One of the best ways companies have found to set sustainability and energy management goals, and to understand their ESG impact and opportunities, is to talk to stakeholders. From customers and employees to shareholders, suppliers and NGOs, stakeholders have opinions, ideas and expertise to share on how to manage a company’s environmental impact. An effective process to engage with stakeholders on the topic, many experts agree, is to conduct a materiality assessment.
“Our ongoing interactions may be formal or informal…,” says Ron Jarvis, chief sustainability officer for Home Depot, in the company’s 2021 ESG report. “These interactions help validate our own materiality assessment; they also help us gauge the impact of our business, refine ESG priorities, measure our progress, and design ways to improve.”
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