing these parts into an end-to-end program will allow you to tell a cohesive and credible narrative. When prepared well, this narrative can help you give leaders and employees in your company a clear picture of your current performance, what you stand for, and how you intend to make an impact.
Why does Climate Change Commitment Have a Business Case?
As market trends and consumer priorities evolve and pivot to consider ESG factors, trust is becoming an essential buying factor and business differentiator. In turn, creating a trust-based business strategy that considers environmental, social, and governance principles like climate change and diversity & inclusion. As ESG becomes a global business consideration, it’s critical to keep key issues like climate change commitments top of mind as you develop your business strategy. This will keep your organization ahead of the curve and ensure that you’re ready to comply with regulations as they surface.
While strategizing, your main task is to identify internal risks that may harm your overall brand image, valuation, or revenues based on ESG metrics and reporting practices. Having this level of visibility into your company’s ESG data (including the impact your vendors have on your overall ESG posture) will enable you to perfect internal messaging and establish your company as a pioneer in the sustainability landscape. This is crucial to gaining investment opportunities and showcasing a commitment to combating climate change to our customers. Overall, considering climate change commitments as a cornerstone of your business plan sooner rather than later will increase attractiveness in the market and open the door to new funding opportunities.
How can OneTrust help with ESG Compliance?
Our ESG solution leverages our expertise in Third-Party Risk Management, Privacy, GRC, and Ethics to deliver an immersive ESG management experience. OneTrust ESG enables you to use templates and workflows to reduce the complexity of interfacing with many parts of a large organization by providing standard and customized ESG reporting formats.
Learn more about how OneTrust ESG can help you leverage ESG within your organization.
- Download the whitepaper: The Guide for Setting Corporate Climate Goals
- Read the Blog: Gather, Track, and Report on Your Corporate ESG Data with OneTrust
- Watch the Webinar: Where ESG Metrics Matter at Your Organization
Next steps on ESG Management:
- Learn more: Request a Demo