- Implementation of a globally recognised reporting platform for an Environmental, Social and Governance (ESG) framework.
- ESG Progress will be monitored and reported on a quarterly basis.
- ESG guidelines underpin GEV’s long-term ethical and sustainable operating objectives.
- Global sustainable investment now tops $30 trillion, up 68% since 2014 and tenfold since 2004.Global Energy Ventures Ltd (ASX: GEV, the Company) is pleased to announce that the Company will adopt an Environmental, Social and Governance (ESG) framework with 21 core metrics and disclosures created by theMartin Carolan, GEV Managing Director and CEO commented: “With corporate governance evolving to include an emphasis on businesses aligning with strong ESG objectives, GEV has made the commitment to the development of an ESG framework and regular reporting on our performance. Our company’s long-term corporate goals are deeply intertwined with environmental, social, and governance (ESG) concerns. It makes sense, therefore, that a strong ESG proposition can create long-term sustainable value.”ADOPTING AN ESG FRAMEWORK
The context in which the Company operates has been transformed by climate impact, nature loss, and social unrest around inclusion and working conditions. This new global environment is challenging the traditional expectations of corporations and redirecting investment capital. Global sustainable investment now tops $30 trillion, up 68% since 2014 and tenfold since 2004. GEV is charting a course to enhance our social licence through a greater commitment to long-term, sustainable value creation that embraces the wider demands of people, planet and shared prosperity.
The Board of GEV has resolved to adopt the WEF ESG framework and instructed management to set up an impact measurement plan for each sustainability area which includes, but is not limited to, governance, anti-corruption practices, ethical behaviour, human rights, carbon emissions, land use, ecological sensitivity, water consumption, diversity and inclusion, pay equality and tax payments.
To ensure that GEV can measure, monitor, and report on its ESG progress, the Company has engaged impact monitoring technology platform Socialsuite to streamline the outcomes measurement and ongoing ESG reporting process. The Company’s goal is to demonstrate commitment and progress on its ESG scorecard, but more broadly, requires progress on a range of ESG benchmarks as set out by the WEF’s ESG White Paper.
While our business and future projects can create inherent positive impact, the adoption of the WEF framework has already paid ESG dividends. The Company will update the market regularly on its ESG progress and seek to ensure that GEV remains an impact investment for shareholders and local communities.
1 World Economic Forum, White Paper: Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation [22 September 2020]
BASELINE ESG DASHBOARD
The dashboard below, developed by Socialsuite, will be reported by the Company at regular intervals and will provide an easy way for investors to assess the development of the Company’s objective and journey to become a “best in class” ESG Company.
In its Summer Meeting for 2019, the WEF’s International Business Council (IBC) flagged the existence of multiple ESG reporting frameworks and the lack of consistency and comparability of metrics as pain points preventing companies from credibly demonstrating to all stakeholders their progress on sustainability and their contributions to the sustainable development goals.
In collaboration with Deloitte, EY, KPMG and PwC, the IBC worked to identify a set of universal, material ESG metrics and recommended disclosures that could be reflected in the mainstream annual reports of companies on a consistent basis across industry sectors and countries.
The metrics were designed to be capable of verification and assurance, to enhance transparency and alignment among corporations, investors, and all stakeholders. The wider objective was to begin reporting collectively on this basis to encourage greater cooperation and alignment among existing standards as well as to catalyse progress towards a systemic solution, such as a generally accepted international accounting standard in this respect.
The result of this process is 21 core and 34 expanded metrics and disclosures, which the project commends to both IBC members and non-IBC companies for adoption.