ISO IWA 48:2024 - An ESG Framework to Kick-start your ESG journey
1. What is ISO IWA 48:2024?
ISO IWA 48:2024 is a comprehensive framework designed to guide organizations in effectively implementing Environmental, Social, and Governance (ESG) principles. Developed collaboratively by the International Organization for Standardization (ISO), the British Standards Institution (BSI), and other global bodies, it provides clear principles and a solid structure to build ESG into an organization’s culture and daily work. The framework aims to make ESG practices and reporting more consistent, comparable, and reliable.
2.Alignment with Global Standards
The framework integrates seamlessly with existing ESG frameworks like the Global Reporting Initiative (GRI), Task Force on Climate-related Financial Disclosures (TCFD), and the UN Sustainable Development Goals (SDGs). It is not just a reporting standard but a toolkit for organizations to move ESG principles into action, working well alongside existing regulatory and voluntary ESG frameworks. This standard is suitable for organizations of all sizes and sectors, including SMEs and those in developing regions.
3.Why Should Companies Adopt ISO IWA 48:2024?
Companies should see ISO IWA 48:2024 as an investment in changing how they think about business, not just a way to meet requirements.
ISO IWA 48:2024 encourages organizations to embed ESG principles into core processes while building an ESG-oriented culture at every level.
It emphasizes the development of measurable Key Performance Indicators (KPIs), for example:
- Renewable energy use
- Water use and
- Energy Efficiency
- Workforce Diversity, and
- Supplier sustainability
These KPIs align operational goals with sustainability priorities, fostering a culture of accountability and resilience across the organization.
4. What Makes It Unique?
ISO IWA 48:2024 stands out by bringing together existing ISO standards into one ESG framework. For organizations already aligned with standards like ISO 14001 (Environmental Management) or ISO 9001 (Quality Management), this framework provides a seamless pathway to integrate ESG principles into their operations.
What makes ISO IWA 48:2024 special is its flexible and practical approach. It helps organizations address ESG concerns while making sustainability a part of their everyday activities. Instead of seeing ESG as just a box to check, the framework sees it as a transformative strategy for long-term impact and strength.
For example: the framework has its clear distinction between first-priority and second-priority KPIs, making it accessible to organizations at different maturity levels:
- First-Priority KPIs: These are practical, universally applicable metrics that help organizations start with achievable goals and deliver immediate results. For example: Percentage of energy consumption from on-site renewables.
- Second-Priority KPIs: Aspirational metrics designed for organizations aiming to enhance their ESG practices and drive long-term value creation. For example: Percentage of suppliers adopting science-based GHG targets.
5. Detailed View of the Framework
The framework focuses on:
- Materiality: Identifying and prioritizing significant ESG impacts.
- KPI Framework: Providing standardized metrics for consistent ESG performance evaluation.
- Risk and Opportunity Management: Encouraging proactive identification and management of ESG-related risks.
- Flexibility: Providing adaptable guidelines for organizations across geographies and economic contexts.
- Continuous Improvement: Promoting an iterative approach to refining ESG practices, ensuring sustained growth and relevance over time.
6. Assurance and Compliance
ISO IWA 48:2024 helps organizations in meeting regulatory and voluntary ESG requirements by embedding assurance mechanisms. ISO emphasizes conformity checks on data to ensure claims are evidence-based and credible, enhancing reliability. By validating both quantitative and qualitative ESG claims, the framework builds transparency, mitigates greenwashing risks, and fosters stakeholder trust.
Conclusion
ISO IWA 48:2024 transforms ESG from a compliance task to a strategic advantage. By adopting this framework, organizations can align with global ESG trends, enhance transparency, and foster a culture of sustainability. With its structured and scalable approach, ISO IWA 48:2024 offers a clear pathway to integrate ESG principles into business practices effectively, making sustainability a core part of an organization’s strategy and operations.
For any company seeking a flexible, impactful, and globally aligned ESG solution, ISO IWA 48:2024 is more than a framework—it’s a foundation for meaningful and enduring transformation.
Bevolve can help define an approach that incorporates the ISO IWA guidelines with your country-specific disclosure and compliance requirements. If you would like to know more, connect with us on: catalyst@bevolve.ai
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