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19th September 2023
CRIF launches new ESG solution to enable UK businesses to analyse sustainability of entire supply chain
UK businesses, lenders and insurers will be able to assess the sustainability of their entire supply chain with greater confidence through the launch a new environmental, social, and governance (ESG) solution.
Synesgy from CRIF, Europe’s leading provider of digital transformation solutions for the financial services industry, will allow business to easily audit suppliers, enabling them to collect and view ESG reports, and view the sustainability ratings of the other businesses that they work with.
Understanding the environmental impacts of entire supply chains has become more critical, as more focus is put on scope 3 emissions(a company’s indirect emissions across its value chain), and research showing investments held by the UK’s biggest banks and investors emit 805 million tonnes of carbon per year, almost double the UK’s domestic emissions.
While financial services firms have been expanding and accelerating their sustainable finance efforts, investors, analysts, regulators and the media are now looking for more detailed and reliable ESG data and disclosures. Coupled with growing public demand, businesses are now expected to provide more detailed and comprehensive ESG disclosures.
To support this, CRIF developed Synesgy to collect and process relevant data for customers in banking and finance, insurance and enterprise. With Synesgy, companies can:
-Evaluate how sustainable their supply chain is and benchmark it against sector performance.
-Utilise the service to inform decision-making in the procurement process.
-Prevent operational and reputational risks while identifying areas for future improvement.
-Use ESG data and results to demonstrate a healthier financial status and lower risk
-Boost transparency with ESG ratings displayed on websites, emails and other channels.
Recent research from CRIF found that UK consumers are increasingly likely to prefer companies that prioritise ESG considerations. It found that half(49%) of people in the UK would choose a bank or lender that is focused on protecting the environment, while two-thirds(66%) want their bank to be transparent with them about how it is run.
Sara Costantini, CRIF’s Regional Director for the UK & Ireland, said:
“Climate change is the defining challenge of our time and every one of us has to play our part in protecting the planet for future generations. For businesses this is no exception. As customers look to companies that are a force for good, it’s crucial that businesses understand both their own ESG performance and that of their entire supply chain.
At CRIF, our objective is to help business navigate the complex world of ESG by utilising data and insights. Through this, we’re helping more businesses to put ESG at the heart of their work, and we’re empowering them to play their part in charting a path towards a more sustainable future.”
As the European Commission officially adopts the European Sustainability Reporting Standards, any business outside the bloc will need to adhere to these standards if it wants do business within the EU. CRIF’s solution incorporates these latest standards and help ensure all UK businesses that want to conduct business within the EU are fully compliant.
Synesgy is based on rigorous references of global ESG market regulations. The reporting data obtained from the questionnaires is checked by an alert system on the platform. If inaccuracies are detected the system reports the problem for evaluation where additional information can be requested, ensuring all data is correct and reflects an accurate picture of the companies.
CRIF’s strategy around ESG is informed by and aligned with the UN’s 2030 Agenda for Sustainable Development, while drawing on its decade of experience as a credit rating agency in Europe, operating under the European Securities and Markets Authority (ESMA). CRIF is utilising this credit rating experience through decision support systems, data and insights to bring the same capability to ESG ratings.
The launch in the UK expands Synesgy’s availability around the world, where over 250,000 companies, including 350 banks and insurers, already utilise the service in more than 60 countries, as it helps to set an international standard in corporate sustainability.
CRIF Trends(5 articles)