Fronesys partners with Trucost to integrate sustainability metrics into business strategy
Fronesys, the advisory company focused on embedding sustainability metrics into strategic decision-making, today announced its partnership with Trucost, the company with the world’s largest data set on corporate environmental impacts.
As a result of the partnership, a company will be able to identify the key sustainability issues that are material to its business and integrate them into its business strategy. This is achieved through a three step process. A comprehensive data map of all the company's non-financial metrics will be produced, encompassing its own operations and its supply chain. The next step involves identifying which of the multiple sustainability impacts are material to the business. The Fronesys partnership with Trucost deals with this problem and goes a step further to help companies embed sustainability into their core business strategies. This is achieved by reviewing the company's sustainability impacts alongside the dynamics already occurring across the company's operations and supply chain to identify opportunities to improve business efficiency. This data-driven, business focused approach to sustainability will help companies develop realistic mitigation strategies for the impacts they wish to minimise and build new business strategies where opportunities emerge.
There is currently considerable progress being made by companies across the world in reporting their sustainability impacts. This global story is reflected in the UK as well, where a Trucost study for the UK Environment Agency, Environmental Disclosures, found that 67% of FTSE All-Share companies are reporting quantitatively on their environmental impacts. However, and perhaps more significantly, few companies currently integrate sustainability into their business strategies.
In a world that is heading towards more transparent governance and greater understanding of sustainability impacts, companies need to find a way to bring these traditionally disconnected issues into their business strategies. However these issues will never connect with the mainstream business unless companies can identify and deal with their challenges in the areas of carbon and environmental impact and resource efficiency in their processes and supply chains.
Jyoti Banerjee, partner at Fronesys, said, "The partnership between Trucost and Fronesys is exciting in bringing together the domains of sustainability impacts and business strategy. Fronesys has a data-driven approach to sustainability. However, many companies struggle to put together the data they need to manage their sustainability impacts. By using Trucost's environmental impact data and tools, we can help a company measure their impacts, and then figure out what they need to do to address those impacts through the value chain."
Richard Mattison, chief executive, Trucost said, "We are seeing more and more examples of outperformance among environmentally efficient companies. Trucost provides a data framework to unlock this potential along each tier of the corporate value chain. An explicit part of our strategy is to work with partners to help companies embed our data within their business strategies. Our partnership with Fronesys will help companies build more efficient, sustainable, and successful business models."
Find out more about Trucost here: http://www.trucost.com/what-we-do.
Find out more about Fronesys here: www.fronesys.com