The UN Climate Change Conference COP26 taking place in Glasgow gathers governments, industries, and NGOs to translate environmental objectives into concrete actions. But how can we coordinate and evaluate the efforts of key players when they come in all shapes and sizes? The goal of ESG reporting is precisely to set a framework to measure and compare environmental, social, and governance performances. Each organization can implement its impact measurement system to set sustainability targets and track its progress using reliable data. This year, VerifiK8 designed its impact reporting system and is glad to introduce it in this article.
An impact measurement system evaluates an organization’s effect on its ecosystem, including employees, clients, the environment, and the community. It typically covers the three main ESG areas, environmental, social, and governance, though it should be tailored to each organization. For instance, a reforestation NGO would measure its environmental impact by tracking key metrics such as the number of trees planted and the area of land restored.
In contrast, a car manufacturer would focus on evaluating the greenhouse gas emissions within its supply chain, alongside the mitigation efforts it has implemented, such as energy savings and improved vehicle emissions.
Given that the definition of “impact” varies across different sectors, international frameworks like the SDGs, B Corp, and IRIS+ have been developed to standardize the evaluation process, ensuring consistency and comparability across industries. Ultimately, any impact measurement system aims to:
Sustainability has been at the heart of our mission since the very beginning of VerifiK8. The choice of designing an ESG measurement system comes from the ambition to bring our social and environmental impact to the next level: by quantifying and measuring it, we can monitor our progress, undertake targeted actions, and communicate our results efficiently with internal and external stakeholders. VerifiK8 reporting system articulates our ESG impact around 7 goals (see Figure 2 below).
Governance Excellence
VerifiK8 is proud to be a women-led company with a multicultural team, comprising over 70% female employees and representing three nationalities. Our commitment to diversity is reflected in the quality management system we have in place, along with our dedication to transparency in the food supply chain and robust data collection processes. These efforts make VerifiK8 a trusted model in reliability and ethics.
Proven Social Impact
Over the years, VerifiK8 has successfully tackled key social challenges at the farm level. Our strong data system provides a 360-degree view of social risks, including child labor, fair remuneration, and discrimination. While the COVID-19 crisis hindered field trips and prevented us from engaging with farmers outside Thailand in 2020/2021, we still managed to expand our impact. The number of social field trips increased from one in 2018 to four in 2020 and seven in 2021, despite the challenges posed by the pandemic.
Environmental Progress
Initially focused on farm-level working conditions, VerifiK8 has expanded its focus to include environmental issues. The Impact Project was our first initiative to address environmental factors, followed by the Climate Change Project in 2021. These efforts mark a significant step in our sustainability commitment. We’ve also developed internal tools to measure GHG emissions within food supply chains and have been forming partnerships to promote environmentally-friendly practices in the sugarcane industry.
VerifiK8’s impact measurement system reflects our deep commitment to sustainability. It also demonstrates our intention to maximize our impact through continuous results monitoring and alignment with international frameworks. As a social enterprise, we are proud to see how VerifiK8’s growth directly supports positive social and environmental changes.
At FairAgora Asia, we drive sustainability through innovative agricultural practices, social impact training, and environmental risk assessments. Partnering with global organizations, we empower stakeholders to embrace sustainability for a greener future.
(+66) 02 252 6980
(+66) 080 770 5964
10 Soi Sukhumvit 13, Khlong Toei Nuea, Watthana, Bangkok 10110, Thailand.
© 2024 by Fairagora Asia
