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ESG keywords to ponder during a short lunch break.
The European Sustainability Reporting Standards (ESRS) are the reporting standards that companies subject to the Corporate Sustainability Reporting Directive (CSRD) must comply with when disclosing ESG information. The European Financial Reporting Advisory Group (EFRAG) officially adopted ESRS as the sustainability reporting standard in July 2023, in order to implement the CSRD.ESRS comprises 12 standards spanning three areas: Environmental (E), Social (S), and Governance (G). These are divided into two cross-cutting standards (General Requirements and General Disclosures) and ten topic-specific standards (five environmental, four social, and one governance). The environmental standards cover Climate Change (E1), Pollution (E2), Water and Marine Resources (E3), Biodiversity and Ecosystems (E4), and Resource Use and Circular Economy (E5). The social standards cover Own Workforce (S1), Workers in the Value Chain (S2), Affected Communities (S3), and Consumers and End-users (S4). The governance standard (G1) covers Business Conduct.[ESRS — European Sustainability Reporting Standards ⓒESG.ONL]The scope of ESRS application is being expanded in phases. Among EU-based companies, ESRS first applied to large listed companies with more than 500 employees from 2024, and was extended to companies with more than 250 employees or annual turnover exceeding EUR 40 million from 2025. Listed SMEs had been scheduled for mandatory ESRS application from 2026, but were excluded from mandatory scope under the revised CSRD and transitioned to voluntary reporting. From 2029, subsidiaries or branches of non-EU companies recording net turnover of EUR 150 million or more within the EU will also be brought within the scope of ESRS application.The core principle of ESRS is the double materiality assessment. Topics assessed as non-material through the double materiality assessment may be omitted from disclosure — however, certain items under ESRS 2 and Climate Change (E1) are subject to mandatory disclosure. EU companies are building internal data management systems to comply with their ESRS disclosure obligations, and this is creating a ripple effect that is spreading ESG disclosure pressure across global supply chains.[Reference Article] Net Zero[Reference Article] Why Is Europe So Serious About ESG?
03/10/2025
The Inflation Reduction Act (IRA) is a piece of legislation enacted by the Biden administration in the United States with the stated aim of reducing inflation. Its provisions cover a range of areas including energy security and climate action, expanded healthcare subsidies, and drought relief support. The law takes its name from the expectation that measures such as drug pricing reforms and corporate tax increases — tools the U.S. had already been pursuing to ease inflation — would generate additional government revenue and thereby contribute to bringing inflation down.At its core, the IRA reflects the United States' commitment to energy independence through expanded investment in renewable energy. The law is designed to promote domestic production of clean energy technologies including electric vehicles, batteries, and solar energy. In practice, it has enabled the deployment of significant funding in the form of tax credits for domestic clean vehicle manufacturing and production, as well as grants for facility investment.[ⓒESG.ONL][ⓒESG.ONL]The IRA has not been without controversy. The legislation drew criticism from Asian countries including South Korea and Japan, as well as European nations, who argued that it created unfair trade conditions. China, in particular, objected to the exclusion of Chinese-made electric vehicles, minerals, and secondary battery products from tax credit and subsidy benefits — characterizing it as an unfair trade practice — and filed a complaint against the United States with the World Trade Organization (WTO). The European Union also mounted a forceful response, announcing its Critical Raw Materials Act (CRMA) at the World Economic Forum in Davos as a direct counterpart to the U.S. IRA.The U.S. Democratic Party has defended the IRA as an essential piece of legislation — arguing that it is indispensable for reducing carbon emissions and protecting the planet for future generations, and projecting that it will have a significant impact on climate action going forward.The Republican Party, by contrast, has taken a sharply critical stance, contending that the law fails to address the very inflation it purports to reduce. Republicans have argued that it scaled back investment in areas such as public education and childcare subsidies, characterizing it as a climate policy dressed up as an economic one rather than a genuine response to Americans' economic concerns. Donald Trump, following his return to the presidency in 2025, has called for the repeal of the IRA. As a result, the law now stands at a crossroads — with either full repeal or significant amendment widely anticipated. by Editor O
03/07/2025
DEI stands for Diversity, Equity, and Inclusion — a set of policies and principles aimed at fostering these three interconnected values within organizations. The concept traces its origins to the Civil Rights Act, born out of the American civil rights movement of the 1960s. Initially a framework primarily invoked in discussions of workplace discrimination, DEI has since evolved into a broader toolkit employed by universities, corporations, and government institutions to build safe, inclusive cultures and drive meaningful change.Diversity encompasses a wide range of characteristics, including physical ability, religion, age, nationality, marital status, gender identity, socioeconomic status, military service, educational background, and political affiliation. When an organization cultivates diversity and creates an environment free from discrimination and bias based on any of these characteristics, it lays the foundation for a genuinely diverse and healthy organizational culture.[DEI — Diversity, Equity, and Inclusion ⓒESG.ONL]Equity measures whether employees — regardless of their circumstances — are given equal opportunity to demonstrate their abilities across personnel-related matters such as performance management, promotion structures, and organizational restructuring. It is a benchmark for ensuring that all individuals have fair access to the conditions they need to succeed.Inclusion builds on diversity and equity to create an environment in which every member of an organization can bring their distinct strengths to bear, have their contributions recognized, and perform at a high level with the active support of the organization. A culture of genuine respect and consideration — one in which every individual feels a true sense of belonging — is essential to building an inclusive environment.The value of DEI extends well beyond simply helping organizations foster a positive internal culture. Organizations that embed DEI into their operations see higher employee satisfaction, which in turn drives greater efficiency and profitability. DEI also helps attract and retain top talent over the long term. Furthermore, when DEI principles are reflected in an organization's mission, policies, and strategic programs, the positive impact of the organization can be amplified across society as a whole.[Reference Article] [ESG Outlook After Trump 2.0] ESG Is a Green Scam?
