Is ESG adaptation can redefine the community impact of controversial industries (i.e. cannabis industry)? And up to what extent and restrictions?
I believe we should not be narrow-minded about things. I think the best is to refer to B Lab's policies on controversial industries.... https://www.bcorporation.net/en-us/standards/controversial-issues
I believe that the ESG adaptation by the controversial industries companies, can raise awareness and guide them to better practices and even redefine their business model, minimizing the negative effect they can generate. Not all controversial industries are the same, some of them are more sensitive for the society and some are more flexible to adapt the ESG principles.
I truly believe that companies that are in controversial industries can have a very positive impact following ESG. I have had the opportunity to work with companies in construction and Real state, and has been very surprising how they are trying to make a difference in the materials they use, recycling processes and even achieving certification guidelines that follows the 2030 Agenda.
Hi, nice topic!
Based on B Lab's approach in situations like these, usually requiring a disclosure about it with the potential risks and how a company manages them, I believe ESG could help all stakeholders related to controversial industries, mainly when combined to a transparent report about them. Usually we see more greenwashing than actual practices to mitigate the risks.
Based on B Lab's approach in situations like these, usually requiring a disclosure about it with the potential risks and how a company manages them, I believe ESG could help all stakeholders related to controversial industries, mainly when combined to a transparent report about them. Usually we see more greenwashing than actual practices to mitigate the risks.
Precisely, when you do not have independent verification and continuing edit, then greenwashing will for sure prevail. And that is why I believe that B Corp certification is the Gold standard, even though it is not perfect.
I would love to hear challenges to this. Are that other platforms or solutions out there which are as good as B Corp or better?
Agree with you 100% on this. The demand for the certification says it all.
To the best of my knowledge, the closest platform I've encountered out there to compare the BIA to is Home - FuturePlus (future-plus.co.uk)
Agree with Afonso that ESG could help all stakeholders in the controversial industries where they could be more transparent about their business organizations & service/product offers. However, it still have to based on what type of industries they are.
It is a very important point to discuss. We need a genuine adaptation of ESG by companies, it is necessary to grow trust in these controversial but real industries that would ultimately have more positive than negative impacts. Having positive impacts, measured and with clear performance, would redefine how it is accepted and adopted by the communities and customers.
I believe it is possible. The cannabis company can adopts sustainable farming practices and invests in renewable energy to power its operations can positively impact the environment and the local community. Additionally, they can also prioritizes social responsibility by supporting local charities or creating job opportunities for disadvantaged communities can help improve the well-being of those affected by its operations.
However, I think it is also important to note that ESG adaptation alone may not be enough to completely change the community impact of controversial industries. There may be legal and regulatory restrictions in place that limit what companies in these industries can do, and certain stakeholders, such as those with strong moral or ethical objections, may not be easily convinced of the benefits of such industries. Furthermore, the nature of the cannabis industry may require ongoing communication with local authorities and community members to ensure that they understand the measures being taken to address any concerns
However, I think it is also important to note that ESG adaptation alone may not be enough to completely change the community impact of controversial industries. There may be legal and regulatory restrictions in place that limit what companies in these industries can do, and certain stakeholders, such as those with strong moral or ethical objections, may not be easily convinced of the benefits of such industries. Furthermore, the nature of the cannabis industry may require ongoing communication with local authorities and community members to ensure that they understand the measures being taken to address any concerns