Australia Creates First In The World Biotech ESG Guidance

A group of committed AusBiotech leaders has joined forces to create an Australian biotech first: a sector-specific environmental, social, and governance (ESG) tool in order to assist companies in attracting investment and navigating ESG reporting.

The AusBiotech ESG Working Group is developing the world’s first handbook for tracking and communicating ESG factors which happen to be a priority.

The resource will aid organizations in approaching ESG challenges relevant to their own company’s situation including tips for more effectively incorporating priority ESG considerations into policies and processes. While the resource will draw on global best practices, it was created by and for Australia’s biotechnology community, and it includes measures for tracking and disseminating progress.

The improvement of people’s lives and the environment is a major contribution made by the life sciences industry by nature, but stakeholders, including investors, are becoming more interested in knowing exactly how businesses are accomplishing this. Reporting on a broad range of ESG concerns is becoming the norm in many industries, and for life sciences companies, it can mean the difference between attracting or not receiving investment.

Recognizing that there are currently no agreed-upon standards, tools, or KPIs, this new resource will present a variety of existing techniques for building an ESG strategy that may be adjusted to each company’s stage along the ESG journey.

The new resource is designed to be a pragmatic, practical, and user-friendly reference for Australian life sciences and biotech enterprises wishing to start or enhance their ESG strategy and reporting approach.

It is also meant to be beneficial for investors, outlining the top ESG-related considerations for biotech businesses and what investors can expect to see from these companies when evaluating their ESG credentials.

The ESG Working Group at AusBiotech will soon release a draft of the resource and solicit input from the industry.