This book applies environmental, social and governance (ESG) to issues of sustainable development in healthcare. ESG reporting has been widely used for some time in the business industry to show the economic, social and environmental responsibilities of companies that aim to achieve superior ESG performance for lower risk, more accountability and transparency. Moreover, public-listed companies in healthcare have been growing in significant numbers in recent years. The application or practice of ESG in healthcare has become a growing trend for these large organisations looking to demonstrate their strengths in areas of financing, operations, sustainability and social responsibilities. Such an approach is essential not only for the long-term development of the companies but also for services delivered by healthcare practitioners. Equally, the implications to Sustainable Development Goal (SDG) 3 is relevant to healthcare worldwide with a growing ageing population, which has led to a great burden of care in many countries, particularly in the public sector. The potential development and expansion in private healthcare services, accelerated by technology advancement, has demanded a new paradigm in the healthcare industry, particularly in business, service delivery and policy. The book examines this paradigm through health in all policies, ESG and SDG 3 objectives, research, training and practice. It is relevant to graduate students and scholars working in areas relating to health, business and the SDGs and is also useful to policymakers and practitioners in healthcare.
Author(s): Tiffany Cheng Han Leung, Wang-Kin Chiu, Cindy Shi-Xiang You, Ben Yuk Fai Fong
Series: Sustainable Development Goals Series
Publisher: Springer
Year: 2023
Language: English
Pages: 124
City: Singapore
Contents
About the Authors
1 Sustainable Development in Healthcare Through an Environmental, Social and Governance Approach
Abstract
References
2 Environmental, Social, and Governance (ESG) in the Business Industry
Abstract
2.1 Introduction
2.2 Evolution of Sustainability Reporting
2.3 Global ESG Reporting Standards and Frameworks
2.3.1 The Global Reporting Initiative (GRI)
2.3.2 The Carbon Disclosure Project (CDP)
2.3.3 The Sustainability Accounting Standards Board (SASB)
2.3.4 The United Nations Sustainable Development Goals (UN SDGs)
2.3.5 The Task Force on Climate-Related Financial Disclosures (TCFD)
2.4 ESG Reporting Regulations and Guidelines in Western Countries
2.4.1 The United Kingdom
2.4.2 Spain
2.4.3 The United States
2.4.4 Australia
2.5 ESG Reporting Regulations and Guidelines in Asian Countries
2.5.1 China Mainland
2.5.2 Hong Kong SAR
2.5.3 Singapore
2.5.4 Japan
2.5.5 Malaysia
2.6 ESG Reporting Theories
2.6.1 Agency Theory
2.6.2 Legitimacy Theory
2.6.3 Signalling Theory
2.6.4 Institutional Theory
2.6.5 Stakeholder Theory
2.6.6 Voluntary Disclosure Theory
2.7 Conclusion
References
3 Sustainable Development Goal 3 in Healthcare
Abstract
3.1 Introduction
3.2 Progress and Achievements of SDG 3
3.3 Digital Health and Conflict-Affected Areas
3.4 Sustainable Health and Environment
3.5 SDG 3 and COVID-19 Challenges
3.6 Conclusion
References
4 ESG Application in Sustainable Development of the Healthcare Industry
Abstract
4.1 Introduction
4.2 Environmental Pillar
4.2.1 Waste
4.2.2 Energy
4.2.3 Climate Change
4.3 Social Pillar
4.3.1 Product and Service Quality
4.3.2 Supply Chain
4.3.3 Workplace Safety and Employee Relations
4.3.4 Data Privacy and Security
4.3.5 Innovation
4.4 Governance Pillar
4.4.1 Stakeholder Engagement
4.4.2 Board Involvement
4.4.3 Anti-Corruption
4.4.4 Tax Management
4.4.5 Risk and Crisis Management
4.5 Value Creation
4.5.1 Top-Line Growth
4.5.2 Cost Reduction
4.5.3 Investment and Asset Optimisation
4.5.4 Regulatory and Legal Interventions
4.6 Conclusion
References
5 New Paradigms in the Business of Healthcare
Abstract
5.1 Resources are not Unlimited
5.2 Paradigm Shifts in Business
5.3 The Pharmaceutical Industry
5.4 Community Health Movements
5.5 Social and Cultural Shift in Healthcare
5.6 Health Insurance
5.7 Technology and Artificial Intelligence in Healthcare
5.7.1 Telehealth—Fast Development During the Pandemic
5.7.2 Open Innovation and Technology
5.8 New Paradigm in Research
5.9 Practice Paradigms in Healthcare Systems and Organisations
5.10 A Case sharing—A New Paradigm by a New Hospital
5.11 Conclusion
References
6 Environmental, Social, and Governance (ESG) Promotion to Different Stakeholder Groups
Abstract
6.1 Introduction
6.2 Healthcare Services
6.3 Healthcare Industry
6.3.1 Third-Party ESG Rating
6.3.2 ESG Assurance
6.3.3 ESG Certifications
6.4 Accounting and Finance Professionals
6.4.1 Biodiversity Reporting and Accounting
6.4.2 Carbon Reporting and Accounting
6.4.3 ESG Financial Products
6.4.3.1 Retail Banking
6.4.3.2 Corporate and Investment Banking
6.4.3.3 Asset Management
6.4.3.4 Insurance
6.4.4 Financial Technology in ESG
6.5 Community
6.5.1 Higher Education Institutions (HEIs)
6.5.2 Small- and Medium-Sized Enterprises (SMEs)
6.5.3 Non-governmental Organisations (NGOs)
6.6 Conclusion
References
7 Recent Trends of Research and Education in ESG and Sustainability
Abstract
7.1 Introduction
7.2 Environmental Sustainability and Green Supply Chain Management (GSCM)
7.3 Research Development in GSCM and Implications
7.3.1 GSCM in Pharmaceutical and Healthcare Industry
7.3.2 GSCM in Steel Industry
7.3.3 GSCM in Chemistry Industry
7.3.4 Collaboration with Supply Chain Partners
7.3.5 Social Performance
7.3.6 Drivers and Barriers of Research
7.4 Research in Corporate Social Responsibility and ESG Scores
7.4.1 Digital Technologies and CSR
7.5 Sustainable Development in Business Education
7.6 Conclusion
References
8 SDG 3 and ESG—Linkage and the Way Forward
