To make sustainable decisions and meet reporting requirements, companies need a way to share standardized and comparable sustainability information. All too often, companies are required to report to different stakeholders and to different standards, frameworks and initiatives – making the entire process complex and confusing.
What if we told you there is a way to reduce your reporting burden and prevent double-reporting for good? For the first time ever, there’s one standard framework that covers all the universal sustainability information needs – the Worldfavor Sustainability Data Framework!
It's not another framework – it's simply one framework to cover them all.
What is the Worldfavor Sustainability Data Framework?
The Worldfavor Sustainability Data Framework builds on Environmental, Social and Governance (ESG) topics based on a comprehensive analysis of existing reporting standards, frameworks, initiatives and regulations. By complying with the framework, you can assure that you cover all the ESG information your stakeholders need.
Whether you’re big or small, have come a long way, or are just beginning your sustainability journey, our framework allows you to answer the topics relevant to your business and stakeholders.
Why does standardized data matter?
Transparency is at risk.
Sustainability reporting has been compared too many times with the Wild West due to the lack of standardization in business-to-business sustainability sharing. A universal understanding of information enables clarity and transparency. Without it, the information shared between business partners can easily be misinterpreted and mismanaged.
There is no meeting place for companies to easily share and access standardized information.
Until now, companies haven’t had a dedicated meeting place to exchange standardized sustainability information with each other. By joining Worldfavor Transparency and sharing one’s sustainability information accordingly with the framework, companies can for the first time easily connect and share their information in the same format.
Only large companies have had the resources and power to access other companies' sustainability data.
As a result of the heavy reporting fatigue that comes from reporting according to different questionnaires and frameworks – companies typically only report if they really must. You can finally share your sustainability information once, in a standardized format that every business stakeholder access – in Worldfavor.
How do I use the framework?
The framework was created to reduce companies’ reporting burden – while optimizing the access to other’s high-quality sustainability information at the same time. In essence, it’s divided into three different parts:
Part 1: Your sustainability approach
Easily share high-level insights into your company’s sustainability work and how far you’ve come in your sustainability journey by answering the first part of the framework. Based on the sustainability areas you are working with, you will receive follow-up questionnaires to provide more in-depth information about your sustainability practices.
Part 2: The Sustainability topics
Not all topics are relevant for all companies, so you naturally only report on those that apply to yours. Each topic consists of a set of KPIs that allows you to get a comprehensive understanding of how you're performing in each area, and access the ESG information you need from your portfolio companies, suppliers, clients, and other companies of interest.
Part 3: The Worldfavor Network
Once you’ve shared your company’s sustainability information on your Transparency profile, you can start accessing other company’s standardized information in the Worldfavor platform. Never before has it been easier for companies to both share and understand each other’s sustainability practices!
What are the advantages of using the framework?
Saves time and provides consistency.
Since you don’t have to report from scratch and answer differently formulated questions every time, you’ll save valuable time to use elsewhere.
Ensures compliance with legislation and stakeholders’ ESG demands.
Worldfavor continually reviews the market needs and development around ESG regulations and reporting. As these evolve, so will our framework, ensuring relevant KPIs and metrics, today and tomorrow.
Provides a common language.
Invite all your stakeholders, suppliers, and business partners to start communicating and reporting in a standardized and systemized format.
Smoothens the process for reporter and receiver alike.
Easily share your sustainability information with investors, stakeholders and partners, and access the information you need from other companies – all in one place. Create your free account to get access to the framework and get started with your sustainability reporting today!
Join the Worldfavor Network for free and get access to the Worldfavor Sustainability Data Framework.
In the jungle of standards, frameworks and initiatives – align to the Worldfavor Sustainability Data framework and you align to them all. Simply join the Worldfavor Network to get access to the framework for free! Got any questions? Don’t hesitate to ask – we love geeking out over all things sustainability!
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