Introducing Worldfavor Transparency and the Transparency Initiative
The Worldfavor sustainability platform uses the latest technology to fuel sustainable action for companies, investors, banks, and through far-reaching value chains. Worldfavor is proud to release Worldfavor Transparency, a unique digital solution connecting businesses to access and share ESG information, and the Transparency Initiative, where leading actors join forces to promote companies to be transparent with comparable ESG data in one network platform.
Stockholm. Standardized and comparable company ESG information is hard to obtain, especially for private companies and SMEs. Today, Worldfavor is releasing Worldfavor Transparency. This solution can be described as a “LinkedIn for sustainability information” – allowing companies to easily share and access Environmental, Social, and Corporate Governance (E, S, G) information in one place. It provides a unique meeting place for companies, investors, banks, suppliers, and other stakeholders to connect and exchange the ESG information required across different business relationships.
The Worldfavor Transparency solution enables the comparability and transparency of ESG information that is urgently needed to drive sustainable action across all industries. It is launched together with the Worldfavor Transparency Initiative – a partnership where leading actors across different stakeholder groups are joining forces to promote transparency of comparable ESG data in one centralized platform. Initial key supporters of the Transparency Initiative include Danske Bank, Oatly, Tryg, and Grant Thornton.
– There are many significant standards and initiatives on how and which ESG metrics to report. Until now, companies have been missing a meeting place to connect and share this information efficiently across the different frameworks and regulations – resulting in reporting fatigue and the inability to benchmark their work. The launch of the Worldfavor Transparency solution and the Transparency Initiative marks an important milestone for how companies can exchange this information with each other. With this, companies can, for the first time, connect to make ESG information easily accessible, transparent, and comparable. This accelerates sustainable business decisions, supports companies on their journey, and reduces reporting fatigue by enabling companies to share ESG information with all their stakeholders from one place. All together, empowering a more sustainable future, says Andreas Liljendahl, CEO at Worldfavor.
Worldfavor Transparency – access and share ESG information at scale
The Worldfavor Transparency solution is live and ready to use, consisting of the following key elements:
1. A digital network platform enabling transparency and reduced reporting fatigue. It allows any company, regardless of size or maturity, to share their ESG information with all stakeholders from one place, as well as access ESG information from other companies. This gives buyers, investors, banks, and other stakeholders access to hard-to-obtain ESG information on companies globally – including private companies and SMEs. 2. A dynamic ESG framework that unifies leading standards, frameworks, regulations, and best practices – covering the universal ESG data needs across different business relationships. 3. A user-friendly tool for companies to easily promote their sustainability practices regardless of where they are on their sustainability journey. Companies are able to gain insights and benchmark their work against industry peers as the network grows.This results in the acceleration of sustainability efforts across all sizes of firms.
Worldfavor Transparency Initiative – leaders joining forces to drive transparency in sustainability The Transparency Initiative is a partnership for change using the power of many, where leading actors across different stakeholder groups are joining forces to promote and accelerate the transparency of comparable ESG information. By joining forces, and encouraging companies to share standardized, ESG information in one centralized platform, a crowd-demand for information is created, and large masses of readily available ESG information can quickly be achieved. As a result, reporting fatigue is reduced, as companies can share their information and reach all their stakeholders from one place.
The initiative welcomes leaders from throughout the value chain – from investors, banks, corporates, and other stakeholders – to come together to enable the ESG data transparency needed to accelerate action towards a sustainable future.
–All companies, regardless of size and industry, are facing increased demand for ESG-transparency from customers, financial providers, and regulators. It’s in our common interest to speed up the transformation towards a more sustainable society,says Roger Josefsson, Head of Sustainability at Danske Bank Sweden.
– Oatly communicate openly and strive to be a transparent company because we want consumers to make informed and conscious choices, and to have confidence in us and our products. We also emphasize transparency within the food industry. Worldfavor's Transparency solution will make our sustainability data even easier to access. Transparency is a driving force for sustainability!, says Annika Hansson, Sustainability Reporting Senior Manager at Oatly.
–The Transparency Initiative brings us one step further towards an important end goal – comparable and easily accessible ESG data. The number of suppliers, partners, and customers we are evaluating based on ESG data is growing – a trend we also see in our industry. Using the Transparency solution, companies can share fundamental ESG data with their stakeholders once. Thereby, they may avoid receiving time-consuming and re-occurring information requests from multiple B2B relations, says Katrin Madita Eickers, Program Manager – Sustainable Procurement at Tryg.
– We support the Transparency Initiative to encourage and empower sustainable business – across various industries and businesses of all sizes, says Linda Mannerby, Sustainability Director at Grant Thornton.
To learn more about the Worldfavor Transparency solution, please find additional information here.
Initial key supporters of the Worldfavor Transparency Initiative include Danske Bank, Oatly, Tryg, and Grant Thornton. Please find additional information here.
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