ESG stands for Environmental, Social, and Governance. ESG strategy is an investing approach that considers a company’s environmental, social and governance-related policies and practices. It is an essential tool for achieving sustainable growth in the future. To implement your ESG strategy, you need an Industrial Engineering Consultant.
What’s ESG strategy?
The role of the engineers in ESG strategy is to address the social, economic, and ecological impacts associated with an organization. The engineering team should have a whole-business approach to address all impacts while identifying opportunities for change that focus on the socially responsible development strategy.
Although some companies may not have an engineering team available to perform these tasks, it’s essential for those who need these projects completed that they reach out to experts who can help them achieve their goals.
What are the engineers’ roles in ESG strategy?
Apart from their traditional roles of designing, constructing, and maintaining assets, they also play a crucial role in identifying environmental issues that could affect assets, undertaking rehabilitation efforts, and adopting environmentally friendly maintenance practices. Engineers are increasingly taking part in sustainability initiatives such as reducing energy consumption by improving building design to use less power or providing more outlets for green building materials to reduce construction waste.
Here are 3 roles of an engineer in ESG strategy
1. Single Source of Truth Project Execution
Engineers excel at building complex equipment and structures. This is because they look for ways to maximize the efficiency of resources through the use of engineering principles and tools. Engineers also understand how to document their findings to provide a single source of truth (i.e., a complete and accurate record that explains the process being followed) during construction and operations. Engineers ensure that all procedure entries are clear, written instructions, not just signed-off verbal agreements. The recorded information includes details on who did what, when it was done, by whom, and by what means – written records provide a trusted record that can support future decisions. Clear procedures also help employees make decisions without relying on inappropriate shortcuts or assumptions. Data management through the SSOT execution model should be the basis of ESG strategy. It ensures the right data is available to support ESG decisions.
2. Technology Selection
ESG strategies often require a company to reduce its carbon footprint, find ways to conserve resources, and improve the efficiency of processes. Engineers use their technical skills to find solutions based on an analysis of the current situation or performance and an assessment of the related risks. Engineers assess data and develop proposals to upgrade, replace or improve systems and equipment, including energy conservation, pollution control, and material efficiency. For example, a waste management system for a facility can be designed around the efficient use of resources through recovery processes rather than disposal and conversion processes. However, with an industrial engineering consultant, stakeholders are helped to define the scope and timeline for the project, which will be handed over to engineers.
3. Procurement Data Management
Many companies have implemented due diligence processes to determine whether the products they purchase or the services they select support their ESG objectives. Engineers are often asked to evaluate bids and proposals or provide a list of certified vendors for environmental products, sustainable products, and recycled materials. The selection process is often very detailed and involves reviewing product design, production, use, and disposal.
Engineers have expertise in evaluating complex designs and determining the potential for material waste, pollution impacts, energy consumption, and greenhouse gas emissions throughout a product’s life cycle. Suppliers can improve their processes through Engineering Services so that resources are used more efficiently.
