Enriching discussions for a sustainable future with ESG
The 7th Global Environmental, Social, and Governance (ESG) Management and Sustainability conference focused on ‘Empowering Transformation: Shaping Sustainable Future Leaders’.
image: The 7th Global Conference on ESG Management and Sustainability, held at Universitas Airlangga between 6th to 8th August 2024, focused on the theme of ‘Empowering Transformation: Shaping Sustainable Future Leaders’. The conference was jointly organized by the International ESG Association (IESGA), Center for ESG Studies (CESGS), Universitas Airlangga, and Korea University. The conference was attended by ESG practitioners from corporates, industries, and research and academic organizations. It also featured renowned experts such as Prof. Yong Sik Ok and Prof. Jay Hyuk Rhee from the IESGA, Prof. Iman Harymawan from the Universitas Airlangga, and Prof. William Mitch from Stanford University (all seen in the image above).
Credit: International ESG Association
The International ESG Association (IESGA), Center for ESG Studies (CESGS), Universitas Airlangga, and Korea University recently organized the 7th Global Conference on ESG Management and Sustainability at the Universitas Airlangga, Indonesia, between 6th to 8th August 2024. The theme of the conference was "Empowering Transformation: Shaping Sustainable Future Leaders” and was attended by industry experts, researchers, and academicians. The focus of the conference was to ignite action-oriented discussions on sustainability.
An Inspiring Opening
On the first day, Prof. Harymawan, who also chaired the conference, underscored the transformative potential of the event to foster collaboration and innovation towards a sustainable future. Whereas, Prof. Mitch shed light on the complexities of water management within ESG metrics by explaining the relevance of local watershed contexts and transparency in order to avoid greenwashing. Likewise, he proposed a ‘Water Sustainability Index’ for standardized ESG reporting.
Prof. Ok emphasized on nature positive outcomes and climate change, touting them as the two most important factors for corporates. He also highlighted the need for quantitative biodiversity disclosures. On the other hand, Prof. Rhee stressed on the critical role of different stakeholders in evaluating ESG and sustainability.
There are many feature articles published in Nature publications by IESGA focusing on strategies and suggestions for ESG and Sustainability including Making up for lost time, LG Energy Solution’s ESG transformative vision , Hyundai motors on track for carbon neutral goal and LG Electronics positions itself as ESG market leader.
Recognizing Excellence in ESG and Biodiversity
Another highlight of the first day was the ESG awards ceremony to celebrate and felicitate companies with exceptional performance in ESG reporting and biodiversity conservation. This year’s awards featured four prominent Indonesian companies, PT Sarana Menara Nusantara Tbk, PT Pertamina Geothermal Energy Tbk, PT AKR Corporindo Tbk, and PT Unilever Indonesia Tbk.
During the award ceremony, Prof. Ok emphasized on the important role of the event stating, “These awards not only honor the companies leading in their ESG and biodiversity performance but also encourage a broader commitment to environmental responsibility.” Adding to this Prof. Harymawan said, “These awards highlight the crucial role that businesses play in protecting our natural world.” Whereas Prof. Rhee congratulated the awardees by saying, “The dedication shown by these companies in advancing biodiversity is truly commendable, setting an example for others to follow.”
ESG Discussions and Industry Insights
The second day began with keynote addresses from Prof. Rhee and Prof. Harymawan. Mr. Ji Heon Oh, NCP Commissioner at One Law Partners and Mr. Seung Soo Lee ESG Consultant at PWC shared their experiences and strategies for implementing ESG practices. Mr. Radhitiono Wicaksono from the Ministry of Finance discussed Indonesia’s developing policies on corporate ESG. Additionally, Mr. Thomas Shim, Partner and Head of Private Equity Korea, Affirma Capital; Ms. Trini Pratiwi, Senior Sustainability Manager at eFishery; and Mr. Jehyo Jo, CEO of Sunwoo Fresh Co., Ltd. shared on overcoming challenges and promoting sustainable growth through innovative ESG strategies.
