Economy for the Common Good launches ethical sustainability label to make performances comparable and link corporate reporting with effective policies
Today, the Economy for the Common Good (ECG) has launched the new ECOnGOOD Label, a comprehensive, ethical sustainability standard that considers the social, ecological, and ethical impact of businesses, going beyond mere reporting. It aims to make all these factors comparable and assessable, enabling stakeholders to make informed choices and empowering policy makers to incentivise just and responsible products and services in the marketplace.
The ECOnGOOD Label provides insights into how a company treats its staff and clientele, as well as the real impact of its business model, operations and management. It also reveals where the funding comes from and how it is invested. In their label, participating brands present a QR code that links directly to the results of their Common Good Balance Sheet (CGBS), allowing on-the-spot decisions to support more sustainable and fair alternatives. In turn, policymakers can use the quantitative score of the CGBS as a frame of reference to reward good performance and discourage harmful practices.
The ECOnGOOD label is a major step forward for a unified values-based sustainability standard. In conjunction with the Common Good Balance Sheet, the ECOnGOOD Label represents a major step towards a unified sustainability and ethical standard. The voluntary publication of Common Good Balance Sheets by successful companies demonstrates the broader business community’s need for such a system. In spite of the traditional narrative, this seal shows that it is possible to objectively evaluate the ethical and environmental aspects of a company.
