This time we chatted to Andreas Liljendahl, our very own co-founder and CEO, about the new Worldfavor Transparency solution and Transparency Initiative, and asked him why transparency is so key to achieving sustainability at scale. Take a look!
Can you tell us a bit about Worldfavor Transparency – why is it an important solution?
In sustainability there is a jungle of standards, frameworks and initiatives that companies are expected to follow and know how to navigate in. It makes the whole area very complex for companies to, firstly, decide what they should report on, and secondly, to communicate that information to their stakeholders.
Until now there hasn’t been a forum for sharing and accessing the sustainability information that businesses need in order to be truly transparent. Worldfavor Transparency is a tool that all companies can use to both share and access all the sustainability data that is needed in stakeholder relations.
What makes Worldfavor Transparency so special?
Ease of use was very much a priority for us when we set out to create this solution. Our platform is comprehensive and straightforward, which is definitely an important factor when you want to democratize just about anything – it needs to be easily accessible for everyone. What’s also special is that all companies, from tiny side businesses to large corporations can sign up and create a Transparency profile for free, and any company can subscribe to others’ sustainability information which is relevant to them, say, their suppliers' and clients' data, but also other companies to benchmark their own performance.
... and why transparency?
Sustainability doesn’t work without transparency. We feel that it’s extremely important to lower the threshold for sharing one's sustainability information and to also access or follow other companies’ sustainability information. If everyone is transparent about how they’re doing sustainability-wise, we can demystify sustainability performance and avoid greenwashing at scale. Transparency needs to be the status quo.
What about the Transparency Initiative - what is that?
The transparency initiative is a partnership that enables us to collaborate with companies with large networks and reach a broad mass of organizations to sign up to the Transparency solution. Therefore, we can create a crowd demand and supply of large masses of ESG data in one place. Our initial supporters are Oatly, Danske Bank, Tryg, and Grant Thornton, which we’re thrilled about!
Our supporters are an important component in driving our mission, since they can help us to scale up and make a true impact in making transparency and sustainability the norm.
Why is this venture important right now?
Companies have been working in siloed ways of processing ESG data – literally emailing spreadsheets across stakeholders to access all the needed sustainability data. That often creates person dependent and tedious processes in an organization.
This solution is something we’ve been working on for a long time to make sure it’s just right and that the timing is correct. We’re releasing it now, because there's a high demand on the market to smoothly trade sustainability information and an ever growing need for transparency. Our mission is to truly make sustainability mainstream, and we know that this solution can make that a reality!
How has the sustainability data landscape evolved over the past few years in your experience?
I’ve seen a shift in companies’ demand for actual and accurate ESG data instead of estimates, which has been the case in the past. There’s a genuine interest for acquiring real data and being transparent about that information. It’s really great to see that this change is finally happening, because it means that companies are open for a paradigm shift and are keen to make sustainability mainstream!
Read more about Worldfavor Transparency and learn how it enables making sustainability mainstream. Sign up today to share your ESG information and access
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- Sustainability Chat with Marie Baumgarts at SEB
