ESG Investing and the Legal Services Sector

The global legal services industry has witnessed a significant shift in recent years, with a growing emphasis on sustainability and responsible business practices. As corporations, governments, and consumers strive to make a positive impact, the integration of Environment, Social, and Governance (ESG) principles into the legal sector has become a key trend. Through the adoption of advanced technologies and a focus on sustainability, the industry is not only enhancing efficiency but also contributing to the United Nations Sustainable Development Goals (UNSDG). In this article, we will explore the role of ESG in the legal services ecosystem, examine key trends, discuss the growth of the market, and highlight the initiatives taken by industry leaders to promote sustainability.

Embracing Technology for Sustainability

The legal service has undergone a significant transformation thanks to advancements in technology. The integration of Artificial Intelligence (AI) and Machine Learning (ML) has revolutionized traditional legal practices, making them more efficient and sustainable. Technologies like contract lifecycle management software have reduced the reliance on logistics, thereby minimizing the carbon footprint associated with transportation and contributing to the UNSDG goal of climate action (SDG 13). By streamlining processes and reducing the use of physical resources, advanced technologies have become instrumental in promoting sustainability within the industry.

Moreover, the adoption of state-of-the-art technology has improved the governance aspect of ESG across various industries. Disputes can now be resolved more efficiently, reducing the risk of damaging the corporate governance goodwill. Alternative dispute resolution services provided by key players not only cut costs but also ensure privacy for corporate consumers, further enhancing the governance aspect of ESG.

In addition to dispute resolution, legal service providers offer advisory services on compliance and corporate governance frameworks. These services assist companies in adhering to legal frameworks and promoting peace and justice, aligning with the UNSDG goal of Institutions for Peace and Justice (SDG 16). By providing guidance on regulatory compliance, service providers contribute to the establishment of fair and just business practices.

However, the integration of technology also brings certain risks that can adversely impact the governance aspect of ESG within the industry. Law firms often rely on third-party software for tasks such as contract drafting, which pose risks related to data security and breaches. Data breaches not only have financial implications but also undermine the governance aspect, affecting both companies and their clients.

To mitigate these risks, industry leaders have implemented relevant policies to protect against data breaches. By giving consumers more control over their data, service providers are improving the governance aspect of ESG and instilling trust in the industry.

Is your business one of the participants in the Legal Services Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Growth and Outlook of the Legal Services Market

The global legal services market has experienced steady growth in recent years and is projected to expand further in the coming years. As of 2021, the market is valued at USD 901.8 billion and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2022-2030. One of the key factors driving this growth is the increasing demand for resolving disputes among corporates. The industry plays a vital role in providing guidance on the governance aspect of ESG, thereby promoting the UNSDG goal of peace and justice.

Furthermore, the usage of technology for mitigating legal risks and resolving disputes amicably aligns with the goal of institutions for peace and justice. While the industry continues to face challenges related to data protection and privacy, efforts are underway to address these issues and ensure sustainable growth.

Key Companies Leading the Way in ESG

Several key players in the legal services industry have taken significant initiatives to promote ESG principles and sustainability. Let's take a closer look at some of these companies:

• Baker & McKenzie: A global law firm that has integrated ESG practices into its operations. The firm emphasizes sustainability and responsible business practices, contributing to the achievement of the UNSDGs. Notably, the firm asserts that 45% of organizations are emphasizing retention of underrepresented groups and 51% of diversity leaders have termed recruiting diverse talent as a “priority.”

• Clifford Chance LLP: Known for its commitment to sustainability, Clifford Chance LLP has implemented various initiatives to promote ESG within the legal industry. The firm's efforts include advising clients on ESG matters and incorporating sustainability considerations into its own operations. The law firm has delivered 1,610

legal skills training courses in FY23 ( provided by the Global Clifford Chance

Academy).

• Deloitte: As a leading professional services firm, Deloitte recognizes the importance of ESG. The firm provides comprehensive ESG solutions, assisting clients in aligning their business practices with sustainability goals.

