Sustainability reporting momentum is catching up

In a fast-changing world, companies should account for their impact on society and the environment where they operate. it is now understood that organisations can sustain their continued growth only if their stakeholders are satisfied with not just their services and product but also with their contribution to the social and environmental well being. The companies often seek services if sustainability reporting consultants to prepare their reports.

The Global megatrends like climate change, plastic pollution, Rapid extinction of species, community development are some of the most pressing issues of today's world for the Corporates and sustainability reporting consultant help them respond to these challenges. This calls for improved and transparent accounting and disclosure of the performance on these megatrends for the organisations. In today's world, the corporates cannot afford to have a sustainable business in the long run unless they are acting in environmentally and socially responsible manner, sustainability reporting consultant help them in developing a sustainability strategy.

It has been seen that several governments across several countries have started scrutinizing the operations of the companies that are considered to have a larger impact on society as well as the environment. Sustainability reporting has emerged as a tool to measure and report the performance on environmental and social indicators. Sustainability reporting has become the process of communicating the social and environmental effects of any business to the stakeholder.

Globally the sustainability reporting has gained momentum, hundreds of companies have started publishing their annual sustainability reports with support from sustainability reporting consultant. It is assumed that about 20000 companies are publishing their sustainability reports. Nowadays companies in India and also in the Middle East have caught up to this Momentum and have started issuing sustainability reports. Several sustainability reporting consultants is also present in this region. In the Middle East, UAE, Qatar, Oman, Saudi and Kuwait are the countries where companies have published several sustainability reports. There are several reasons why sustainability reporting has gained momentum, some of which are that the different stakeholders are exerting pressure for sustainability reporting because they want to understand how their organisation is impacting environment and Society. Reporting is also being looked as that is something that increases brand reputation. The role of government and regulation regulator's cannot be unseen as the regulator's are now a days are mandating sustainability reporting and asking corporates to publish the reports. This has increased the role sustainability reporting consultants have to play. Many companies are also publishing reports in peer pressure as their competitors are doing the same. The benefits of sustainability reporting are immense, it leads to improving financial performance, it also improves the stakeholder relationships, it identifies the risk that where overlooked, so it improves risk management, it also improves investor relationship and identifies a new market for business opportunities, it even brings into light cost-saving opportunities for the companies. Sustainability reporting consultant has a big role to play in pushing the sustainability reporting across regions.