We have all heard about the major impact that sustainability and circular economy principles are having on packaging and shaping decisions. Through our Future of Packaging Thought Leader survey, it is apparent that sustainability will be at the heart of packaging for the next decade as sustainability was identified as the largest opportunity area, largest risk, most important skill set along with top areas for science & technology development. What we mean by sustainability and sustainable packaging, however continues to evolve. A more up and coming area for leaders is to consider the Environmental, Social and Governance, better known as ESG in their overall corporate as well as packaging decision making process.
While we’ve all likely been thinking about the (E)nvironmental side of our packaging and driving goals around recyclable, reusable or compostable packaging, we’ve likely not spent as much time considering Social and Governance side and what it means for our future planning. The Social side can include components around diversity as well as health & safety, which is becoming a much larger area of focus for packaging. Governance may encompass fair compensation as well as risk management components – again which can be major factors in packaging.
With that future focus in mind, PTIS is excited to have the article below from our partners at Positive Scenarios Consulting (PSC). PSC focuses on helping companies navigate the complex of ESG landscape. They provide technical expertise around Impact Accounting, help companies develop climate strategies, as well as understanding the reporting frameworks that are instrumental in ESG transparency.
At PTIS, we believe that the reporting metrics are going to become increasingly important in the packaging industry and trickle down throughout the value chain as brand owners start to measure their direct emissions (often referred to as scope 1 and scope 2), but will look for help from their supply chain and converting partners to measure their indirect (scope 3) emissions. This means, even converters and raw material suppliers, whether public or private will need to capture this information.
We hope you find the information from PSC to be informative and helpful. If you find yourself pondering how ESG will impact your company in the future, please reach out PTIS and we’d be happy to work with you and make an introduction to our partners at PSC.