• DLA Piper: DLA Piper is committed to integrating ESG principles into its business portfolio. In 2022, the company set a bullish target of becoming a Net Zero law firm, while it contemplates reducing emissions by 90% across all three scopes by 2040. The firm focuses on advising clients on sustainability-related matters, including environmental compliance, social responsibility, and corporate governance.

• Ernst & Young (E&Y): E&Y is actively engaged in promoting ESG practices within the industry. The firm offers ESG advisory services, helping clients navigate the complexities of sustainability and responsible business practices.

In conclusion, law firms are embracing ESG principles to create a sustainable future. Through the integration of technology, the sector is becoming more efficient, while also contributing to the UNSDGs. Key players in the industry are taking initiatives to promote sustainability and responsible business practices. With the market poised for growth, the adoption of ESG practices will continue to shape the future of the legal services industry.

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

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ESG Reporting in the Dairy Product Industry

Protecting the environment and society for a better future has posed challenges and opportunities to underpin sustainable dairy product farming. Farmers have furthered efforts on science and innovations to foster a transition to net-zero GHG emissions. A safe, healthy and inclusive workplace and the need to ensure the well-being of cows will bring a tectonic shift in the dairy industry. So much so that responsible sourcing, responsible social engagement and responsible operations have become a household name in the environmental, social and governance (ESG) landscape.

Brands’ endeavor to augment returns for investors could see them inject funds into a resilient, inclusive, low-carbon future. Concerted efforts to create a sustainable future have largely counted on raw milk preservation, quality control technology, smart manufacturing and probiotics. Bullish strategies to bolster business ethics, transparency and anti-bribery mechanisms will help leading companies to underscore their ESG targets and rankings. 

Arla Navigates Sustainability Trends

A notable uptick in on-farm emissions has compelled incumbent dairy companies to emphasize sustainable development goals. An emphasis on green energy and the integration of grasslands into dairy farming could provide a silver bullet to ESG goals. Arla has set an audacious target of reducing on-farm emissions by 30% per kilo milk by 2030. Besides, 24% of the company’s farm owners produced renewable electricity from solar panels or wind turbines at their farms in 2021.

The brand fostered a carbon net zero commitment by 2050—it claims the cow manure in Sweden corresponds to 54 million liters of diesel. The company claims to have converted 70 million cartons of Lactofree milk from layers of virgin plastic to plastic from the side streams of paper production. Besides, it aims for 100% recyclable packaging by 2025 and is bullish on halving food waste in its operations and logistics by 2030. Environmental commitment will be instrumental in bolstering brand position and propelling ESG ranking.

Is your business one of the participants in the Dairy Product Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Fonterra Co-operative Underpins Employment Generation

Food safety has become vital to underscore sustainability profile, look after people, and help farmers add value to the milk business. Fonterra has formed farmer engagement and support programs to collect milk from farms. The dairy giant has furthered farm assessment. In FY 2022, 57% of farmers were assessed in Australia, while 14% of farms were placed in the performance management process in New Zealand. 

Employment generation and income creation have garnered headlines in the dairy business. In 2022, Fonterra returned over USD 13.7 billion to regional New Zealand through the milk price. The dairy company directly employed 19,608 people—over 60% were based in New Zealand. Closing the gender pay gap has become an invaluable lever to boost social pillar. The ratio of female-to-male base salary in 2022 was pegged at 0.93 on a median basis and 1.07 on a mean basis. Meanwhile, the gender pay gap in New Zealand was 0.95 (median basis). The company is expected to review the experiences of Māori and Pasifika employees within its Aotearoa New Zealand teams. As of FY 2022, the dairy company has 15% ethnic representation in senior leadership.

Kraft Heinz Company Propels Governance Profile

Dairy product business seeks strategic direction, board diversity, transparency and ethics & compliance, similar to other industries, to stay ahead of the curve and underscore sustainability quotient. The Board of Directors at Kraft Heinz reviews ESG policies, processes and goals, while the ESG team interacts with customers, consumers, employees, stockholders, community leaders and NGOs. Its ESG Steering Committee Subcommittees foster transparency and collaboration, track emerging issues and hold monthly workgroups on animal welfare, sustainable packaging, responsible sourcing, product health, corporate & government affairs and sustainable agriculture.  

