The Basics of Sustainability Reporting Frameworks and Initiatives

In the events and venue management landscape of today, sustainability is one of the most notable developing practices. It has become such a priority that regulatory reporting and legislation is quickly developing worldwide. 

What was once a "nice element to have" has evolved into an essential industry demand. This shift has brought increased focus on sustainability reporting, driven not only by the need to meet imminent legislative compliance but also by the imperative to provide transparency, accountability and comparability. Such reporting is crucial in informing continuous improvement and ensuring that venues and events operate responsibly and sustainably.   

Understanding the Triple Bottom Line 

Sustainability is often misunderstood to consider the environmental impact only, but sustainability as an umbrella term also looks at social and economic factors, known as the Triple Bottom Line (TBL) or the 3Ps (People, Planet and Profit). This framework helps to measure the performance of a business against these core pillars and can form the foundations of a sustainability strategy. 

Whilst there is no one single global standard for sustainability reporting, with many regional directives creating a complex web of guidelines, there are a few globally recognised frameworks which help organisations structure and disclose their ESG performance.  

ESG stands for environmental, social and governance. These three key elements represent the non-financial aspects that can be considered when gauging an organisation’s sustainability performance and progress. 

Environmental Factors 

Environmental focuses on how a company performs as a steward of nature and its impact on the environment. It includes factors like carbon emissions, resource usage, pollution and climate change initiatives. 

Social Factors 

Social addresses social issues related to a company’s operations. This encompasses employee well-being, diversity equity & inclusion (DEI), community engagement, your customers and your supply chain. 

Governance Factors 

Governance refers to the structure and internal practices of corporate governance including accountability, transparency, risk management and auditing. 

Global Frameworks for Sustainability Reporting 

UN Sustainable Development Goals (SDG) provide a globally recognised framework to help structure your long-term goals, short-term objectives and targets. The UN SDGs, also known as the Global Goals, were adopted by all United Nations Member States in 2015 as part of the 2030 Agenda for Sustainable Development.  

These 17 goals are designed to address global challenges serving as a universal call to action, aiming to achieve a better and more sustainable future by 2030. The SDGs cover a broad range of social, economic and environmental issues, aiming to eradicate poverty, protect the planet and ensure prosperity for all. Each goal has specific targets and indicators to measure progress. 

Global Reporting Initiative (GRI) 

The Global Reporting Initiative (GRI) is an independent international organisation that provides a comprehensive framework covering various aspects, including economic, environmental, social and governance topics. 

Science Based Targets Initiative (SBTi) 

The Science Based Targets Initiative (SBTi) provides a framework and methodology for companies to set GHG emission reduction targets in alignment with the Paris Agreement to limit global warming to 1.5 degrees.  

SBTi helps businesses to set, validate and approve science-based targets tailored to their industry and business model enabling companies to publicly communicate and report on progress. Reporting and measurement are focused on: 

• Scope 1 emissions: Direct emissions from owned or controlled sources; this is everything you burn. 

• Scope 2 emissions: Indirect emissions from purchased electricity, steam, heating and cooling; these are utilities you buy. 

• Scope 3 emissions: All other indirect emissions in your value chain both upstream and downstream; this is everything else beyond. 

Conclusion: Enhancing Sustainability Reporting with WeTrack  

Achieving organizational buy-in for sustainability targets can be challenging. WeTrack, a Momentus company, is an industry-leading provider of planning, sustainability and operations software. Our solutions enable you to work better with a single source of truth, ensuring that all your data is centralized, accurate and actionable. 

The WeTrack platform empowers you to successfully pursue your sustainability goals by providing the tools you need to track, manage and report on your progress. Whether you are focusing on reducing carbon emissions, improving CSR initiatives or creating lasting legacies, WeTrack is your trusted partner in sustainability.  

Contact us to learn more about how WeTrack can support your sustainability reporting journey. Let's work together to create a more sustainable future for your organization and the world.