Individual railway companies could take a holistic approach to ESG and expand their focus on the social and governance aspects-with many leading railways already doing so. Decarbonization is important, but it is only one element of the wider sustainability agenda that can include ESG criteria. 2 “Motorised transport: Train, plane, road or boat-which is greenest?,” European Environment Agency, March 24, 2021. The rail industry has made strides in positioning itself as an environmentally sustainable option, and railway companies are pursuing sustainability agendas, particularly surrounding decarbonizing operations. 1 “ Does ESG really matter-and why?,” McKinsey Quarterly, August 10, 2022. But other components of ESG, in particular the social dimension, have also been gaining prominence-and ESG considerations are becoming more important in companies’ decision making. Globally, and across industries, a major part of ESG growth has been driven by the environmental component of ESG and responses to climate change. Environmental, social, and governance (ESG) criteria play an important role in helping companies and industries become more sustainable. But environmental sustainability is only one part of the sustainability puzzle. European rail has a reputation for being safe, smart, and green, and other countries around the world are working to increase passenger and freight rail modal share as this provides a sustainable transport solution.
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