When developing projects that may have an effect on the environment, companies in Chile submit their projects and their mitigation, compensation, or remediation measures for environmental impacts to an evaluation process in which the authority verifies their environmental viability. To enter this process, companies submit an Environmental Impact Statement (DIA in Spanish) or an Environmental Impact Assessment (EIA).
With the focus on the environmental and social impacts of companies, organizations no longer limit themselves to complying only with mandatory regulations; some choose to enter into voluntary environmental or social commitments as a member of the community in which the project or activity is carried out, and whose goal is to contribute to the solution of a problem that, although not derived from the execution of the project, may affect them.
It is in this context that Voluntary Environmental Commitments (VEC) have become a valuable tool within corporate sustainability, being used by organizations for their growth, reputation, and positive contribution to society and the natural environment.
Here, we explain what they entail, their advantages, and how to manage them properly.
Environmental commitments beyond regulation
There is a difference between legal obligation and social responsibility. The former implies compliance with the law, in this case respecting environmental management instruments, while the latter goes beyond simple compliance with the law, as this does not make a company or entity socially responsible.
Voluntary Environmental Commitments go beyond mandatory regulations and allow companies to adopt specific commitments to reduce their environmental footprint. In other words, organizations propose appropriate technical solutions and self-imposing commitments that, once acquired, cease to be voluntary, and the company is obliged to comply with them. Examples include the reduction of carbon emissions, the efficient use of resources, and the adoption of renewable energy sources.
By embracing these commitments, companies support climate change mitigation and contribute to the care of the natural environment and the well-being of the communities in which they operate. VECs represent a proactive way of addressing environmental challenges and demonstrate a company's commitment beyond what is required by law.
Voluntary Social Commitments: Impacting communities and employees
In addition to environmental impact, voluntary commitments also encompass the social impact of organizations, addressing social challenges in communities and workplaces. Examples of social commitments include inclusion programs, community development projects, and strategies to empower employees. These commitments not only generate a positive social impact but also improve society's perception of the organization and strengthen relationships with employees and the community at large.
Benefits and challenges of making voluntary commitments
As we explained earlier, adopting voluntary commitments can enhance a company's reputation, increase talent retention, and provide a competitive advantage in an increasingly sustainability-conscious marketplace. However, there are also challenges, such as measuring impact and alignment with the company's strategic objectives. Overcoming these challenges requires efficient management and a strategic approach.
With effective management of CAVs being essential to their success, technology plays a key role in their administration. Specialized environmental, social, and regulatory management software simplifies the work involved in environmental and social commitments, enabling tracking, measurement of targets and indicators, and accurate reporting. This not only improves the effectiveness of commitments but also frees up resources for innovation and sustainable growth.
Supporting sustainable management with voluntary commitments
Voluntary Environmental Commitments represent a step forward in corporate responsibility. They are a powerful tool that enables organizations to make a difference and drive their own success. In a world increasingly focused on sustainability, VECs are the key to building a more sustainable future.
At M-Risk, we are committed to helping organizations achieve their environmental, social, and regulatory goals. In this context, our Commitment Management application allows us to systematize the processes of identifying, obtaining, storing, and tracking the commitments to be fulfilled, both those acquired voluntarily and those corresponding to current regulations.
The software allows you to track the status of these obligations in a calendar, generate reports with georeferencing, receive alerts of verifiers due to expiration and non-compliance, and much more to maintain efficient work and comply with these important requirements.
Join the corporate responsibility revolution and discover how CAVs can transform your company and contribute to a more sustainable future. Become compliant and make voluntary commitments by trying our software.
