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ESG stands for Environmental, Social, and Governance or sometimes ESG refers to Environmental, Sustainability, and Governance (ESG) as well. While they both are similar and often used interchangeably, the emphasis can be slightly different depending on the context. It’s always best to refer to the specific definitions provided by the organization or context in which the terms are being used.
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The market for ESG (Environmental, Social, and Governance) software is growing rapidly and is expected to expand significantly in the years to come. In 2022, the global ESG software market was valued at around $0.70 billion. It is projected to grow at a compound annual growth rate (CAGR) of approximately 15.90% and reach $2.64 billion by 2031.
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There are many ESG frameworks available for companies to use, with over 600 reporting provisions worldwide. However, it's crucial to realize that relying on a solitary framework may not suffice to reveal all the necessary information.
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