If you have not heard the term ESG by now, it is time to start listening.

You may have found yourself wondering, how would this affect me? Environmental, Social and Governance (ESG) will eventually affect every business and individual, so here are some of the latest ESG change announcements that demonstrate we are on the verge of real change.

By 1 September 2023 the following will be banned:

• Mass balloon releases,
• Plastic microbeads,
• Polystyrene packing peanuts, and
• Plastic stemmed cotton buds.

Also facing the cut, but with no time frames yet are:

• Plastic drinking cups,
• Bread tags,
• Sauce sachets,
• Balloon sticks,
• Plastic dome lids,
• Bait bags, and
• Disposable coffee cups and lids.

Basically, single use plastics will be gone.

This all falls under the E for Environment area of ESG, and as you can see it won’t only affect retailers and other businesses that sell or utilise these items it will also affect their consumers, and by implication all of us as consumers!

For me, I believe ESG is starting now with the simple things. We know what lies ahead so let’s prepare. Start proactively looking at the things we can do to get ahead of the curve and when the changes are made there is less impact for us, whether that be at home or at the office.

What change are you going to make?

ESG is going to be used in the future for others to screen investment decisions, for example from a bank into your business or other businesses into yours. It is going to change the basis of the business world as we look at businesses through the lens of being a sustainable ESG based business.

Environmental may include things such as climate policy changes, energy use, waste, pollution, natural resource conservation and treatment of animals.

The social side of things not only looks at the relationships the business has with its team members, but all its stakeholders and covers such as WH&S.

Governance is ensuring there is an accurate accounting method adopted, the company operates with integrity and diversity, and is accountable.

Those businesses that are socially responsible should also be those businesses that trade profitably into the future. Now is the time to start looking and deciding where to start! Contact our team of expert business advisors today to find out how we can assist you into your ESG future.

Amanda Kenafake
CEO & Executive Director
Power Tynan