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ESG reporting – Opportunities and challenges for SMEs

In the ever-evolving landscape of sustainability, innovative platforms are emerging to empower businesses on their eco-friendly journey. Sustainability-X, a pioneering company, is at the forefront of this movement. In this exclusive interview, we sit down with the visionary founder of Sustainability-X –My Tran – to discuss the motivation, challenges, and future of sustainable business solutions.

My Tran, managing director of Sustainability-X, has created a practice in Canada that puts care of Environment Social Governance at its heart.  During twelve recent years, My Tran, had led the Sustainability Reporting Award for Association of Chartered Certified Accountants (ACCA) with the ACCA Vietnam judging panel in Vietnam. Since then, the practice has grown, engaging more than 700 Vietnamese listed companies while building the awareness to a wide range of small medium entrepreneurs (SMEs) in the country.

Can you share the inspiration behind founding Sustainability-X? What motivated you to create a platform dedicated to sustainability?

Our journey began with a realization – the need for a comprehensive platform that simplifies sustainability for businesses.  Recently, a new BDC study finds almost every large company requires ESG reporting from their suppliers, and small businesses unable to meet ESG requirements will lose the opportunity to win big contracts. And there is a clear trend in investors increasingly prioritizing companies in their portfolios with ESG policies. I saw numerous organizations struggling to navigate the complexities of sustainable practices.

We build very clear simple system for SMES such as overall ESG guidelines, how to create a sustainability report based on the international recognized ESG frameworks. We support SMEs to start everything from scratch. From ESG strategy development to operation and human resources, we will support to build it all.

How does Sustainability-X contribute to the success of Small and Medium Enterprises (SMEs) in their sustainability journey?

SMEs often face challenges in implementing sustainability due to resource constraints. Sustainability-X addresses this by providing tailored solutions that fit the unique needs of SMEs. We streamline data management, facilitate real-time reporting, and offer tools for benchmarking against industry standards.

SMEs play a crucial role in Canada’s economy, contributing significantly to job creation and innovation. As the world shifts towards sustainable practices, it is imperative for Canadian SMEs to embrace and nurture sustainability strategies to ensure long-term success and contribute to environmental and social well-being. And the Canadian government offers various financial incentives and support programs to encourage SMEs to adopt sustainable practices. Businesses should actively explore and leverage these opportunities to offset initial costs and foster long-term sustainability.

In your opinion, what are the benefits for small businesses to get from ESG reports? 

Returning to the question of benefits from ESG report, in addition to complying with government regulatory requirements, the following aspects must also be mentioned:

  • First, this is an opportunity to help businesses understand their own business activities through systematically surveying, selecting and gathering information.
  • An accurate and ready ESG reports will increase reliability and satisfy the needs of stakeholders.
  • Having a transparent ESG report will help obtain greenhouse gas GHG certification, which is a necessary condition for eco-label registration, helping to improve the reputation of businesses, especially participating businesses. global supply chain…

And last but not least, if businesses invest effectively in reducing emissions, exchanging carbon credits on the carbon market can also be a significant source of income.

To learn more about what you can do with Sustainability-X platform and its benefits for your business, please use the ESG report tool today at  www.sustainability-x.org! 

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