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ESG in Universities February 28, 2024

On Environmental, Social, and Governance in higher education

CONTRIBUTED BY JAN KOPRIVA VIA UNSPLASHIN RECENT years, Environmental, Social, and Governance (ESG) has emerged as a major trend in both the private and public sectors. With many cases demonstrating a link between adherence to ESG and greater organizational performance, universities worldwide have been scrambling to embrace such principles. Yonsei University is no exception, its cheer squad having recently announced an eco-friendly campus project with HiteJinro, a Korean liquor company, in addition to a plethora of existing initiatives. Through this article, The Yonsei Annals takes a deep dive into the foundations of ESG, Yonsei, and other universities’ related policies, in addition to ESG’s future outlook.

Introduction to ESG

ESG stands for Environmental, Social, and Governance, and is a set of standards for institutional conduct. ESG’s environmental component defines how an institution protects the environment. Key principles include climate policies, energy saving, waste reduction, pollution minimization, conservation of natural resources, and ethical treatment of animals. ESG not only evaluates whether an organization adheres to such environmental principles, but also how such issues could influence its future operations. The social component examines the organization’s relationship with its various stakeholders. It considers various factors, such as whether the organization holds partners and suppliers to ESG standards, conducts community work, considers employee well-being, and treats its customers ethically. Notable values are diversity, inclusion, social justice, and anti-discrimination. Lastly, governance emphasizes transparency and fairness in an institution’s leadership. Evaluative criteria encompass the likes of transparent use of funds, integrity in leadership selection, and, in businesses’ case, accountability to shareholders[1].

ESG is increasingly becoming of paramount importance in various sectors for a multitude of reasons. For one, analyzing an organization’s environmental footprint, social factors, and governance practices are viable means for regulators and governments to check its credibility. Moreover, holding organizations to such standards aids in fostering positive change regarding various social issues, such as climate change, lack of diversity, and corruption. ESG is an attractive prospect for universities in particular, mainly because it ensures the effective use of endowment funds while attracting students, partner organizations, and donors. From an ethical standpoint, ESG aids universities in making investment decisions that support both the environment and society. This in turn renders them better prepared for future educational trends and government policies.

The Yonsei-HiteJinro Clean Campus Project

Announced on October 26, the clean campus project is a partnership between HiteJinro and the Yonsei University Cheer Squad. As the name implies, it focuses on the environmental aspect of ESG. The project involves collecting waste from the university campus and turning it into upcycling goods to redistribute to students. The cheer squad will assist HiteJinro in gathering discarded banners, after which the upcycling brand Nukak will repurpose them into bags. The bags will be of the sporty “drawstring backpack” variation, each with a unique design and a tag detailing the eco-friendly production process. The cheer squad will sell the bags to Yonsei students through social media promotions. The clean campus project builds upon past experience, with HiteJinro having conducted a similar project with an arts university in July of this year. It partnered with another upcycling fashion brand named ULKIN to create goods out of discarded canvas and used the proceeds to finance new canvas for the university[2].

This article was contributed by Yonsei University's student-led English monthly, The Yonsei Annals, written by its reporter Yoo Ji-whang.

Read the full article at the Yonsei Annals' website: http://annals.yonsei.ac.kr/news/articleView.html?idxno=11130

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