Sustainability is no longer a choice but a critical necessity for businesses and communities worldwide. As the global conversation around environmental and social responsibility grows louder, businesses must take certain steps to ensure their practices align with sustainability goals. In this context, EY's commitment to sustainability is evident in their collaboration with initiatives like the Baltic Sustainability Awards.
As EY states: "EY's partnership with the Baltic Sustainability Awards is essential to driving accountability and impact in sustainability across the region by recognizing and promoting innovative solutions that address business long-term value creation challenges, fostering a culture of transparency and responsibility."
Through comprehensive evaluation methodologies and strategic advisory, EY is shaping a future where sustainability is at the core of business practices, particularly in the Baltic region.
EY’s data-driven methodology elevates the credibility of Baltic sustainability initiatives
EY’s rigorous evaluation methodology plays a central role in enhancing the credibility and impact of the Baltic Sustainability Awards. By providing a transparent, data-driven framework, it is ensured that every initiative is assessed with the utmost fairness and consistency. This evaluation criteria reflect global best practices in sustainability, ensuring that initiatives are not only impactful but also aligned with long-term growth objectives.
Key factors in evaluating impactful initiatives
EY believes that impactful sustainability initiatives should go beyond short-term fixes to address long-term environmental, social and governance challenges. The most critical factors in evaluating these initiatives include:
Alignment with global sustainability standards: It's vital that initiatives align with recognized global standards to ensure they contribute to broad-scale, systemic change.
Long-term positive impact: We prioritize projects that offer sustainable, long-lasting benefits for the environment, economy, and society, ensuring they continue to create value well into the future.
Scalability: Initiatives must have the potential to grow, reaching a wider audience and amplifying their impact. Scalability is key to creating transformative change.
These factors help ensure that sustainability efforts are not just a response to current challenges but also a foundation for future innovation and resilience.
The growing role of ESG in shaping corporate decision-making
EY utilizes its deep technical skills across a breadth of business issues to help businesses create value for sustainability — while helping sustainability create value for business. This enables EY to help protect and create value for all stakeholders and build a better working world. EY calls this value-led sustainability and it’s everybody’s business. This shift is driven by increasing stakeholder expectations—investors, customers, and regulators alike are demanding that companies take greater responsibility for their environmental, social, and governance (ESG) practices.
A broader adoption of comprehensive ESG criteria in corporate decision-making processes is anticipated, with businesses integrating sustainability metrics into everything from executive performance evaluations to risk management strategies. Companies that adopt these practices will not only mitigate risks but also unlock new opportunities for innovation and growth.
Executing change projects across the value chain and delivering the underlying business case includes financial, sustainability and ESG metrics.
By embedding sustainability into governance structures, companies can build transparency, trust, and long-term resilience, creating value for both their stakeholders and society at large.
The Baltic Region: A Model for Local Solutions to Global Challenges
The Baltic region, though small in size, is well-positioned to play a significant role in solving global sustainability challenges. Known for its adaptability, flexibility, and enterprising spirit, the region is proving to be an excellent testing ground for sustainable technologies and practices.
If sustainable solutions can thrive in the Baltic, they have the potential to scale globally. By sharing success stories and highlighting tangible impacts, we can inspire others to participate in the global sustainability movement, creating a ripple effect of positive change.
"Our collaboration with the Baltic Sustainability Awards highlights our dedication to promoting transparency and driving substantial progress in sustainability throughout the region. Evaluation of innovations is not an easy task, but it is highly rewarding."
As EY continues to support businesses in the Baltic region, we are confident that local innovations will help shape a more sustainable and inclusive global future. The Baltic Sustainability Awards are just one of the ways we are driving this transformation forward. Together, we can create a future that is not only more sustainable but also more resilient and equitable for all.
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