ESG

What is ESG

ESG (Environment, Society, Government): These are criteria – indicators related to environmental, social, and corporate governance issues that can affect a company’s ability to generate value in the long term. There are corresponding reference frameworks such as the IAS and IFRS in the accounting and auditing field for the observance and issuance of indicators such as the GRI.

The indicators represent the ethical and sustainable impact of investments regarding a business in the three aspects they represent.

In 2022, the Athens Stock Exchange issued an updated ESG disclosure guide (the first was issued in 2019) for stock market companies that aligns with major global reference frameworks, such as the Sustainability Accounting Standards Board (SASB), which identifies ESG issues that are financially essential to each industry, and maps the proposed indicators against reference frameworks such as the Global Reporting Initiative (GRI), the Carbon Disclosure Project (CDP) and the EU Directive on the publication of non-financial information.

Why to adopt ESG

1. Strong relationship between the performance of ESG indicators and the financial performance of companies.

2. ESG data, combined with financial data, allow investors to gain a comprehensive picture of each company, to understand its competitive position and the efficiency with which it can exploit new opportunities.

3. By adopting ESG, the Non-Financial Reporting Directive (NFRD) 2014/95/EU, the European Classification System for Environmentally Sustainable Economic Activities (EU Taxonomy) and the upcoming Corporate Sustainability Information Disclosure Directive (CSRD) are adopted.

Adopt ESG with XENIO Network

They said on ESG

PwC: Banks and investors will periodically increase their ESG requests. We believe that relevant ESG requirements will evolve in 3 phases. We are now in Phase
KPMG: Stakeholders – from regulators and investors to customers and the public – are putting your ESG metrics and disclosures under increasing scrutiny. They want access to credible, verifiable, and comparable ESG metrics so that they can make decisions on areas that matter most to them.
AICPA & CIMA: Τhe demand by investors, regulators, and other users (stakeholders) for information about the effects of ESG-related matters on entities and their financial reporting has grown dramatically. At the same time, management is seeing the benefits of focusing on and communicating information about the risks posed by ESG-related matters as well as management’s activities and plans for addressing them.

The future

From 2024 all listed companies in the EU area, all their suppliers and SMEs (in a more flexible framework) are required to issue an ESG report and certify their results. Now it seems that the certification control process will be undertaken by auditing companies (KPMG, Deloitte, PwC etc.) and the certification will be given by rating agencies such as MSCI respectively with the companies’ credit rating agencies.

However, there is still no legal framework and limitation on who applies the procedures to companies to have ESG indicators. Greek listed companies that already implement ESG have created a separate department or appointed a C-suite manager (usually the one who already had CSR under his/her responsibility) for this project. For this purpose, they attend specific seminars [IASE (ISB certification), CFA Institute (Certificate in ESG Investing) and others] to gain expertise.

ESG will also be mandatory for all European banks to finance companies. This means that even small businesses will be required to adhere to ESG standards to issue indicators that they will disclose to banks to receive funding from financial institutions.

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Carbon Free Project by XENIO Network

Carbon Free Project by XENIO Network

Mission and Vision

XENIO Network undertakes the implementation of the Carbon Free project to offer services to businesses that wish to have a zero-carbon footprint on the environment caused by their operation. The aim of the project is for the carbon products of the company to become offset by actions so that the cumulative carbon footprint based on the CO₂ emissions produced by the company is zero. A zero-carbon footprint can be achieved by offsetting the carbon dioxide emissions produced by the business either by the removal of carbon emissions – usually with carbon offsets, or by eliminating carbon emissions from society, i.e., moving to a post-carbon economy.

The neutral carbon footprint enables a company’s end customers to be active in protecting the environment without any changes in their purchasing behavior. By choosing a Carbon Free certified company they automatically support a carbon offset project.

XENIO Network through the Carbon Free Project attempts to simplify the process of carbon footprint. By creating and implementing technological tools, it turns the issues of zero carbon footprint for businesses into an easy and workable affair, significantly reducing the time required and the knowledge needed to implement the processes. Companies that measure their carbon footprint obtain XENIO Network’s Carbon Free certification and commit to maintaining this goal, thus gaining a competitive advantage over the competition as they hold certification for their environmentally friendly business operation.

What makes the ‘Carbon Free Project by XENIO Network’ special?

It saves time for the business because there is no need to employ human resources to manage and achieve the zero footprint, while at the same time it offers reliability and accuracy in the estimations with the use of electronic software.
The carbon footprint is comprehensive as it is a combination of estimates and operational improvements. In this way, the company gains flexibility and identifies exactly which departments or functions have the greatest impact on the environment, having the possibility to improve its operational processes.
It enables the use of existing data without the need to investigate and locate new data.
It is an affordable tool for all businesses, as the cost varies according to their size.
It serves to better understand the operation and data of the business in a simple and clear way.

Services Offered – Implementation Steps

The company delivers basic information based on its data and specifically, primary data based on a list provided by XENIO Network. This data may concern Kilowatts regarding hours of electricity, the fuel consumption of the company’s business vehicles, the airline miles for the trips of the company’s executives and other corresponding data.
XENIO Network undertakes the estimation and publication of the result of the carbon footprint of the enterprise.
XENIO Network proposes solutions as well as consulting services for the factors with the largest carbon footprint and issues the carbon offset account with proposed offset projects.
To obtain the Carbon Free certification it is necessary to implement and complete the minimum required improvements proposed in the report issued by XENIO Network.

