Redefining ESG:What innovations will realize inclusive global sustainable development?

The discussion revolves around the challenges and opportunities of implementing ESG (Environmental, Social, and Governance) standards in companies, particularly in emerging markets. Panelists emphasize the lack of universally accepted ESG standards and the need for inclusive, adaptable, and comprehensive frameworks that consider local realities. They highlight the importance of educating companies, challenging rating agencies, and developing a more nuanced scoring system that accounts for a company's efforts to evolve and make a positive impact. The conversation also addresses the need for evolving ESG standards to accommodate companies striving to transition to more sustainable practices without being penalized for their current state. Additionally, the panelists stress the importance of forging consensus on material factors for reporting and the necessity of understanding and addressing cultural and structural differences in governance and company practices.