Kraft Heinz has undergirded ethics and compliance to set high standards for conducting business. The American food company offers training on issues, such as whistleblowing, due diligence and conflict of interest matters. The company also warrants all employees to maintain transparent, honest and forthright relationships with government officials, a significant stride towards effective compliance procedures. 

ESG stewardship calls for waste minimization, emission reduction, sustainable packaging, a healthy community and sound corporate governance. Forward-looking companies are likely to prioritize issues that matter the most to the business, stakeholders and society. The global dairy products market size stood at USD 481.08 billion in 2019 and will expand at around 2.5% CAGR between 2020 and 2027, infers Grand View Research. The billion-dollar industry could witness the paradigm shift created by evolving ESG goals.  

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

                                                         Read More ESG Blogs

The Role of ESG in the Wires and Cables Industry

Sustainable development of society and advancements in renewable energy in the wires and cables industry have revved up the transition to a greener world. The energy crisis in Europe, with fluctuating supply and high prices, has compelled leaders to invest in renewable energy generation and rigorous climate action. According to IEA, EU electricity demand dipped by 3% in 2022, alluding to an avoidance of 14 bcm of gas demand. In September 2022, Eurostat reported that consumer electricity prices in the EU were 35% higher compared to the preceding year. Bullish demand for high-quality cable solutions will encourage industry players to invest in ESG goals.

The promotion of diversity and inclusion has ushered women into leadership positions. Many sites traditionally dominated by men have witnessed a paradigm shift. For instance, NKT has set an audacious target of at least 30% women in senior leadership positions in 2025. In essence, women contributed 22% of the company’s senior management roles in 2022. These visible initiatives have amped up the confidence of stakeholders to bolster their sustainable business operations.

Key Companies in this theme

    • Belden Inc.

    • Fujikura Ltd.

    • Furukawa Electric Co., Ltd.

    • Leoni AG

    • LS Cables & System Ltd.

Is your business one of the participants in the Wires and Cables Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Environmental Perspective

Decarbonizing energy generation and enhancing energy efficiency have become pivotal to fostering an environmental profile. Concerted efforts to reduce emissions and foster clean energy could mark the beginning of a roadmap bolstering environmental performance. For instance, in FY 2021, the Fujikura Group performed activities to minimize CO2 emissions by 4% or more vis-à-vis FY 2018. In 2016, the Japanese company built the Fujikura Group Environment Long-term Vision 2050, acknowledging the Paris Agreement adoption and the goal to minimize CO2 emissions by 80% by 2050. It has also set the goal to achieve carbon-neutral plants by 2050. In pursuing increased RoI, environmental sustainability will remain paramount across the business vertical.

Social Perspective

Sustainable development has garnered headlines with the need for fair, inclusive and diverse work culture, irrespective of gender, disability, ethnicity, neurodiversity or orientation. Industry players are likely to prioritize work-life balance and gender equality to enhance well-being and boost mental health. LEONI is gearing up for women to account for 20% of senior management positions by 2030. It is contemplating reducing its global accident rate to 0.3 by 2023 and expanding local health protection projects by 2025. Leading players are poised to emphasize a safe and comfortable work environment full of diversity. Wires and cables manufacturers are expected to prioritize occupational health & safety, human rights, corporate mentorship programs and talent attraction. 

Governance Perspective 

A sound corporate governance structure with transparency and ethics & compliance has become fundamental to sustainable growth. Ethical behavior has become paramount for data ethics, cyber security and combating bribery and corruption. Predominantly, Belden has set an audacious goal of achieving an understanding of the Code of Conduct from 100% of global non-productive team members. In 2020, the company formalized ESG’s board oversight; its ESG Steering Committee is responsible for ESG procedures, practices and other aspects. The company has taken a giant stride in fostering board diversity. In 2023, the St. Louis-headquartered company appointed a new Vice President of Diversity, Equity and Inclusion to create and strengthen an environment of equity. Promoting a company culture that prioritizes employees, customers and other stakeholders with sustainability goals will stay ahead of the curve. 