Transparency

It is important that both businesses and consumers themselves identify carbon neutrality and carbon offset actions. This can be achieved by clearly labelling the business through Carbon Free certification. This certification is accompanied by a report of countermeasures, improvement proposals for the business and an account of the actions taken by the business so it can improve.

Ensuring effectiveness of carbon offset projects

The effectiveness of carbon offset projects is ensured by the adherence to internationally recognized standards and independent auditors. XENIO Network adheres to predefined and internationally recognized standards. Offset projects are based on international standards such as the Verified Carbon Standard (VCS), the Gold Standard and the Clean Development Mechanism (CDM). These standards set the rules and requirements that all carbon offset projects must meet so they can be recognized as a proven method of reducing carbon dioxide emissions. Furthermore, the use of standards ensures the comparability of certificates.

The team

XENIO Network is a social cooperative enterprise based in Greece. We operate both nationally and internationally. We act in the areas of tourism development, sustainable business activity, renewable energy sources, environmental sustainability through production, etc. We address to Municipalities, Regions, private companies, ecological organizations, central government bodies, participants in European programs and organisations of voluntary actions. Members of our network are young people, groups of volunteers, entrepreneurs, all with a strong will to give back to society.

XENIO Network S.C.E. has the organizational structure, means, and tools, which are necessary to cope fully, properly, and comprehensively, with the requirements of the implementation of a zero-carbon footprint for businesses. The XENIO Network S.C.E.:

Has the expertise required to provide consulting and project management services for recording carbon dioxide production data to formulate improvement proposals and issue the report for the balancing of carbon dioxide emissions.
Based on its own organizational structure, has entities specialized in the provision of consulting services and the issuance of carbon dioxide emission balancing reports with proposed compensation projects.
Has partnerships with global CO₂ emission offsetting agencies and undertakes carbon dioxide offset projects through compensation methods that may involve reforestation and preservation of green spaces, adoption of renewable energy sources, organisation of community projects and conversion of waste into energy. All these ways of compensation lead to making the CO₂ footprint zero and ultimately, to the acquisition of the Carbon Free certification.

Fulfilling a need

From 2024 all listed companies, SMEs and all companies which are part of the supply chain of the above, will be obliged to issue a sustainability report in addition to the financial data report they already issue. The sustainability report concerns the company’s footprint on the environment, society, and corporate governance. Furthermore, all European banks will require the issuance of this company report as a financing requirement. Therefore, it is necessary for businesses to prepare now for the new business model that will prevail.

Businesses that receive positive evaluations and certifications in the three aspects of environment, society and corporate governance will have a significant competitive advantage over the rest to attract investors and financing, will have the ability to increase added value to their products and services, and will have greater chances of sustainability regardless any exogenous factors such as the recent pandemic.

We invite you to a new carbon free business world.

Contact XENIO Network S.C.E. today at contact@xenionetwork.com.

Green Trace Project by XENIO Network

GREEN TRACE PROJECT IS A PROJECT BY XENIO NETWORK FOR THE INDUSTRY – MANUFACTURING AND SERVICES

GREEN TRACE PROJECT promotes sustainability as a strategic tool for innovation as well as development. Clients are guided through the project towards to their corporate mission by structuring new topics. They contain the economic chain that contributes to the realization of products by making use of resources, places, people and business cultures. The activities that we propose to the market are specific objectives for the customer, based on a method of evaluation and analysis of products in terms of processing and comparison with the competition.

MAPPING
Offers to manufacturers the sustainability analysis of their products, systems and processes in order to drive them to competitively and specifically on the market with regard to the International green rating systems, such as LEED®, BREEAM®, WELL®.

TRAINING ON SUSTAINABILITY
Provides structured training at the client’s premises on sustainable principles, of the International reference scenario and on the market potentials with specifically oriented focuses linked to the principles of sustainability.

GUIDELINES
Presents the principles of sustainability to the production sector through the analysis of products and services, according to integrated reference of international standards.

DISCIPLINARY
Codifies and enables the use of products and services by collecting sustainability values, position them in terms of significant indicators and specifically declare them.

LCA
By producing, a specific analysis in a life – cycle time, on the required product or service and productive cycle indicators, joins systems and structures referenced on Life Cycle Assessment.

ANALYSIS
Creates collaborative cycles for sustainable strategic choices, in order to develop the defined objectives to produce new propositions that add additional value.

SUSTAINABILITY REPORT
Gathers intent and focuses on goals by translating them into indicators, thereby making the constituents’ the vision of components “whole” organic and integrated in order to shape contents and provide added value.

The GREEN TRACE PROJECT supports clients from technical analysis to marketing communication:

To develop a concrete sustainability action, coherent with its mission, policies and strategies.
To use an international benchmark on sustainability
to structure reputable and performance characteristics of the production cycle in product evidence
to enhance the processing of resources and promote the transition towards a circular economy
to develop new potentials
to promote awareness on the principles of sustainability and transparency

ESG