19.04.2024

ESG is no longer an option, but an imperative for successful companies

Conference on "ESG and the Global Goals. Practical guidelines for companies" was held today in Sofia. The event at which ESGnews.bg e media partner, was organized by Confindustria Bulgaria with the aim of promoting a global and sustainable economy, providing businesses with the necessary guidance.

The ESG concept is no longer an option. ESG is imperative for companies that want to succeed.”

With these words, the conference was opened by the chairman of Confindustria Bulgaria, Roberto Santorelli.

Green initiatives should not be done just because they are required by law, but should be done with the impact on the environment, the company itself and its employees in mind," he added.

The chief executive officer and chairman of the management board of UniCredit Bulbank Tsvetanka Mincheva spoke in the same spirit.

Just a few days before Earth Day, we are witnessing yet another temperature anomaly. March was the tenth consecutive month in which temperature records were set. In fact, we are not just witnesses, we are victims of climate change. Right now is not the time for strategies, but for practical actions, and the way to implement them is through ESG," said Mincheva.

She also pointed out examples through which UniCredit Bulbank has already implemented ESG – parting with plastic, efficient use of lighting, use of green energy and financing of green projects, turning the employees themselves into ambassadors of sustainability, writing a road map with the commitments made.

What exactly is sustainability? It is the ability of a business to maintain its own functions and activities, using resources so that it can function in the future without exhausting them. That is why business must comply with ESG requirements - not because they are some kind of norm, but to guarantee its existence in the future. And that's why all companies should invest in ESG activities," said Elena Mateeva from the Bulgarian Network of the UN Global Compact.

Mila Nenova, executive director of the Bulgarian Investment Agency, was also a guest at the forum.

There are a number of large foreign companies that intend to invest in Bulgaria. In most cases, they have innovative productions, use renewable energy sources and have requirements that all the energy they use be green. Here's the problem - if we can't meet these requirements, the investment won't happen. The customers and shareholders of these companies hold these requirements because all these large international players already profess the ESG philosophy. Fortunately, in Bulgaria we are quite ahead with green energy. There are many places where this is already happening," said Nenova.

Adelina Mitkova, senior manager at Deloitte for Bulgaria, spoke about the legislative introduction of ESG reporting in Bulgaria, focusing on the amendments to the Accounting Law. It is expected that they will be adopted by the beginning of July, and about 780 Bulgarian companies will have to submit special ESG reports

The purpose of the regulation is not to burden the companies, but on the contrary – to add certain information from the companies, without making it difficult for them," explained Mitkova.