Unveiling the Global ESG Disclosure Landscape: The Beginning

What does the ESG disclosure landscape look like? How would companies be incentivized to make efforts toward sustainability and how can they incorporate ESG and sustainability frameworks into their business strategies?

These are the key questions I want to answer through the consulting project. To drive sustainable development, there is an increasing need for both the public and private sectors to put sustainability at the core of their business operations. While many firms do understand the necessity and importance of achieving sustainable development, some may find it hard to figure out what exactly they should do. The ESG disclosure requirements and standards certainly will help them take concrete steps.

Our team is working with a public organization to create a mapping document that outlines the overlap between the global sustainability disclosure requirements and the requirements under different jurisdictions. We are making a document that will help stakeholders understand the disclosure landscape and see the similarities between different standards. Since disclosing sustainability-related information based on various requirements could be costly for firms, we hope that the mapping document will help them see the overlaps of the different global standards. 

Although it has been just over a month since we started working on the project, the journey has already been very exciting and meaningful for me, particularly in terms of the following three points. 

First, it is a great opportunity to closely work with a client who is at the forefront of the global disclosure environment. They not only have provided us with helpful information and training materials regarding sustainability disclosure but also great advice on how we can navigate through this project that requires intense research and an in-depth understanding of the topic. The clients have been also open to various discussions, which have allowed us to contemplate the scope and outcome of the project. 

Second, I am now able to have a holistic view and consider the underlying issues regarding the disclosure landscape. When the project started, I was only focusing on creating the deliverables, trying to simply map the similarities and differences. However, discussions with clients and professors, and brainstorming within the team have enabled me to look at the bigger picture of the ESG environment. Now, I am asking myself: In which direction is the disclosure landscape heading? What are the underlying issues that require this kind of mapping document? Going one step further, how can we close the gap between global standards and jurisdiction standards? While our team’s main objective is to create a mapping document, having a comprehensive perspective is extremely important as a consultant.

Third, the team members coming from diverse backgrounds make this project more valuable and dynamic. Our team, consisting of four members, are all from different countries and have had different work experiences, but are all passionate about sustainable development. We are leveraging our expertise and bringing to the team different strengths, such as consulting experience, communication skills, and various perspectives on finance, regulatory environment, and ESG investment. I believe this is the advantage of attending SIPA, where the cohort is diverse and international. 

By the time the project finishes, I hope I will be able to answer the key questions I listed at the beginning of this reflection blog. I look forward to continuing working on this project.