Assessment of Sustainability Impact
Aiming to face the constant challenges of sustainability, it has become a priority to measure the real value and impact generated by the daily operation of organizations in society1. To address this challenge, by the hand of external consultants, Sucroal has developed a method to carry out a first monetary assessment of economic, environmental, and social impact of its activity.
In this measurement framework, the company’s performance is assessed through the business impact to society, both financial and non-financial, quantifying it in monetary units, Colombian peso for this particular. In other words, a monetized Profit/ Loss (P&L) approach is used, in order to identify the impact of the company’ social and environmental externalities.
The impact assessment carried out, regarded 10 different economic, social, and environmental categories, such as salaries and fringe benefits, labor benefits, paid taxes, paid interests, social investment, Financial Students Aid, donations, Occupational Health and Safety (OHS), greenhouse gas emissions (Carbon Footprint) and water consumption. This enabled the assessment of Sucroal’s total impact in a common language that allowed to understand the value generated for society. In that way, with the measurement of benefits and costs to society, the company was able to identify the way to create value and wellbeing to society in general.
According to the measurement, a distribution of economic, environmental, and social impacts was identified in 2021, which delivered a positive result, in other words, in the company’s operation, the benefit of its activity substantially surpasses the costs for society. The impacts were positive, as of salaries and fringe benefits, labor benefits, paid taxes, social investment, financial students aid, and donations. Negative impacts regarded OHS incidents, as well as environment impact(carbon footprint and water consumption). In monetary terms, the value derived to society, as a result of Bank activities, was $100,927 million pesos.