27.07.2023 / 08:57
Data-driven ESG decisions Part 2: Tracking Sustainability
How is data concerning mass chemical vendors relevant in understanding the effects on #ESG factors? 🌍 🌿
ℹ While the impact of chemicals on the environment is undoubtedly large, having a database to assess it is a boon. ChemSpider - a free database of chemical structures governed by the Royal Society of Chemistry includes a repository of more than a 100 million chemical structures. But the most interesting click on this website would be the one listing the properties of these chemicals. These properties will help the reader assess the risks of these chemicals associated with the environment. Further, the website lists the vendors of these chemicals.
💡 In the light of ESG regulations, the company data from vendors on ChemSpider play a key role in obtaining valuable information regarding their sustainability practices within the chemical industry. By quantifying and transparently disclosing the information provided by individual companies, areas for improvement can be identified, targets set, and progress effectively tracked.
🎯 With companies setting targets and investors observing their pace of achieving them, information regarding the same helps to monitor the sustainability drive for companies. There are some databases like the Net Zero tracker that collate, assess, and present the status of targets undertaken by companies and other entities.
🔍Using databases such as ChemSpider and complementing them with data from Net Zero Tracker helps make a comprehensive assessment of sustainability practices.
👉 For instance, we can look at Lithium-a leading chemical in the manufacture of Lithium-ion batteries. While they are well known for powering electric vehicles, their impact on the environment is quite hazardous and includes an increase in CO2 emissions and massive quantities of mineral waste. While browsing for Lithium on the ChemSpider database, a vendor may show whose sustainability targets can be tracked on Net Zero tracker. This helps investors assess the long-term effects of their business decisions. The approach makes it easier to track and compare sustainability efforts and promote accountability in the pursuit of ESG goals.
To learn about more ESG relevant data sources and to get fascinating insights, stay tuned to this space and follow this series closely!
#ESG #datadriven #ESGdecisions #freeESGdata #sustainability #FORRSight