AusBiotech Unveils First ESG Guide for Biotech SMEs

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by KnowESG
KnowESG_AusBiotech Unveils First ESG Guide for Biotech SMEs
Image courtesy of Freepik

In a significant stride towards fostering investment and facilitating effective environmental, social, and governance (ESG) reporting, AusBiotech proudly introduces "A Practical Guide to ESG for Australian Life Sciences Companies."

The culmination of over a year's collaborative effort with industry pioneers, this Guide stands as a user-friendly and pragmatic tool aimed at empowering biotech SMEs.

Specifically tailored for the biotech sector, this Guide holds the mission to bolster ESG reporting capabilities within life science enterprises, aligning seamlessly with AusBiotech's broader agenda of amplifying investment diversity in the Australian biotech landscape through its investment initiative.

The Guide, a remarkable world-first for the biotech realm, emerges as a product of the AusBiotech ESG Working Group's collaborative endeavour. This group, composed of investors, life science entities, and experts, has meticulously crafted a systematic approach to proactively identify and report on pivotal ESG factors that hold particular relevance to life science enterprises.

Featured Article: SDGs for SMEs - The Importance of UN Goals for your Business

Australia has pioneered the development of this biotechnology-specific ESG Guide, setting a pioneering precedent for the global biotech industry. The creation of this Guide addresses the inherent lack of universal standards, tools, or metrics to steer companies in their ESG journey, stemming from the evolving landscape of ESG reporting and its subjectivity based on individual company nuances.

Lorraine Chiroiu, CEO of AusBiotech, underscores the significance of empowering biotech SMEs, acknowledging their reliance on investment and venture capital, stating, "It was very important for us to empower SMEs in the biotech sector who are heavily dependent on investment and venture capital to start their ESG journey."

The Guide serves as a compass for company executives and boards, spotlighting the imperative of establishing ESG programmes, comprehending the materiality of industry-specific factors, evaluating strengths and gaps, and laying the groundwork for implementation and communication.

Furthermore, this resource extends its utility to investors, offering insights into the paramount ESG considerations for life sciences firms, thereby facilitating the evaluation of their ESG credentials.

Globally, awareness of ESG's paramount importance has surged over the past decade, becoming an integral facet of contemporary best practices for companies and investors alike. The life sciences industry, with its intrinsic commitment to societal well-being as a driving force behind scientific and technological advancements, shoulders the responsibility of delivering potentially life-altering therapies, vaccines, diagnostics, and digital health solutions with global ramifications.

Australia's thriving life sciences sector comprises over 1,400 companies engaged in research and development, with the majority falling under the SME category. By aiding these emerging entities in crafting and communicating proactive ESG strategies, policies, and practices, the Guide aims to bolster the sector's credibility, foster investor confidence, and facilitate timely and innovative healthcare breakthroughs.

Notably, despite this immense potential, a staggering 93 per cent of small-cap companies in Australia are currently not engaged in ESG reporting. This prevailing gap presents an opportunity for companies to carve out a distinctive identity within the market and captivate potential investors.

AusBiotech's visionary creation of this Guide emerges from the imperative identified in the Biotechnology Blueprint, a sectoral decadal strategy shaped by industry experts for the sector's growth. By enhancing Australia's appeal to both domestic and international investors and collaborators, this Guide stands as a beacon guiding the biotech landscape into a more sustainable and prosperous future.

To delve into the comprehensive Guide, kindly access it here.

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To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.

Source: AusBiotech

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