Wires and cables manufacturers and suppliers have created a forward-looking approach towards business ethics and environmental goals through a strong ESG roadmap. For instance, Hellenic Cables is committed to achieve net-zero GHG emissions by 2050. Besides, in 2021, it donated cables for infrastructure needs to institutions, including Municipality of Loutraki, Local Government of Evia and Municipality of Corinth, among others. These trends favor Grand View Research’s projection of the wires and cables market growing at a 4.4% CAGR between 2021 and 2028.  

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

                                                         Read More ESG Blogs

Textile Industry ESG Insights: Unveiling Sustainable Future

Textile is at the vanguard position as innovators and industry leaders navigate sustainability challenges and opportunities. After more than a decade of gradual growth in the use of the term environmental, social and governance (ESG) from its inception in 2006, traction has zoomed dramatically over the past few years. Assessing socially responsible investment has become instrumental for textile manufacturers and investment managers to quantify the business value of sustainability risks and opportunities. In July 2023, the European Environment Agency inferred that textile consumption in the EU led to a carbon footprint of around 270 kg (per average person). 

The textile industry is infamous for being the major source of waste and pollution, aggravated by overproduction and overconsumption of clothes and poor working conditions. It is high time regulators and businesses capitalize on the prevailing opportunities stemming from the circular economy.  

Concerted efforts toward integrating ESG scope in manufacturing, sourcing, processing, packaging, and fabric care can provide the silver bullet amidst the release of harmful effluents. The urgency for decisions and actions to underpin energy management, water management, sustainable product development, waste reduction, employee health & wellbeing, labor management, social opportunity, board diversity and business ethics can steer manufacturers’ trajectory towards a circular economy. 

Investors and other stakeholders are taking significant strides against the backdrop of the unprecedented health and economic impact of the COVID-19 pandemic. Commitment to ethical production, transparency and sourcing of raw materials could be pronounced in the ensuing period. 

Is your business one of the participants in the Textile Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Solvay Becomes Future-Ready with Environmental Footprint Reduction

At a time when watchdogs, such as the Intergovernmental Panel on Climate Change (IPCC), have warned of surging global temperatures, leading companies are leaving no stone unturned to surmount the prevailing challenges and environmental threats. To illustrate, Solvay is contemplating minimizing the environmental impact of its operations by 2030 (at a planetary scale). The chemical company reportedly has 59 emission reduction projects and it has raised the 2030 GHG emissions reduction target to 30%. Furthermore, the Belgian company has an audacious carbon neutrality target for scope 1 & 2 before 2050, while the company has revved up efforts toward net zero emissions—with a target to cut scope 3 GHG emissions by 24% by 2030. 

DBL Group Prioritizes Workforce Culture and Community

Incumbent players are reflecting and fostering diversity and a culture of meritocracy & inclusivity, making the diverse spectrum of identities, experiences and perspectives a force to reckon with in the work culture. Macroeconomic and sociopolitical challenges have furthered the need for assessment of labor practices and grievance mechanisms. For instance, DBL Group has reinforced efforts on the Tree Plantation Program and emphasized the Zero Discharge of Hazardous Chemicals Program to enhance the quality of wastewater discharged through the Effluent Treatment Plants (ETPs), minimizing the negative impact on the community. 

The Bangladesh-based company has a bullish target of having 20% female employees at the management level by 2025—it claims to be one of the fifteen companies listed by the UN Global Compact that are officially involved in Target Gender Equality, contributing to Sustainable Development Goal 5.5.

INVISTA Invests in Corporate Governance

Textile behemoths, regulators and consumers have furthered their focus on business ethics, anti-competitive practices, tax transparency, board pay, corruption & instability, financial system instability and board diversity. Predominantly, INVISTA has emphasized compliance and accountability, while its code of conduct places responsibility to conduct commercial activity with integrity and lawfully. Moreover, it has internal processes to identify, assess, resolve and manage risks that may stem from the interpretation of tax law or the nature of compliance obligations. The company has also fostered its efforts to resolve conflict of interest, suggesting reporting to compliance and ethics resources or a supervisor. 

