Sustainability and responsibility towards the environment and society have enhanced the importance of Social, Environmental and Governance Issues (ESG) in the business world. ESG is a framework that requires businesses to consider these three factors when making decisions.
In Greece, businesses are required to adapt to ESG specifications in order to achieve sustainable growth and meet the increased expectations of investors, consumers and society.
Corporate Social Responsibility (CSR)
Corporate social responsibility is a cornerstone of ESG. Greek businesses must take actions that promote social well-being, including employees, customers and local community bodies. Investments in education, health and strengthening social cohesion are important pillars of CSR.
Environmental Sustainability
Greek businesses must focus on reducing their carbon footprint, recycling and using renewable energy sources. Adopting green practices in production and consumption is vital to preserving the environment and attracting an ecologically sensitive audience.
Governance
Transparency and governance are an important part of ESG. Corporate structures must be fair and transparent, and corporate decisions must take into account the interests of all stakeholders, including shareholders, employees and society.
The adaptation of Greek companies to ESG faces challenges, such as the cost of environmental investments and the need to train staff. However, ESG compliance can bring benefits, such as increasing investment attractiveness and creating a positive corporate reputation.
Of course, this adaptation is necessary in general to ensure their viability and success in the changing business world. The application of ESG is not only a legal obligation but also an opportunity for businesses to create a sustainable and responsible business practice, attracting both investors and consumers who value social and environmental consciousness.
Sioulas Charisios, Business Consultant, https://www.bssplus.gr/