03/05/2025
The Paris Agreement is a new international climate framework adopted at the 21st Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change.From the late 1980s onward, a global recognition began to form that a coordinated international response to environmental challenges — including climate change — was essential. In 1992, world leaders gathered at the UN Earth Summit in Rio de Janeiro and signed the United Nations Framework Convention on Climate Change (UNFCCC), with the shared objective of "stabilizing greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous human interference with the climate system." The first concrete agreement on how to achieve this objective came with the Kyoto Protocol, adopted at the 3rd Conference of the Parties in 1997. The Kyoto Protocol specified the types of greenhouse gases to be reduced, identified the countries with binding obligations, and set country-specific reduction targets. While it represented a meaningful step toward a global emissions reduction framework, the Protocol was ultimately limited by the refusal of certain listed countries to participate, and was set to expire in 2020.[The Paris Agreement ⓒESG.ONL]The need for a new framework led to a landmark moment: on December 12, 2015 — the final day of COP21 in Paris — a new international climate agreement was reached. This agreement is known as the Paris Agreement. What distinguishes it from earlier climate frameworks and agreements is the inclusion of a precise long-term management target: to limit the rise in global average temperatures to well below 2°C above pre-industrial levels, with efforts to limit the increase to 1.5°C. The Paris Agreement also marks a departure from the top-down, developed-country-centric approach of its predecessors, adopting instead a bottom-up framework that combines binding commitments with voluntary national contributions. All participating parties are required to establish, submit, and transparently report their Nationally Determined Contributions (NDCs) — making the agreement binding in terms of process and transparency. While no punitive measures are prescribed, the public availability of this information creates a system of peer pressure among signatory nations. NDC targets registered by each country are also reviewed on a five-year cycle. However, the specific means of implementation within each country are not subject to binding requirements, allowing for realistic participation and contribution in accordance with national circumstances.The Paris Agreement has no set expiration date, reflecting the need for sustained long-term action on climate change. South Korea ratified the agreement following National Assembly approval during the regular legislative session, and formally proclaimed its accession on December 3, 2016 — remaining a participating party to this day. by Editor O
04/17/2024
A "Materiality Test" refers to an assessment conducted to identify and select the key issues that a company faces. In the context of ESG management in particular, the term "Double Materiality Test" is more commonly used. The term, which was primarily employed in the accounting field, has expanded into the ESG domain: single materiality focuses on financial information, while double materiality adds an assessment of the impact that a company's business activities have on the economy, the environment, and society as a whole. In the ESG space, therefore, companies primarily use the double materiality assessment to analyze their ESG-related issues. The reason interest in the double materiality assessment has grown is that the mandatory disclosure of ESG-related information is progressing. Major institutions and guidelines such as the GRI (Global Reporting Initiative) are seeking to make double materiality assessment a required element of publicly disclosed information. The majority of companies publishing sustainability reports can be seen as already conducting materiality assessments, and in line with GRI recommendations, an increasing number of companies have been publishing their key issues and checklists based on double materiality assessments since 2023.by Editor O
03/06/2024
"Overshoot" is a term primarily used in the fields of electrical engineering and industrial safety. Because it refers to a controlled quantity exceeding its intended set point, the word "overshoot" is often used to describe situations in which a threshold thought to be a limit has been breached. In demography, for example, it refers to a situation in which the population exceeds what the environment can sustain. The same applies in the environmental context: when temperatures rise beyond the 1.5°C limit established by the Paris Climate Agreement, it is referred to as overshoot. The U.S.-based environmental nonprofit Global Footprint Network (GFN) has been announcing "Earth Overshoot Day" since the early 1980s. Earth Overshoot Day—the day when humanity's demand for ecological resources exceeds what the Earth can regenerate in that year—marks the date from which humanity is effectively using up the ecological resources of the future ahead of schedule. Since it is calculated based on humanity's demand for that year, Earth Overshoot Day changes every year. Therefore, whether the date moves forward or backward serves as an indicator of the severity of the crisis. Because the rate of ecological resource depletion and change varies by country, the Global Footprint Network also publishes country-specific overshoot days. In 2023, Earth Overshoot Day fell on August 2, while South Korea's overshoot day was April 2. South Korea's overshoot day ranks eighth among the countries assessed—on the earlier side—and the trend of it moving progressively earlier is a cause for concern. The relatively early date of South Korea's overshoot day is attributed to the country's relatively limited biological resources and its industry being weighted toward energy-intensive sectors.by Editor O[Reference Article] [Global Trends] We Have Already Surpassed 1.5°C: What We Must Do Now
