As the effects of the COVID-19 pandemic, climate change, globalization, technology, and society and consumer behavior continue to grow and evolve, it’s important that companies take actions to address these short-term and long-term changes. The rise in ESG issues over the past few years is not only likely to continue in 2023 and beyond, it will likely grow. Incorporating ESG into a company’s strategy is essential to address and mitigate these risks and is also an emerging factor to identify opportunities resulting in financial growth. Before a company can meaningfully address ESG issues, however, it must understand ESG standards and principles.
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