Navigating the Challenges of Environmental, Social, and Governance (ESG) Reporting: The Path to Broader Sustainable Development

Shauhrat S. Chopra (), Sachini Supunsala Senadheera, Pavani Dulanja Dissanayake, Piumi Amasha Withana, Rajeev Chib, Jay Hyuk Rhee and Yong Sik Ok ()
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Shauhrat S. Chopra: School of Energy and Environment, City University of Hong Kong, Hong Kong
Sachini Supunsala Senadheera: Korea Biochar Research Center, APRU Sustainable Waste Management Program and Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea
Pavani Dulanja Dissanayake: Korea Biochar Research Center, APRU Sustainable Waste Management Program and Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea
Piumi Amasha Withana: Korea Biochar Research Center, APRU Sustainable Waste Management Program and Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea
Rajeev Chib: Citigroup Global Markets Asia Limited, 3 Garden Road, Champion Tower, Central, Hong Kong
Jay Hyuk Rhee: International ESG Association (IESGA), Seoul 06621, Republic of Korea
Yong Sik Ok: Korea Biochar Research Center, APRU Sustainable Waste Management Program and Division of Environmental Science and Ecological Engineering, Korea University, Seoul 02841, Republic of Korea

Sustainability, 2024, vol. 16, issue 2, 1-14

Abstract: The ascent of environmental, social, and governance (ESG) reporting has established itself as a global standard in financial markets, reflecting a paradigm shift toward corporate sustainability. Despite this, persistent concerns surround the quality of ESG reporting and its tangible impact on Sustainable Development (SD). To address the imperative transition toward a broader SD agenda within the ESG reporting framework, this study delves into contemporary issues and challenges associated with ESG reporting. It emphasizes the scarcity of interdisciplinary expertise across diversified fields, which is a crucial element for establishing robust reporting mechanisms capable of encompassing the multifaceted nature of sustainability. To address this, ESG reporting should extend beyond its company-centric focus, adapting traditional accounting systems to more effectively incorporate evolving ESG disclosure demands. This adjustment will facilitate a transparent portrayal of environmental and social impacts. The Social and Environmental Accounting (SEA) framework presents a structured approach to facilitate this transformation. This study underscores key SEA aspects that will shape future research, including enhancing data accuracy, standardizing sustainability metrics, evaluating the influence of ESG reporting on stakeholders, and refining disclosure formats.

Keywords: social and environmental accounting; ESG; sustainability accounting; sustainability reporting; sustainable development; interdisciplinary (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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