DQ Institute, a renowned global organization dedicated to setting global standards for digital intelligence, is proud to announce the launch of the Digital-ESG Assessment and Reporting Standards in collaboration with Taejae Future Consensus Institute, a leading think-tank in Korea. The “Digital Age, A Pathway to Sustainability” Forum was held at The Korean Foundation of Advanced Studies on July 13th, with the participation of Ban Ki-moon, the 8th UN Secretary-General, Irina Bokova, the former Director General of UNESCO, Kim Yong-Hak, the former President of Yonsei University, and Dr. Yuhyun Park, the founder of DQ Institute.
In response to escalating concerns surrounding the existential threats posed by AI, the DQ Institute aims to ensure the mitigation of AI risks and other digital-related risks, including child online safety issues, fake news, cyber-attacks, manipulation, and privacy invasions while also addressing environment, social and governance issues. Hence, the introduction of the Digital-ESG Assessment and Reporting Standards marks a significant milestone in setting a new global agenda. The guidelines provide a comprehensive checklist and framework for companies or investment communities to address digital-related risks while fostering “human-centered technology” in the AI age.
The rapid advancement and widespread implementation of AI, big data, analytics, and other emerging technologies have triggered a seismic digital transformation of companies across all industries. However, this transformation has also given rise to various digital-related risks. While the United Nations Sustainable Development Goals (SDGs) and existing ESG frameworks primarily focus on climate-related issues, digital-related concerns have not been adequately addressed. The loophole has allowed businesses with potential or existing negative impacts on the digital environment to evade their ESG responsibilities, without facing significant risks to their investment portfolio or reputations. By incorporating Digital-ESG into sustainability strategies, a balance can be struck between harnessing the potential of technology and protecting citizens, digital and physical planets, and global society.
Mr. Ban Ki-moon, the 8th UN Secretary-General, commented: “The private sector plays a crucial role in achieving sustainability and needs to be held accountable from an Environmental, Social, and Governance (ESG) perspective. Digital components need to be incorporated into ESG as we try to update our sustainability goals, with the global race for AI dominance raging on. We need to expand the traditional ESG framework to encompass various aspects of companies’ digital activities, such as digital inclusion, digital skills, digital safety and security, digital rights, and more.”
Recognizing these challenges, the DQ Institute emphasizes the urgency of addressing critical issues such as human-centered tech initiatives, enhancement of environmental issues through cross-economy, digital human capital development, digital inclusion, stakeholder digital safety & wellbeing, data security & system reliability, digital rights & ethics, as well as digital communication & stakeholder engagement.
Dr. Yuhyun Park, founder of DQ Institute expressed her enthusiasm by stating, “We take great pride in introducing our new Digital-ESG Assessment and Reporting Standards at a valuable event with the participation of distinguished guests. Our aim is to provide industry leaders with a practical tool and guidance that will assist every company striving to adopt AI and digital technology. Digital-ESG empowers companies to drive their technological advancements with transparency, accountability, and ethical standards. With Digital-ESG, companies can maximize empowerment and resources while minimizing their harm and control.”
The DQ Institute has also developed the TDFD (Taskforce on Digital-related Financial Disclosure), an initiative that consists of organizations as well as individual members from all sectors, academia, financial institutions, companies, and public agencies to support organizations with adoption, integration, and reporting on the Digital-ESG goals which go beyond risk management strategies and provides the foundation for purpose-driven business model, operation, and management enabling companies to make positive contributions to society while maximizing their profits through their digital activities.
To learn more about TDFD (Taskforce on Digital-related Financial Disclosure) and Digital-ESG Assessment and Reporting Standards, please visit https://tdfd-global.org/
