ESG - timeline explained
1. Initial Assessment and Decision
2. ESG Standards and Framework
3. ESG Materiality Assessment
Approach: Understanding the importance and benefits of ESG reporting. Decision to proceed.
Resources: Internal meetings, ESG reporting guidelines, and expert consultations.
Outcome: Decision on commitment to ESG reporting and understanding its relevance.
Approach: Choosing appropriate ESG standards and frameworks that align with your business.
Resources: ESG standards documents, expert advice, and internal strategy sessions.
Outcome: Identification of the most suitable ESG standards for the company.
Steps: Identifying material ESG aspects relevant to your business and stakeholders.
Resources: Stakeholder engagement tools, materiality matrix software, and ESG consultants.
Outcome: Clear understanding of the ESG factors most material to your business and stakeholders.
2 weeks
1 Month
2-3 Months
3-4 Months
2 Months
5. Data Collection and Management
4. ESG Strategy and Policy Development
Steps: Gathering data on identified ESG aspects and setting up data collection systems.
Resources: Data collection software, internal data sources, and external data providers.
Outcome: Establishment of a robust data collection system and initial data set for ESG metrics.
Steps: Develop ESG strategies and policies based on materiality assessment and data analysis.
Resources: Strategy development workshops, ESG policy templates, legal and ESG consulting.
Outcome: A set of actionable ESG strategies and policies ready for implementation.
2 Months
1 Months
6. ESG Reporting Implementation
Steps: Implementing ESG initiatives and policies as per the developed strategy.
Resources: Internal departments (HR, operations, etc.), implementation software/tools, and training materials.
Outcome: Initial implementation of ESG strategies, leading to operational changes and improvements.
7. Drafting the ESG Report
Steps: Preparing the initial draft of the ESG report, incorporating data and strategy outcomes.
Resources: ESG reporting software, content creation teams, data analysts
Outcome: A comprehensive draft of the ESG report reflecting the company’s ESG performance.
Estimated Project dutation 12-18 months
1 Month
9. Continuous Improvement and Reporting (Ongoing)
Steps: Regularly updating ESG strategies and reporting based on new data, stakeholder feedback, and evolving standards.
Resources: Continuous monitoring tools, updated data collection, ongoing stakeholder engagement.
Outcome: Ongoing enhancement of ESG performance and reporting, adapting to new data and stakeholder feedback.
8. Scoring - Standard evaluation
Steps: Have an external auditor (Or the standard) review the ESG report for accuracy and compliance.
Resources: External auditing firm, additional data and documentation as required.
Outcome: Validation of the ESG report's accuracy and compliance with standards.