Creating an effective esg strategy can provide an opportunity to boost profits, reduce costs, and build a sustainable business. The first step is to develop a strategic roadmap that lays out a company's objectives and goals. It should also include a framework that lays out how the company will achieve its goals. The framework should be reviewed regularly, and it should be aligned with the company's overall goals and growth plan. It should be designed to improve performance and build trust with stakeholders. It should also help to reduce the risk of adverse governmental actions, including fines for non-compliance. To develop an effective esg strategy, a company must first identify its key stakeholders. This includes the company's internal and external audiences, as well as suppliers.