Besides these industry experts, researchers such as Prof. Azlan Amran from Universiti Sains Malaysia; Prof. Sung Yeon Hwang, Director of IESGA; and Prof. Kannan Govindan from the University of Adelaide also added a research-driven viewpoint to the discussions.
Paper Presentation, Scientific Writing Masterclass, and Industry Forum
On day three, researchers from China, South Korea, and Indonesia delivered dynamic paper presentations exploring major environmental challenges such as biodiversity loss, critical minerals, waste management, and greenwashing. The masterclass, which was led by professors Yong Sik Ok, Longbin Huang, and Daniel Tsang, provided the participants useful learnings for improving their philosophy in scientific communication and research publication.
The industry forum, which brought together academic and industry leaders, enabled direct interactions between these stakeholders to foster collaborative efforts and exchange of best practices in ESG management. The first session, titled ‘IPO Preparation: Enhancing Value through Sustainability’, was delivered by Ms. Cita Mellisa, Head of IDX Representative Office, East Java; Mr. Herry Ginanjar, Vice Chairman of the Board of International Association for Public Participation, Indonesia; and Mr. Sonny Sukada, Senior Advisor of Social Investment Indonesia. They discussed the importance of integrating sustainable practices in elevating a company's market value and appeal to investors.
Another session titled ‘Bridging the Gap Between Expectations and Reality in Corporate Sustainability Practices’ explored the challenges and opportunities in aligning corporate actions with stakeholder expectations. The session was delivered by Mr. Minarto, Finance Director of PT Pakuwon Jati Tbk and Mr. Denny Yan Rustanto, Founder and CEO of PT Gusse Technology International.
Key Takeaway
The key takeaway of the conference was the importance of collective action to drive corporates towards sustainability and positive actions for a sustainable and healthy planet for future generations.
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Reference 1:
Authors: Senadheera SS, Withana PA, Dissanayake PD, Sarkar B, Chopra SS, Rhee JH, Ok YS.
Title: Scoring environment pillar in environmental, social, and governance (ESG) assessment.
Journal: Sustainable Environment
DOI: https://doi.org/10.1080/27658511.2021.1960097
Affiliation: Korea Biochar Research Center, APRU Sustainable Waste Management Program & Division of Environmental Science and Ecological Engineering, Korea University, Seoul, Korea
Reference 2:
Authors: Senadheera SS, Gregory R, Rinklebe J, Farrukh M, Rhee JH, Ok YS
Title: The development of research on environmental, social, and governance (ESG): A bibliometric analysis.
Journal: Sustainable Environment
DOI: https://doi.org/10.1080/27658511.2022.2125869
Affiliation: Korea Biochar Research Center, APRU Sustainable Waste Management Program & Division of Environmental Science and Ecological Engineering, Korea University, Seoul, Korea
Reference 3:
Authors: Chopra SS, Senadheera SS, Dissanayake PD, Withana PA, Chib R, Rhee JH, Ok YS.
Title: Navigating the Challenges of Environmental, Social, and Governance (ESG) Reporting: The Path to Broader Sustainable Development.
Journal: Sustainability
DOI: https://doi.org/10.3390/su16020606
Affiliation: Korea Biochar Research Center, APRU Sustainable Waste Management Program & Division of Environmental Science and Ecological Engineering, Korea University, Seoul, Korea
About the International ESG Association
The International ESG Association is a South Korea-based global knowledge network that helps Korean companies become more sustainable in the Environmental, Social, and Governance (ESG) space. The association was established in 2021, with Prof. Yong Sik Ok and Prof. Jay Hyuk Rhee from Korea University as founders and Presidents. The association envisions promoting corporate sustainability by creating and disseminating cutting-edge ESG-related knowledge through the global network. Its mission is to build a global knowledge network for guiding ESG criteria, organize ESG-related academic seminars, provide consultancy services for ESG management and develop new ESG-related educational programs. For more information, visit Focal Point on Environmental, Social and Governance Initiatives (nature.com)