Worldfavor introduces Worldfavor Transparency and the Transparency Initiative
By Joy Dumasia
Worldfavor is releasing Worldfavor Transparency; 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 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.
The Worldfavor Transparency solution enables the comparability and transparency of ESG information that is urgently needed to drive sustainable action across all industries. It was launched together with the Worldfavor Transparency Initiative. Leading actors across different stakeholder groups are joining forces to promote transparency of comparable ESG data in one centralized platform. Initial critical supporters of the Transparency Initiative include Danske Bank, Oatly, Tryg, and Grant Thornton.
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 and 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 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 can 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.
Andreas Liljendahl, CEO at Worldfavor, said: “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.”
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