Public Funding for Esg Bay Ltd

ESG stands for Environment, Social and Governance. The demand of screening companies' ESG performance is ever increasing, driven by the investors, who demand transparency of how their investment is being spent, the regulators, customers, employees and business partners perceiving ethical duties of the companies of more and more importance. While the concept of sustainability reporting, Social Corporate Responsibility and ESG is not new, the accelerating scale of its uptake is - especially by the large companies and corporations. According to KPMG nearly all of the world's top 250 companies (G250) report on sustainability. In 2022, the rate of reporting among the G250 remains at 96 percent, the same as 2020\. Small and Medium size businesses are reluctant to start reporting and it can take a long time to produce ESG reports, mainly due to lack of resources and knowledge what information should be included and would be required. According to www.gov.uk SMEs (small and medium-sized enterprises) account for 99.9% of the business population. At the start of 2022 there were estimated to be 5.5 million UK private sector businesses. 90% of them said they face barriers to taking climate action. We would like to focus on onboarding the companies which are yet to produce their first report, held back by limited access to resources and lack of expertise. We would like to focus on educating small businesses on ESG and Sustainability reporting, indicating to them that there is already information available to them, which can be translated into an ESG report easily. The project is centred around the idea of raising popularity and awareness of sustainability reporting and ESG compliance, with the objective of simplifying the process and introducing it to larger scope of companies. We would like to invite larger corporations to start screening their suppliers' chain and their sustainability and ESG practices by encouraging their partners to take their first initial assessment. Our tool would help the companies to identify their legal obligations and raise awareness of existing and forthcoming ESG legal regulations, voluntary schemes and reporting frameworks available amongst their suppliers, convincing them to adapt regular reporting as a good business practice.