ESG & CSR: Evolution, Frameworks, and Impact

Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) have become integral components of modern business practice, reflecting a growing awareness of companies' impact on society and the environment. The history of ESG and CSR can be traced back to the early 20th century, with significant developments occurring in the latter half of the century and continuing into the present day.

Some of the earliest examples of corporate social responsibility can be seen in the philanthropic efforts of industrialists such as Andrew Carnegie and John D. Rockefeller in the late 19th and early 20th centuries. These business leaders believed in using their wealth to benefit society through charitable donations and establishing educational and cultural institutions. While these efforts were primarily driven by personal values rather than a formalized business strategy, they set a precedent for companies' responsibility to contribute positively to society.

The concept of ESG began to gain traction in the 1960s and 1970s, as awareness and concerns about environmental degradation and social inequality grew. The publication of Rachel Carson's seminal book "Silent Spring" in 1962 brought attention to the environmental impact of industrial activities, leading to increased public awareness and calls for greater corporate accountability. Similarly, the…