Green standards are still a matter of much debate from different perspectives. The plethora of certification systems also poses a challenge for businesses and consumers alike in choosing and adopting them. Some business leaders opt not to pursue certification systems, arguing that they do not contribute to core operations and may distract enterprises from their business goals. These businesses must then prove their environmental capabilities through their reputation and by designing their own assessment methods based on their principles. This is challenging in the green market context where information asymmetry makes stakeholders skeptical of self-established standards, as such practices can lead to conflicts of interest. Some managers choose to engage in pursuing standards but do not know where to start. STANDARDS ARE GOAL-SPECIFIC Current international standards are designed to address knowledge gaps and provide businesses with a common language and approach to fully integrate Sustainable Development Goals (SDGs) into their business and investment decision-making processes, aligning with existing principles and leveraging available tools and frameworks. These standards are organized around four interconnected themes—strategy, management approach, transparency, and governance—each playing a crucial role in fully integrating sustainability and contributing positively to the SDGs within organizational systems and decision-making processes. STRATEGY Integrating […]
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