Positive Luxury Unveils ESG+ 2.0

by | Sep 30, 2023 | BUSINESS, SUSTAINABILITY | 0 comments

Advertisements

Similar to a B Corp standard for high-end products, Positive Luxury launched ESG+ 2.0 on Wednesday.

According to Positive Luxury’s CEO, Amy Nelson-Bennett, the ESG+ 2.0 Progress Assessment Platform is a “game-changer.”

Advertisements

“We’re really excited about the new resources and services we’ll be offering to the luxury market around the world to help bring about significant change,” the spokesperson said. With the help of game-changing technology, strict international standards, upcoming laws like CSRD, and best practise concepts like double materiality, we can now provide each client with a 100% customised sustainability service that maximises their time and resources while focusing on the important issues that each business faces. And whether a firm wants to start small or has aspirations of transforming itself and earning Butterfly Mark accreditation, we can now better provide programmes to fit every size of luxury business and every budget.

Every customer begins with a baseline evaluation, according to the business, before priorities are established. Nelson-Bennett said, “Our in-house experts then work closely with each client to fast-track performance improvement by leveraging the 2.0 suite of diagnostics.” “A client’s assessment is updated until the ‘final assessment,’ when it meets or surpasses our minimal criteria of 50 percent across the three main environment, social, and governance pillars after a double-verification process of responses and evidence. Clients begin with an average baseline score of 28, and six to twelve months later, when they take the final exam, their scores have increased to an average of 67 across E, S, and G, demonstrating the depth and scope of the good effects that our Real Changemakers are bringing about.

Advertisements

Achieved in real time and customised for each business. Still, a simple pulse check may be warranted based on the size of the organisation. A bigger, more established firm may go into bonus zones and provide more than 500 data points backed by proof, according to Nelson-Bennett, whereas smaller enterprises just starting out on their sustainable path would have 250 data points.

The 2.0 framework adheres to the ISO’s standardised methodology and takes into account the 2030 United Nations Sustainable Development Goals, the reporting principles of the GRI (Global Reporting Initiative), SASB (Sustainability Accounting Standards Board), and TCFD (Task Force on Climate-Related Financial Disclosures).

Advertisements

Plus, the most recent version has regulatory alignment. Nelson-Bennett stated, “2.0 integrates upcoming sustainability legislations such as CSRD in the EU, the UK Green Claims Code, the Uyghur Forced Labour Prevention Act from the U.S. and France’s Anti-waste Law for a Circular Economy to help our clients prepare for the dramatic increase in sustainability-related regulations.” In addition to being regarded as best practice for some time, double materiality—the foundation upon which our 2.0 assessment determines the inward- and outward-facing material risks and impacts for each of the sectors we support—has recently been made mandatory by the EU’s Corporate Sustainability Reporting Initiative.

Since 2011, Positive Luxury has participated in the game. The ESG+ Butterfly Methodology is now being used by 185 community members in six industries, including jewellery, cosmetics, and fashion. On Wednesday, all new customers will use the new 2.0 Progress Assessment Platform, and between October and November, all existing clients will be transferred to the new platform.

Advertisements
Advertisements
The Tuck in French

The Tuck in French

Have you ever wondered what the heck the tuck in French is, and heard the term used? Also me! Until I at last finished watching Queer Eye on Netflix! France has been renowned for its sophisticated elegance and beautiful fashion for many years. When it comes to...

Related Articles

Related