Worldfavor introduces Worldfavor Transparency. The solution enables organizations to present and view Environmental, Social & Corporate Governance (ESG) information. Worldfavor says it has a “LinkedIn for sustainability data” on its hands.
Worldfavor Transparency joins Worldfavor’s existing Sustainability Platform. Organizations use the platform to centralize and analyze data related to sustainability. Among other things, the platform enables organizations to assess the transparency of their supply chain and review sustainability goals’ progress.
Part of Worldfavor’s technology is the standardization of data. Worldfavor created its own framework to meet the data requirements and guidelines of regulators such as UN Global Impact, TFCD and the EU. Data from the organizations that use Worldfavor is fitted into the framework to paint a realistic sustainability picture.
This process is not unique. Worldfavor has direct competitors. Other organizations are also applying proprietary frameworks to fit others’ data into a vessel that meets the interest of regulators. Once standardized, these organizations label the information as ‘Environmental, Social & Corporate Governance’ (ESG) data.
With Worldfavor Transparency, the new solution, Worldfavor offers organizations a way to share their ESG data and review the ESG data of others. Purposes vary. Comparing sustainability goals with market peers is one example. Furthermore, the availability of ESG information can be attractive to potential investors.
True transparency is out of reach
As mentioned earlier, the organization compares Worldfavor Transparency to LinkedIn. The comparison is accurate — and does not necessarily portray the solution in a positive light. Not every person has a social media account. Those who do have an account do not always choose to fill in all profile information. An organization like LinkedIn depends on the data users want to share. When using the platform to fill a position with a suitable candidate, it is anything but advisable to rely entirely on a LinkedIn profile.
Worldfavor Transparency faces the same limitation. ESG information is not generally available. ESG information is provided by willing organizations. A truly transparent cross-section of the sustainability of global businesses remains out of reach.
Worldfavor seems to be aware of the latter. To complement Worldfavor Transparency, the organization is launching an initiative to increase the availability of ESG data. Worldfavor is asking global companies to call on others to share ESG data. The first participants are Danske Bank, Oatly, Tryg and Grant Thornton.