ESG Consulting - Environmental Sustainability, Social, and Governance

With the rise of institutions across the world working to establish better ESG standards, many companies and organizations are interested in disclosing their ESG metrics to prepare for a future in which these may become mandatory.

Solas Energy assists corporations through consulting services to develop ESG goals, assess performance against goals, and advises them in developing a strategy to achieve those goals.

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The breadth of our team’s experience ranges from voluntary offsets through the compliance market, to integrating green procurement practices into corporate supply chain management, and integrating metrics for C-level compensation.

Our Sustainability and Environmental, Social, and Governance services include:

Assisting in the establishment of ESG goals (ESG Principles)
Sustainability and environmental performance benchmarking, monitoring, and verification (ESG metrics)
Providing assistance to your team to achieve Scope 1, Scope 2, or Scope 3 emissions reductions (ESG Indicators)
Identifying opportunities for meeting ESG goals (Corporate Strategy)
Sustainability reporting and governance (ESG Management)
Energy consumption and energy efficiency
Green energy procurement strategies (ESG Services)
Government policy impact

ESG Report: Solas Energy ESG Report 2023.

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Whitecourt Power, a facility of Capstone Infrastructure’s in Alberta, has an active Offset Project generating Carbon Credits and other GHG reporting requirements. We use Solas exclusively to guide us in the execution of this work.

Solas Energy provides exceptional advisory services on greenhouse gas emission reductions and offset quantification work. They have an intimate knowledge of the GHG policies and are adept in work with them.
Leonard Sanche, Plant Manager, Capstone Infrastructure Corporation
Whitecourt Power LP

What is an ESG Consultant

An ESG consultant (Usually part of ESG consulting firms) can be very beneficial for many different companies, including for companies that are looking to improve the environmental impact that their fleet has. After all, transportation can be a highly polluting part of doing business, and we are all stewards of our planet– so we should do our best to treat the planet right. An ESG consultant is, essentially, an individual who consults on sustainability and sustainable investment within the business sphere.

Their consulting services aim to identify existing opportunities in a company’s portfolio that are environmentally or socially responsible, as well as to move the company away from opportunities that are not.

Many companies that are very public about their commitment to workplace or social ethics, as well as sustainability, hire ESG consultants. ESG consultants can advise them on smart decisions, but they can also do something that is known as ESG reporting. This keeps track of the causes that a company is putting themselves behind or the changes that they are making to their business and holds them accountable. These reports are released to shareholders and often to the public, too, which can help to get a company favorable press.

What does ESG Stand for

The ESG in ESG consultant (ESG Consulting) or ESG reporting stands for Environmental, Social, and Governance. These are the three pillars of ESG and provide some very basic guidelines to keep in mind and follow. Not all companies or individuals focus on all three pillars evenly. Their personal beliefs of what is important may lead them to prioritize one pillar in particular.

ESG services, ESG factors, ESG risks ESG screening and ESG performance are derivatives of the above ESG platform. Simply meaning that the acronym is used for each of the subsets of ESG. Factors, risks, strategies and other related categories all stem from the original idea of ESG.

Environmental

The first of the pillars is the environmental pillar. This involves the conservation of our natural world, as well as how a company can help, rather than harm, the earth further. Some of the issues that are commonly explored under this umbrella are climate change issues, pollution of the air or water, waste management, and biodiversity.

Environmental is a pillar that many companies and individuals choose to focus on– in part due to the climate change crisis and all of the discourse that is surrounding it.

Fossil fuels are especially dangerous to the earth and are used in many industries, so it is important to find a way to operate successfully– and still on a large enough scale so that it is profitable for the company– without them.

This is an example of one environmental concern. It’s also important to be aware that different companies or industries may focus on different environmental concerns, based on the types of issues that they run into during their day-to-day.

For instance, companies that utilize a huge fleet for transportation needs may want to focus on alternative fuel, while a toxic waste plant might prefer to focus on waste management strategies.

Social

The second pillar is the social pillar. Not only does this explore the relationship with stakeholders that a company has, but it also looks at the relationships found within the workplace, too. This is where we find explorations and concerns with worker safety, happiness, and diversity, to bring up a few examples.

Workplace conditions are a key concern that is explored under this umbrella. After all, the employees really are the heart of a company. If they are not satisfied, they will not do their best work and a company will likely suffer from a high turnover rate, too. This ends up costing the business more money, time, and other resources, especially because they will constantly have to train new staff.

Plus, it could lead to bad press.

Besides looking at a company’s relationship with its employees, this can apply to its relationship with the community as well. Some questions that are often explored here are: does the company back initiatives in the community that align with their mission statement? Do they hold their vendors and suppliers to the same ESG standards? Etc.

It is important for a company to put their money where their mouth is, or at least show follow through, or they could be blasted as being hypocritical or taking advantage of causes for marketing purposes.

Governance

Last but not least is the third pillar– governance. This pillar is the one that concerns itself with how the company is being run internally, from the top. As the name suggests, it handles how the company is governed.

They want to ensure that top executives are using transparent business practices and accounting methods, for example.

It is also important that executives do not have any conflicts of interest, are not engaging in illegal conduct, and do not have political affiliations that could end up swaying decisions unethically.

Essentially, the governance pillar works to ensure that members of the company– especially those higher-ups who have more power– are behaving ethically with the best interests of the company and shareholders in mind.

ESG (Environmental Social and Governance) risks refer to the risks that companies face related to sustainability issues. Risks to the ESG strategy, ESG data and ESG initiatives are found at various levels of implementation. These risks can include:

Environmental risks: These risks arise from a company’s impact on the environment, including pollution, climate change, and natural resource depletion. Examples include increased regulation of greenhouse gas emissions, the risk of fines or penalties for environmental violations, and reputational damage from environmental incidents.
Social risks: These risks relate to a company’s impact on society, including labor practices, human rights, and community relations. Examples include employee safety issues, supply chain risks related to human rights violations, and reputational damage from negative social media coverage or protests.
Governance risks: These risks relate to a company’s internal operations, including its leadership, decision-making processes, and accounting practices. Examples include the risk of fraud or corruption, executive compensation practices, and the potential for shareholder activism.

It is important for companies to identify and address these ESG risks, as they can have significant financial and reputational impacts. Companies that are proactive in addressing ESG risks and completing ESG risk assessments may be more resilient to market disruptions, better able to attract investment, better able to implement ESG initiatives, and better positioned to create long-term value for shareholders.

Contact us today to learn more about our ESG services.

We support businesses with strategic and innovative climate change advisory services:

Learn more about our Climate Change Policy services

Learn more about our Greenhouse Gas Quantification services

Learn more about our Environmental, Social, & Governance services

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About Solas Energy

Solas Energy provides comprehensive strategy and consulting services to support the energy transition. With over 20 years of experience in project development, construction management, and climate change advisory, Solas Energy provides its clients with the depth and perspective required to navigate the complex issues associated with renewable energy project development and climate change policy.