Whether it is bridging a gender gap, propelling a vibrant workforce, measuring sustainability performance, or tracking progress, the use of ESG tools and software will become second to none to attain sustainability goals and enhance workflow. For instance, streamlining internal audit processes across business units can be the backbone of a robust company structure. 

Right Time to be the Innovators and not Laggards

Forward-thinking organizations are gearing up to be the leaders within the industry—a commitment to transparency, sourcing of cotton and fibers and efforts on ethical production—may place them cut above the rest. Textile companies and brands are injecting funds into sustainability and innovations. The growth outlook appears to be robust. The global textile market size was pegged at USD 1,000 billion in 2020 and it is slated to expand at around 4.4% CAGR from 2021 to 2028. The projection alludes that the time is ripe for manufacturers, suppliers and other stakeholders to embrace ESG to stay ahead of the curve. 

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

                                                         Read More ESG Blogs

ESG Initiatives in the Telecom Services Sector

Telecom operators are pushing to the limit to use environmental, social and governance (ESG) measures and reporting to attract investments. ESG integration into businesses can help stakeholders align with consumers’ demand for sustainable products, foster employee motivation, underpin biodiversity, minimize carbon emissions and reduce operational costs. Amidst industry leaders grappling with unpredictable challenges, socially responsible investing can be the silver lining to underpin workforce diversity, digital inclusion ventures, employee engagement and cut e-waste.

Notably, frameworks, such as the Task Force on Climate-Related Financial Disclosures (TCFD), Sustainability Accountability Standards Board (SASB) and Carbon Disclosure Project (CDP) have become paramount for ESG reporting that can serve as robust standards to satisfy regulators and boost access to capital. Companies are likely to invest in sustainability goals for strong governance, responsible business practices and effective leadership. Of late, regulators have shown an increased inclination for ESG as stakeholders foster their engagement with civil society, employees and customers.

Discover more regarding the practices and strategies being implemented by industry participants in the Telecom Services Industry ESG Thematic Report, 2023, published by Astra ESG Solutions

Telecom services have been invaluable in propelling IoT services and applications amidst soaring carbon emissions. According to the International Finance Corporation, diesel generators power more than 90% of the one million off-grid and bad-grid sites, producing over 45 million tons of CO2 annually. Besides, the number of bad and off-grid telecommunications sites is likely to rise by 22% over the next ten years. In the midst of the cacophony, incumbent players are expected to emphasize renewable and net-zero greenhouse gas options.

Vodafone Relishes Shift towards Circular Economy

As stakeholders realize that business goals should not come at a cost to the environment, ESG performance has grabbed immense headlines. Since July 2021, Vodafone Group has powered its European markets with 100% renewable electricity (as per its 2023 TCFD report). The company is bullish on achieving net zero across entire operations by 2040. In a path towards net zero, the British company is committed to reaching net zero for its operations (scope 1 and 2) by 2030.

In April 2023, Vodafone joined forces with Citi Group and CDP to minimize scope 3 emissions. Vodafone and Citi Group unveiled plans to provide preferential supply chain financial rates for telecom suppliers exhibiting more sustainable operations, disclosing emissions data and scoring highly against environmental performance criteria.

Verizon Communications Bats for Inclusive Environment

Diversity across spectrums has become the talk of the town, while other social aspects, including health & safety, product safety & quality, privacy & data security, health & demographic risks, financial product safety and access to communication, continue to gain ground. Verizon has taken a giant leap in diversity and inclusion — 59.7% of employees are women or people of color in its U.S. workforce. Besides, it has injected around USD 55 billion with diverse suppliers over the last 10 years. In June 2023, Verizon-owned Visible rolled out the Pride Month campaign and contemplated donating USD 50,000 to SAGE, an organization advocating for older members of the LGBTQ+ community.

