B.C. Supports Environmentally and Socially Responsible Ventures

British Columbia (B.C.) is a welcoming destination for trade and investment, especially for ventures that align with both the principles and framework for Environment, Social and Governance (ESG). B.C. is growing an economy that works for everyone and is committed to fostering sustainable, inclusive and innovative business practices.

ESG in Action

Business leaders in ESG gathered on June 25, 2024 at the ESG for Small and Medium-sized Enterprises (SME) Symposium in Vancouver, B.C. to share their industry knowledge and insights with small and medium-sized enterprises. The event, hosted by UBC’s Sauder’s Centre for Climate and Business Solutions in collaboration with the ESG Centre of Excellence, focused on exploring opportunities for businesses to expand their ESG practices.

Small businesses are the backbone of British Columbia’s economy, making up 98% of all businesses and employing over one million people in the province, often facing unique challenges when integrating ESG principles into their operations.

Key Sessions and Insights

Session 1: The Business Case for ESG

Investors and financial experts from BMO, Vancity and InBC Investment Corporation emphasized the importance of ESG reporting for SMEs, especially those seeking investment opportunities. ESG analysis plays a critical role in investment screening and risk management, ensuring that investments align with broader sustainability goals. Starting with small and tangible metrics can help make long term impacts. Good governance includes transparency and disclosure of ESG performance. By tracking and communicating progress transparently, SMEs can engage stakeholders effectively.

B.C. is home to InBC Investment Corp., a $500 million strategic investment fund introduced by the provincial government in 2020, which invests on a triple bottom line basis to achieve returns for people, the planet and generate financial returns. B.C. also hosts a variety of private impact investment funds

Session 2: The ESG Advantage
Opportunity being a key word of discussion, panelists from BC Food and Beverage, Level Ground Coffee, MEC and TruEarth highlighted how integrating ESG considerations into business practices can correlate into advantageous internal and external drivers. From selecting vendors within your supply chain to having engaged staff and customers, continuous improvement of ESG creates an environment that contributes to long-term sustainability for businesses, the province and helps build employee, investor, consumer and community trust.

Session 3: The ESG-I Approach
Panelists from Telus, West Moberly Corporate Alliance, Indigenext and Employer to Empower discussed the importance of including the “I” within ESG and how to create collaborative working relationships with Indigenous communities. Achieving meaningful change involves an entire organization. From top management down, creating opportunities for education and the ability to share knowledge fosters a consistent community where everyone is accountable for their actions towards reconciliation commitments. Engaging Indigenous Peoples respectfully, knowledgeably and collaboratively supports good conditions for managing risk in investments while advancing meaningful societal outcomes. Working as respected partners, we create certainty and clarity for projects, leading to increased confidence for investors and businesses operating in B.C. B.C.’s Declaration on the Rights of Indigenous Peoples Act is the first provincial law in Canada, and one of the first worldwide, that protects the human rights of Indigenous Peoples.

Session 4: ESG in Action
How to walk the walk. Panelists from Hemlock Printers, Cascadia Seaweed and Clir Renewables shared their real impacts embedding ESG into their core business practices, producing tangible results. In an ever-changing landscape, ESG is a source of innovation, allowing companies to consistently explore new opportunities to expand and stabilize their practices. ESG sheds light on new perspectives for doing business.

ESG in B.C

B.C. is known for its incredible natural beauty, dedication to sustainability, business innovation and strategic economic growth. These advantages are integral to B.C.’s economic strategy and Industrial Blueprint, making B.C. stand out on the global stage. Our mission towards supporting people and families, building resilient communities, advancing true, lasting and meaningful reconciliation with Indigenous peoples, meeting climate commitments and our forward-thinking policies that generate environmental and social responsibility, make B.C. a leader in the principles that align with ESG.

In February of 2024, the Government of B.C. launched the ESG Centre of Excellence to support B.C. businesses in their ESG journey, to promote products and services that build a more resilient B.C. and to expand access to these products into global markets. By making ESG more accessible and at the forefront of focus for B.C. businesses, companies will be supported to strengthen their business while attracting new markets and investors.

What is ESG?

ESG is both a set of principles that guide organizations as well as a framework that evaluates organizational impacts on the environment, the treatment of employees, stakeholders and community members and addresses the quality of governance structures. ESG is a key consideration for investors in the province, entrepreneurs looking to launch businesses, policy makers, consumers and community members who make personal decisions on where to live, how to invest and what to buy.

Environmental factors address the impact that a business has on the natural world. This can include carbon footprints, energy efficiencies, water usage, waste management, supply chain sustainability, environmental compliance and more. B.C. is the cleanest jurisdiction in western North America with an average of 98% of our electricity generation coming from clean or renewable resources

Social factors address how a business impacts society and how it manages relationships with employees, customers or clients, its communities and others. B.C. fosters a multicultural society. Our rich diversity creates a lively cultural experience in arts, entertainment, tourism, hospitality, cuisine and commercial activity.

Governance focuses on the systems and structures that a business has in place to ensure ethical behaviour, transparency and accountability. B.C.’ s strong collaboration across all levels of government create a stable and dynamic business environment that encourages and safeguards foreign investment.

As ESG metrics become leading guideposts for investment and purchasing decisions, B.C. companies are in a strong competitive position to build on their successes and have the tools to provide markets and investors with confidence that they are delivering on ESG commitments.

Read about how B.C. is creating an economic and investment climate that is environmentally, ethically and economically conscious.

 

Get connected with the ESG Centre of Excellence

The Environmental, Social and Governance (ESG) Centre of Excellence is a free support and resource hub for B.C. businesses and organizations looking to start or continue their ESG journey. The Centre offers client services and can work one-on-one with businesses, sharing tools and resources to build capacity and meet ESG demands.

Learn more about the ESG Centre of Excellence and how it supports ESG-aligned opportunities, or learn more about B.C.’s trade and investment advantages. For regular updates on B.C. digital media news, follow Trade and Invest BC on LinkedIn or X.