Learn about ESG standards and how Vietnamese businesses can apply them to minimize environmental impact and promote sustainable development.
Protecting the environment has now become an urgent requirement not only for national governments but also for every individual and organization. Businesses, as critical links in the economy, also have the responsibility to implement measures within their capabilities to protect the environment. So, what do businesses need to do to optimize the impact of their activities on the natural environment?
- Save energy
Whether it’s a manufacturing facility or a service company, businesses can conserve energy to not only reduce operating costs but also alleviate environmental pressure. Practical measures include investing in new technologies and equipment that are more energy-efficient or switching to clean energy sources. Many businesses also implement policies allowing employees to work from home to minimize electricity consumption in offices, or even install solar panels on rooftops to provide a clean energy source.
- Reduce waste
Waste is one of the most serious pollutants due to its large amount and uncontrollable nature, especially with rampant types of waste like plastics. According to WWF Vietnam, in 2021, Vietnam generated nearly 3 million tons of plastic waste with a large proportion dumped in landfills or released into the natural environment. With its affordability and convenience, plastic products are almost irreplaceable and appear in almost every aspect of life.
To solve this problem, businesses can implement a variety of practical measures tailored to their scale and financial capacity. Manufacturers can remove unnecessary plastic parts from their products, such as the inner packaging when there is already an outer protective layer. The shape and materials of the products can also be changed in a more environment-friendly way, such as switching from single-use plastic bottles to glass bottles that can be collected and reused multiple times.
- Implement environmental projects within the community
Businesses can also play a vital role in promoting a green lifestyle and delivering positive values for the community. In 2023, Vinamilk collaborated with the Ministry of Natural Resources and Environment for a tree-planting project in Me Linh District, Hanoi. Aiming to plant 1000 trees, the project is part of the company’s ESG strategy to protect the environment, create social value, and improve governance capacity.
Faced with the growing trend of sustainable development, businesses need to clearly define their role in environmental protection and develop an appropriate development strategy. Many companies have resorted to ESG strategies to enhance their competitiveness and drive sustainable development. To achieve this, businesses must first have a clear and accurate understanding of ESG from reliable information sources or through consultation with experts.