Innovators are taking a quantum leap towards providing healthcare benefits, including high-quality comprehensive medical, vision, dental and life insurance coverage to their employees. In 2022, Verizon poured USD 2.5 billion for around 460,000 employees, eligible retirees and their dependents, providing healthcare benefits and services. Additionally, recruiting diverse talent has long been the go-to strategy to stay ahead of the curve. The American company has teamed up with the National Academy Foundation to help high school students for college and careers in STEM.

Telefonica SA Prioritizes Good Governance

Telecom operators’ approach to leadership, transparency, internal controls, ethics and corporate governance can dictate the company’s trajectory in the ESG rankings. Operators can report on governance aspects, including whistle-blower schemes, tax strategies, executive pay, board diversity and data breaches. To illustrate, Telefonica claims it has provided training about the code of ethics to more than 91,000 professionals. The telecom behemoth reportedly performed over 18,000 audits on suppliers in 2022; it is contemplating representation of sustainability at 30–35% of the company’s financing in 2024.

As sustainability receives an impetus with the ESG integration, it is worth mentioning that the Sustainability and Quality Committee oversees the Responsible Business Plan implementation, while the Audit and Control Committee oversees specific aspects, including risk analysis, regulatory compliance and management process. In the Spanish company, independent directors and women account for 60% and 33% of the Board, respectively. Furthermore, the mobile network provider asserts there were no confirmed cases of corruption in 2022 and the preceding year.

Is your business one of the participants in the Telecom Services Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

ESG Creating Value for Stakeholders

The rising recognition of ESG in investment and business decision-making has leveraged telecom service providers to boost their reputation, manage risk, enhance financial performance, adhere to regulations and contribute to a circular economy. Investors are increasingly relying on ESG factors to assess companies and make robust investment decisions. The global telecom service market is likely to expand at around 5.4% CAGR through 2028. With climate change posing risks to the industry, commitment to sustainability could be worth a bet to undergird telecom services.

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!

                                                         Read More ESG Blogs

How the Nutritional Supplements Industry Embraces ESG Principles

Robust environmental, social and governance (ESG) performance has become a hallmark of a sustainable-focused nutritional supplements industry. The ethos of sustainability has gradually become interwoven in the corporate environment. The ESG performance has gradually become one of the deciding factors for consumers, including millennials, baby boomers and people of all genders during their buying journey. The strategic approach to meet sustainability goals will foster a responsible business practice to achieve Sustainable Development Goals (SDGs).

Investors, venture capitalists, entrepreneurs and other stakeholders have raised their ESG bar as sustainability has assumed a vanguard position in boardrooms. Green initiatives to create positive change will encourage companies to fulfill their ESG targets, including but not limited to, good corporate governance, healthy workplace, reduced environmental impact of product life cycle and propel diversity.

Nestle Creates Ripple Effect with Bullish Environmental Goals

Amid the knock-on effects of Russia’s invasion of Ukraine, supply chain disruptions and energy shortages, companies have shown a strong commitment to health and nutrition. Nestle is on a path towards net zero emissions by 2050 as it aims to reduce greenhouse gas emissions by 50% by 2030 from the 2018 baseline. The food giant is also committed to sourcing 20% of key ingredients through regenerative agriculture techniques by 2025. The Swiss company has audacious goals to minimize virgin plastics by one-third by 2025 and reduce water use in factories by 6 million between 2021 and 2023.

The shift to regenerative farming and a renewed focus on recycling have become palpable to help farmers protect forests and the ecosystem. The urge to bolster environmental profile has prompted Nestle to not only put a break on scope 1 & 2 emissions but also scope 3, a go-to strategy to bolster regenerative food systems. In 2022, the food & drink company collaborated with farmers to help them store carbon in soil and enhance biodiversity, soil health, water security and quality. 

Is your business one of participants to the Nutritional Supplements Industry? Contact us for focused consultation around ESG Investing, and help you build sustainable business practices

Amway Gives Back to Communities

Nutritional supplement manufacturers are navigating opportunities and challenges stemming from the prevalence of malnutrition. UNICEF reported in June 2022 that around 8 million children under 5 were prone to death from severe wasting (in 15 crisis-hit countries). The spiraling global food shortage on the back of climate change, the COVID-19 pandemic and the Russia-Ukraine war have compelled leading players to bolster their commitment to society. 

