This law emphasizes the obligation of organizations to ensure that the resources and waste that is generated can be recycled or decomposed sustainably instead of ending up in landfills,” Abrahams added. “Recovery is a subset of the more significant idea of EPR. This law requires large enterprises to recover their plastic packaging waste, or they will pay a fine. This year, organizations in the country are expected to become more proactive in establishing more circular operations, especially with the passage of the Extended Producer Responsibility (EPR) Act of 2022 ( Republic Act no 11898). The advantages of implementing circular business models will significantly outweigh the existing investments that organizations must invest in,” Abrahams noted. “A circular economy fosters new business prospects while preserving the environment. For years, the global economy has been linear and single-use, contributing to the accumulation of waste materials, which end up in landfills or the environment. In 2019, the Securities and Exchange Commission (SEC) mandated publicly listed companies to submit an annual sustainability report, recognizing the relevance of ESG disclosures to support global and local sustainability goals and encourage transparency and accountability from companies.Īs part of their ESG initiatives, large enterprises in the Philippines must contribute to achieving a circular economy. The government, for instance, has been promoting sustainability by introducing policies encouraging organizations and businesses to adopt ESG initiatives. In a recent blog by Thomas Saueressig, a Member of the Executive Board of SAP SE (NYSE: SAP), noted that in recent years, organizations had considered sustainability as an essential agenda as they focus on ESG initiatives, such as reducing their carbon footprint, investing in renewable energy sources, and promoting ethical practices.įor Rudy Abrahams, Managing Director of SAP Philippines, this trend is also the same in the Philippines. MANILA, Philippines - FebruAs companies now recognize the importance of Environmental, Social, and Governance (ESG) initiatives to ensure long-term success, sustainability initiatives among organizations will see significant strides this 2023. SAP shares industry trends that will shape 2023 and beyond
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