Integrating ESG principles into event management for sustainable success

Authored by  Mr Sanat Solanki, Founder, Tantraa Alternate Media Group

In today’s world, where every aspect of corporate responsibility is closely examined, the concept of the Triple Bottom Line (TBL) stands out as a guiding principle for sustainable success. It’s a concept that transcends traditional financial metrics, advocating for a balance between economic efficiency, social equity, and environmental accountability. As the event management industry burgeons, it finds itself at a crossroads, where the integration of Environmental, Social, and Governance (ESG) principles isn’t just ideal—it’s paramount for enduring success. 

Introduction: Redefining Success in the Event Industry

The event industry is undergoing a seismic shift, with the TBL framework redefining what it means to be successful. No longer is financial gain the sole barometer of an event’s triumph; the spotlight now shines equally on social impact and environmental stewardship. This paradigm shift is not just a response to increasing regulatory pressures but a reflection of a collective consciousness that demands more from businesses. By weaving ESG principles into the very fabric of event management, industry leaders are setting new benchmarks for what constitutes a successful event—one that leaves a lasting, positive imprint on society and the planet.

People, Planet, and Profit: The Cornerstone of Sustainable Events

The ‘People’ aspect of TBL underscores the importance of human capital. It’s about creating events that resonate with the ethos of diversity, inclusivity, and social responsibility. Recent numbers indicate a growing trend towards events that prioritise social impact, with over 60% of event planners recognising the need to incorporate social themes into their agendas.

In the view of environmental stewardship, the ‘Planet’ component of the TBL is witnessing an elephantine evolution. Post-pandemic trends showcase a significant increase in the integration of eco-friendly practices within event management. This evolution is characterised by an enhanced preference for digital platforms, which complements traditional methods rather than replacing them entirely. Additionally, there’s a growing inclination towards selecting venues that are recognised for their commitment to sustainability, reflecting a broader shift in values towards environmental responsibility.

The ‘Profit’ component, while still crucial, is being reevaluated through the lens of ethical profitability. The latest figures reveal that events with a strong ESG framework see a significant return on investment, underscoring the financial viability of sustainable practices.

Integration of ESG Principles with Event Curation

1. Environmental:

• Effective Waste Management by using reusable or compostable materials for event infrastructure and supplies, such as cups, plates, and event stages.

• Encouraging attendees to use public transportation, carpool, or use electric vehicles for transportation to the event.

• Implementing a comprehensive recycling and composting program at the event.

• Offering virtual or hybrid event options to reduce the carbon footprint of travel and accommodation.

2. Social:

• Ensuring that vendors and suppliers have ethical labour practices and are not involved in unethical business practices, such as child labour or human rights violations.

• Encouraging diversity and inclusion in event planning, such as having a diverse speaker lineup and providing accommodations for attendees with disabilities.

• Ensuring that the event does not contribute to the displacement of local communities or negatively impact their well-being.

• Providing opportunities for attendees to engage in community service or volunteer activities during the event.

• Encourage participants to engage in activities that contribute positively to the environment. This not only instils a sense of personal satisfaction and responsibility but also elevates the event’s reputation as a champion for sustainability. Highlighting these efforts can create a ripple effect, inspiring attendees to continue eco-friendly practices beyond the event, thereby extending the impact and reinforcing the event’s commitment to social responsibility.

3. Governance:

• Implementing a transparent and accountable system for managing event finances, including reporting on event revenue, expenses, and any associated risks.

• Conducting regular audits and assessments of the event's impact on people, profit, and the planet, and using the results to inform future event planning and improvement.

• To align with the governance aspect of ESG principles, event organisers should integrate a carbon footprint calculator into their planning process. This tool enables the calculation of the event’s total greenhouse gas emissions, providing a clear metric for environmental impact. By understanding the carbon footprint, organisers can make informed decisions to implement carbon offsetting strategies, such as investing in renewable energy projects or reforestation programs, to neutralise the event’s environmental impact.  

According to EventX, 77% of small to mid-cap companies have an ESG-related formal purpose statement, indicating that ESG standards are not exclusive to only mega-corporations. ESG-compliant events promote sustainability by encouraging ethical and responsible practices, including rightful disposing of materials used, energy conservation measures, Carbon Footprint Calculation and more. The GenC, a Carbon Footprint Calculating platform is working aptly in this direction and in its quest to successfully uplift the industry Events in India.

Conclusion: Charting a Course for Future Generations

As we look to the horizon, the integration of TBL and ESG principles in event management is not just a fleeting trend but a transformative journey towards a more conscientious and sustainable future. It’s a path paved with the collective efforts of Social - Thought Leaders who understand that the true measure of an event’s success lies in its ability to harmonise the interests of people, the planet, and profit. With recent data projecting that ESG-mandated investments could reach $40 trillion globally by 2030, the message is clear: the future belongs to those who plan with purpose, act with integrity, and lead with a vision.

DISCLAIMER: The views expressed are solely of the author and Adgully.com does not necessarily subscribe to it.