Amway has joined forces with global organizations and Nutrilite scientists to introduce a micronutrient powder Nutrilite Little Bits, to offer essential nutrients required for proper growth. In August 2022, over 400 Amway employees served 17 non-profit organizations, clocking over 2,700 volunteer hours and underpinning 24 projects, including packing meals for community distribution. Besides, the company has taken a giant leap in bolstering inclusive entrepreneurship, allowing people to build the tools required to establish their businesses. The U.S.-based company has provided digital platforms, tools and free educational resources to over one million Amway Business Owners (ABOs).

Governance Garners Stakeholders’ Attention in Herbalife

Lately, investors and corporates are investing in ESG integration, emphasizing transparency, traceability, risk identification, ethics & compliance and board diversity. In doing so, effective February 11, 2022, Herbalife Nutrition Ltd. announced that the ESG Committee would help the board oversee ESG activities and practices, such as stakeholder engagement and risks, programs, policies and practices. 

The committee would comprise the Board-appointed three directors. Some duties and responsibilities, such as reviewing investor governance sentiment in coordination with the nominating and corporate governance committee, have strengthened the company’s governance pillar. It has fostered its corporate governance policies to further ESG performance. In essence, the director must be deemed independent to be eligible for the Board’s Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee. 

The nutrition company has received bullish support from the board toward digitization. To illustrate, in August 2022, the Board gave a green signal for digital transformation as the American company announced an infusion of USD 400 million to bolster the growth initiative.  

The underlying business trends indicate that brands will emphasize sustainability as ESG emerges as a key evaluation parameter. Predominantly, Glanbia has pledged to minimize carbon emissions (scope 1 and 2) by 31% in manufacturing sites by 2030. The company is also committed to a 50% reduction in food waste by 2030 and zero waste to landfill at operational sites by 2025. The global nutritional supplement market could depict a 6.3% CAGR between 2022 and 2030, infers Grand View Research. 

Key Companies in this theme

    • Amway

    • Nestle

    • Glabania PLC

    • PepsiCo

    • Herbalife International of America

    • Abbott Nutrition

 About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

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The Role of ESG in the Biotechnology Industry

The biotechnology industry plays a crucial role in developing products that are both environmentally friendly and economically profitable. By adapting and modifying biological organisms, processes, and systems found in nature, biotechnology contributes to sustainable industrial development. This article explores the impact of ESG considerations in the biotechnology sector, highlighting the environmental benefits, social contributions, and governance practices that shape the industry's trajectory.

Environmental Advancements in Biotechnology

Biotechnology has the potential to revolutionize agriculture and contribute to sustainable food production. By increasing crop yields and designing more efficient crops, biotechnology can manipulate primary energy flows and reduce the use of fossil fuels in agricultural systems. This technology also helps address environmental challenges such as deforestation and soil erosion. Additionally, biotechnology enables resource recovery, recycling, and hazardous waste disposal, offering environmentally beneficial solutions.

The COVID-19 pandemic has further showcased the positive impact of biotechnology on healthcare infrastructure. Through advancements in biotechnology, the pharmaceutical industry has expanded opportunities for drug development and vaccine manufacturing. These developments have improved healthcare infrastructure, enabling better diagnosis, treatment, and reduction of the seroprevalence rate of COVID-19 infections.

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ESG Trends 

The biotechnology industry is at the forefront of environmental innovations aimed at increasing efficiency and promoting sustainability. Governments, public institutions, and private organizations alike are investing heavily in environmental biotechnology to protect biodiversity and address waste treatment and bioremediation challenges. This sector has witnessed significant advancements in waste treatment and pollutant removal methods, replacing inefficient and costly chemical-based approaches.

Moreover, industrial biotechnology extends beyond biofuel production. It has transformed various industrial processes, ranging from the production of detergents and textiles to vitamins and antibiotics. By conserving natural resources, reducing costs, and accelerating the development of greener products, industrial biotechnology contributes to sustainable practices.

