B Corps: Why more Hong Kong firms are seeking certification for positive environmental and social impact
- Certifications of B Corp status have accelerated in Hong Kong and could reach 100 by 2026, the local co-chair of the certification body says
- More firms realise that the corporate social responsibility model is not enough to prove ESG commitment, says Gilbert Lee of B Labs
More businesses in Hong Kong are striving to gain a badge of approval for their commitment to creating positive impact on society and the environment while pursuing their profit targets.
It took four years for Hong Kong to reach 10 companies with the so-called “B Corp” certification, and two years for the second batch of 10 companies to gain the seal of approval, according to B Lab, the organisation that issues the credential.
“There was a realisation in the business community that the corporate social responsibility model was not good enough due to a lack of consistency in commitment and disclosures over time,” said Gilbert Lee, co-chair of B Lab Hong Kong & Macau. “ESG performance must be entrenched as part of companies’ DNA and policies, and be tested by a standardised regime over the long haul.”
He said the organisation aims to to have 100 B Corp companies by 2026, compared with 25 now.
