A business name, brand, registration, address all form part of your business's identity. But just as these are fundamental components of identity, so too is what your business does, the services it provides, the culture within your organisation, the people, your suppliers, and your impact on the environment.
Environmental Social and Governance (ESG) ratings are becoming increasingly important for businesses. Sustainable practices are becoming increasingly important across all industries and for all businesses. For some, ESG consideration is making its way into becoming mandated by regulators, for others, good ESG practices are imperative for accessing capital, investors and even employees and new customers.
ESG ratings typically measure how well companies manage their environmental, social and governance risks. However, many ESG ratings will measure a company's environmental, social and governance impact. Ratings are calculated typically using proprietary algorithms which are not known and based on publicly available datasets. As a result, ESG ratings can be significantly different for the same company depending on which company provides the rating.
At ID Crypt Global, we believe that a company's ESG rating forms part of its identity, and therefore ID Crypt Global enabled businesses to take ownership of their ESG ratings by supporting ESG cryptographic verifiable credentials (VCs).
ESG based Verifiable Credentials can be issued to and stored securely within a business's instance of the IDC Agent. The IDC Agent securely stores the ESG Credential which holds ESG rating information, ready to present it as part of any identity proof to any potential partner, customer, investor or for access to financial services.
The IDC Sustainability Credential is an ESG verifiable credential that is issued quarterly to any business that request one. The verifiable credential holds ESG ratings for each of the pillars that make up ESG and couples these ratings scores with "impact scores" - comparing your businesses performance against other businesses within your industry.
Unlike most ESG ratings, the IDC Sustainability Credential brings transparency to both data sets and the algorithms used to calculate ratings and impact scores. And, since the IDC Sustainability Credential is available for all, businesses can take control of their supply chains, querying supplier ESG credentials and then having these aggregated to help accuracy regarding your own companies ESG ratings.