The biotechnology sector also aligns with the United Nations' Sustainable Development Goals (SDGs) to achieve sustainable development solutions. It addresses SDG 1 by offering agricultural biotechnology solutions that help farmers increase their incomes and reduce vulnerability to climate change. In pursuit of SDG 2, biotechnology produces healthier and more productive crops, reducing food waste and extending shelf life. SDG 3 benefits from biotechnology's development of medicines, vaccines, and tools to prevent and contain epidemics and improve global healthcare quality. Biotechnology also supports SDG 6 by purifying water using bacteria and plants, ensuring clean water and sanitation. Additionally, biotechnology innovations contribute to SDG 8 by providing economic opportunities through the development of medicines and agricultural products. SDG 9 is advanced through investments in biotechnology parks, research and development infrastructure, and partnerships with international organizations.

ESG Risks and Challenges 

While biotechnology offers numerous benefits, it also presents risks and challenges. The commercial availability of biotechnology has led to increased exploitation of biological resources for various applications, including food productivity enhancement, disease treatment, and energy generation. However, these applications have been associated with undesirable outcomes such as diminished species biodiversity, agrobiodiversity loss, environmental contamination, and appropriation of biodiversity through intellectual property rights and patents in developing countries.

The use of genetic engineering and antibiotic marker genes in biotechnology can contribute to the problem of antibiotic-resistant bacteria. Genetic modifications in crops have raised concerns about the loss of natural farming practices, altering the very essence and taste of food. To ensure sustainable practices, biotechnology must prioritize natural and ethical farming methods that do not solely rely on agrochemicals and do not exploit humans, animals, and natural flora and fauna.

The Growth of the Biotechnology Market

The global biotechnology market is projected to reach USD 1,023.92 billion by 2021, with a compound annual growth rate (CAGR) of 13.9% from 2022 to 2030. Governments worldwide are supporting this market by modernizing regulatory frameworks, improving approval processes and reimbursement policies, and standardizing clinical trials. Collaborations between government bodies and biotech companies focus on research and development to develop drugs and vaccines for various diseases. 

Key Companies 

    • AstraZeneca

    • Gilead Sciences, Inc.

    • Bristol-Myers Squibb

    • Sanofi

    • Biogen

    • Abbott Laboratories

    • Pfizer, Inc.

    • Amgen, Inc.

    • Novo Nordisk A/S

    • Merck KGaA

    • Johnson & Johnson Services, Inc.

    • Novartis AG

    • F. Hoffmann-La Roche Ltd.

    • Lonza

Key Benefits of the Biotechnology Industry ESG Thematic Report

The Biotechnology Industry ESG Thematic Report offers several key benefits to its readers. It provides a comprehensive understanding of macro-economic factors, policies, regulations, and innovations impacting the biotechnology industry globally. The report delves into infrastructure developments and ESG issues relevant to the industry, allowing businesses to identify risks and opportunities among leading players. Moreover, it offers clear insights into company actions, progress, and impact, empowering investors to make informed decisions.

Browse more ESG Thematic Reports from the Healthcare Sector, published by Astra - ESG Solutions

About Astra – ESG Solutions By Grand View Research

Astra is the Environmental, Social, and Governance (ESG) arm of Grand View Research Inc. - a global market research publishing & management consulting firm.

Astra offers comprehensive ESG thematic assessment & scores across diverse impact & socially responsible investment topics, including both public and private companies along with intuitive dashboards. Our ESG solutions are powered by robust fundamental & alternative information. Astra specializes in consulting services that equip corporates and the investment community with the in-depth ESG research and actionable insight they need to support their bottom lines and their values. We have supported our clients across diverse ESG consulting projects & advisory services, including climate strategies & assessment, ESG benchmarking, stakeholder engagement programs, active ownership, developing ESG investment strategies, ESG data services, build corporate sustainability reports. Astra team includes a pool of industry experts and ESG enthusiasts who possess extensive end-end ESG research and consulting experience at a global level.

Need expert consultation around identifying, analyzing and creating a plan to mitigate ESG risks related to your business? Share your concerns and queries, we can help!