02/28/2024
1.5°C refers to the upper limit for climate change—more precisely, for atmospheric temperature change—set by the international community. At the 2015 Paris Climate Agreement, roughly 200 participating nations resolved to strive to prevent the global temperature from rising more than 1.5°C above the average temperature of the mid-to-late 19th century industrialization period, when fossil fuel use exploded. A global consensus was reached to try to prevent temperature changes driven by global warming. Since then, 1.5°C has become established as a symbolic figure for responding to climate change—or the climate crisis.Before the Paris Agreement, 2°C had also been set as a target range. The Copenhagen Accord, a result of the 15th Conference of the Parties (COP15) in 2009, included 2°C as a goal. The Paris Agreement supplemented the scientific evidence regarding the irreversibility of the impacts that a temperature rise beyond 2°C would bring, and thereby set the more ambitious target of 1.5°C. Parties to the Paris Agreement were required to voluntarily submit their greenhouse gas reduction targets to the secretariat of the UN Framework Convention on Climate Change (UNFCCC). South Korea also finalized a target of reducing its greenhouse gas emissions by 24.4% by 2030 compared to 2017 levels.The Climate Change Convention does not carry legally binding force. Nonetheless, the Paris Agreement requires parties to submit biennial transparency reports containing their current greenhouse gas emission status and the progress of their reduction targets, and uses the disclosed information to encourage implementation through mutual encouragement and peer pressure among the parties.by Editor O[Reference Article] [Global Trends] We Have Already Surpassed 1.5°C: What We Must Do Now[#Climate Tech Brands & ESG] Climate Action Starts at Home: 1KOMMA5°
02/21/2024
Frequently encountered in ESG-related news, SDGs (Sustainable Development Goals) refer to the Sustainable Development Goals. Adopted by the United Nations in 2015, the SDGs aim to end poverty worldwide, protect the planet, and ensure that all people enjoy peace and prosperity, and are to be achieved by the international community by 2030. The term "Sustainable Development" (SD) here means pursuing development in the present while safeguarding the future. It was first presented in the 1987 report of the World Commission on Environment and Development (WCED) as "development that meets the needs of the present without compromising the ability of future generations to meet their own needs." This concept arose as the limits of global resource supply and demand came to the fore, and people began to develop a critical awareness of lifestyles and development paths that destroy the environment and disregard human rights. In South Korea, the concept of sustainable development—encompassing "social development," "economic growth," and "environmental preservation"—was codified with the enactment of the "Framework Act on Sustainable Development" in 2008, which defined it as "development that achieves a balance among economic growth, social stability and integration, and environmental preservation, based on the concept of sustainability, which means achieving harmony and balance without wasting or degrading economic, social, and environmental resources that future generations will need in order to meet the needs of the present generation."The Sustainable Development Goals are composed of a total of 17 goals. The goals are divided along the three axes that make up the concept of sustainable development: Goals 1 through 6 address social development, Goals 8 through 11 address economic growth, and Goal 7 and Goals 12 through 15 address environmental preservation. Goals 16 and 17 set out the preconditions necessary for achieving the preceding Goals 1 through 15. Because the scope of each goal is broad, each goal includes specific targets, of which there are 169 in total.Sustainable Development Goals (SDGs)Goal 1. No PovertyGoal 2. Zero HungerGoal 3. Good Health and Well-BeingGoal 4. Quality EducationGoal 5. Gender EqualityGoal 6. Clean Water and SanitationGoal 7. Affordable and Clean EnergyGoal 8. Decent Work and Economic GrowthGoal 9. Industry, Innovation and InfrastructureGoal 10. Reduced InequalitiesGoal 11. Sustainable Cities and CommunitiesGoal 12. Responsible Consumption and ProductionGoal 13. Climate ActionGoal 14. Life Below WaterGoal 15. Life on LandGoal 16. Peace, Justice and Strong InstitutionsGoal 17. Partnerships for the Goalsby Editor O
02/15/2024