Page 51 - PROCORE PR REPORT - MARCH 2024

3. Increased Sustainability Regulation Leads to More Formalised ESG

Programmes
Environmental, Social and Governance (ESG) is now top of mind for every business,
especially construction which continues to have a large carbon footprint. As we head

into next year, we expect there will be a move to a more universal or standardised
method of carbon reporting in the built environment.

“Many construction companies now routinely report on their ESG efforts and they
typically appoint a vice president or executive to oversee this important area of the

business,” said Sandra Benson, Vice President of Industry Strategy. “Not having an
ESG programme in place could potentially disqualify a company from consideration for
a project. In the future, the inability to meet ESG requirements may even prevent

companies from submitting bids altogether.”

4. Using Data-Driven Insights to Enhance Risk Management
Last year, as much as $40 billion was wasted in the construction industry due to
inefficiencies and poor productivity. Construction companies are looking for a platform

that can connect their construction data, structure that data and then glean insights to
help reduce risks on future projects. Groundbreaking solutions like Procore Risk

https://meconstructionnews.com/59128/leveraging-technology-to-tackle-the-industrys-biggest-
challenges