In our current social climate, it is not uncommon to be bombarded with sustainability buzz words like ‘climate positive’, ‘greenwashing’ and ‘net zero.’ But, what does it all mean?
What is ESG?
ESG represents a more rounded approach to sustainability. It gives equal importance to Environment, Social and Governance in response to the idea of ‘responsible investments’. These more ethical investment choices leave behind the idea of simply making money fast, in favour of choosing investments based on the environmental performance of a company. The criteria for ESG are based on how well a company treats the environment, how positive their relationships with stakeholders are, and how the company conducts itself internally. Meeting the ESG criteria shows competitors and clients, that the company has a strong foundation of ethical production and sustainability. However, we can also see a rise in evidence showing financial and functional benefits within high-scoring ESG companies. From being more attractive to investors and an improved performance, to increased adaptability and a more positive brand image, it seems more and more like ESG is the future of business management.
“ESG strategies are changing. We’re seeing the convergence of three critical themes – Sustainability, Diversity, Equity & Inclusion, and Accessibility – to represent a brand’s holistic values. These values are both reflected to the wider world through events, and integrated into how these events are produced. Regardless, our industry has an increasingly important part to play in telling the sustainability stories of business.“ – Emma Hinsley, Lime Venue Portfolio
What about events?
After a tumultuous five years in the event industry where virtual events had an exceptional surge in popularity during the pandemic and demands for in-person events became unpredictable in the aftermath, it is more essential than ever to have a business strategy that is not only adaptable but also durable. For both success within the company, and for maintaining our communities and environments.
At The Eastside Rooms, ESG isn’t just a trend; it’s our commitment. We believe in creating memorable events sustainably. Every meeting is an opportunity to embrace environmental, social, and governance values. Our venue strives to be a catalyst for positive change, fostering responsible practices in the vibrant heart of Birmingham. – The Eastside Rooms
Adapting to ESG in the industry
In our industry, a few specific adaptations to consider would be waste management and material sourcing, transport, and energy conservation. It is essential that the steps taken benefit both the attendees and the wider community. Adhering to ESG criteria demonstrates the company’s commitment to being both, sustainable, and responsible. This places them in a favourable position for the growing audience who seek ‘environmentally friendly’ products and services whilst remaining dedicated to their ethical and moral responsibilities.
“We all have a part to play when it comes to creating a more sustainable future and we’re working hard to do our bit. Increasingly hotel brands need to demonstrate they are minimising their environmental impact, while maximising social contributions they make – at Village that’s at the heart of what we do through our Village Green initiative” -Kelli Turner, Director of ESG at Village Hotels
It’s a joint effort, we must work together
The team at veSpace are committed to working sustainably, achieving the ESG goals of our clients and promoting green venues. On track to be Carbon Net Zero in 2030, our Sustainability Committee at veSpace continues to develop and update our Green Policy. We continue to be sustainable at all levels of the workforce, weaving it into what we do.
Sustainability is part of our fabric at Silverstone Circuit – always aiming to reduce our impact on the environment. Our solar panels generate 13% of our venue’s energy, we donate surplus food to local charities, choose renewable energy sources, EV chargers and biofuel generators, and have recently been awarded the ISO 14001 Environmental Certification and the Greengage Platinum Accreditation. We might be an unexpected venue for sustainability, but we’re committed to our Shift to Zero Strategy and hope to inspire wider green initiatives within the MICE industry for the greater good of the planet. – Silverstone Circuit
All companies have the capability to meet the ESG criteria, so the events space cannot be left behind! Check out our sustainability tab for more information, advice, and updates on sustainability in the events industry.
