What is ESG and why is it important for Northern Ireland businesses?

General | 25 April 2023

What is ESG and why is it important for Northern Ireland businesses?

Through 3T Power’s long-standing partnerships with local energy producers and corporate energy users, we understand that businesses are more conscious now than ever of their need to meet Environmental, Social and Governance (ESG) criteria. Many businesses are now using the ESG criteria as a framework for assessing corporate sustainability and social responsibility and to demonstrate their commitment to responsible practices.

What are ESG factors?

ESG factors are used to evaluate the impact of a company’s operations on the environment, its employees, and its community. As concerns about climate change and social inequality grow, ESG considerations are becoming more important for businesses looking to demonstrate their commitment to responsible practices. Examples of factors that can be ESG criteria include:

  • Energy consumption and efficiency
  • Carbon footprint, including greenhouse gas emissions
  • Waste management
  • Air and water pollution
  • Deforestation
  • Natural resource depletion

Why is it important for businesses to utilise ESG criteria?

As stated in the Northern Ireland Department for the Economy’s recently published, Northern Ireland Energy Strategy- Path to Net Zero Energy, ‘increasing the amount of locally produced renewable energy capacity is a critical step in Northern Ireland’s pathway to net zero and is a key part of reducing our dependence on fossil fuels and exposure to volatile global energy prices.’

At 3T Power, our energy is sourced 100% locally. We have brought together independent windfarms and emerging renewable technologies across Northern Ireland to create a growing network of generators who produce clean, green electricity to power our renewable future. Energy consumption and efficiency is a key ESG factor, and by partnering with 3T to power your business you will know exactly what renewable energy source your company is being powered by and where in Northern Ireland the power is being generated. Not only is our power green, by buying power generated off of local owners your company is supporting the local economy.

ESG is now regarded as integral to business, influencing an organisation’s overall strategy and in some cases determining its prospects for success. It has been demonstrated that businesses performing well in terms of ESG experience higher levels of financial growth, increased employee productivity and retention, reduced vulnerability to regulatory fines and sanctions and decreased operational costs, and are more appealing to growingly discerning customers. With many businesses using ESG criteria as a framework for their company practices, using the renewable energy 3T Power provides will show a business’ commitment to sustainable practices and remain compliant with new sustainability rules and regulations.

Contact us to learn more about how 3T Power is partnering with Northern Ireland businesses to help them fulfil their ESG criterion through locally generated sustainable energy.

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