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26th October, 2022 by Miles Barnes
With the UK government setting a net zero target by 2050 for the reduction of greenhouse gases, imposed environmental reporting requirements on large corporations, and the European Commission’s proposed directive on corporate sustainability due diligence, companies are coming under increasing pressure to start addressing environmental, social and governance (ESG) issues.
Incorporating ESG considerations into your business' contracts can have many benefits including regulatory compliance, improving customer relationships with others who have environmental targets they intend to achieve and the wider reputational benefits that come with being seen as a socially conscious business.
ESG can be a daunting area for those trying to tackle it for the first time, so we’ve set out below some easy ways to start incorporating ESG consideration into your commercial contracts:
These suggestions just provide a taster of some of the options available to start applying ESG considerations into your commercial contracts. They can all be incorporated into most standard commercial contract processes with little controversy.
Whilst there is an increased appetite for ESG investments and this is being matched with public policy and regulatory developments, it will take time to see these changes regularly reflected in day to day trading contracts. However, as the above examples show it’s not as complicated as you might think to start applying ESG standards to your contracts and it is well-worth doing for a host of legal, business and social reasons.
If you’d like to know more about ESG issues and how to better incorporate them into your business and commercial contracts, Howes Percival’s Commercial team are running a webinar talking through some of the current ESG trends and issues on 15th November 2022 - find out more and register here.
The information on this site about legal matters is provided as a general guide only. Although we try to ensure that all of the information on this site is accurate and up to date, this cannot be guaranteed. The information on this site should not be relied upon or construed as constituting legal advice and Howes Percival LLP disclaims liability in relation to its use. You should seek appropriate legal advice before taking or refraining from taking any action.
To contact us, please fill out this form and we will get back in touch as soon as possible. Your personal data will be processed in accordance with our privacy policy which can be found here.