ESG and CSR are both related to how a company manages its impact on society and the environment, but they are not the same. CSR is a voluntary business model that reflects a company's commitment to positive social and environmental outcomes. ESG is a set of criteria that investors use to measure and evaluate a company's sustainability practices and performance2. Sustainability disclosure is the process of reporting on the ESG and CSR aspects of a company's activities to the stakeholders, such as the board, senior management, regulators, customers, and the public3. Sustainability disclosure is evolving around the world, as more companies adopt ESG and CSR frameworks and standards, and more stakeholders demand greater transparency and accountability on sustainability issues4.
References:
1: 3 paradigm shifts in corporate sustainability to new era of ESG 2: What is the difference between CSR and ESG? 3: Environment, Social and Governance (ESG) 4: ESG vs. CSR: Key Differences & What Businesses Need to Know