Climate Action in Financial Institutions Initiative: Inspiration for the PCAF Global Accounting and Reporting
Welcome back to our Banks, Borrowers, and Climate Change series! In case you missed our introduction to the series, you can read it here. Our first blog in the series, “Banks, Borrowers and Climate Change: How Disclosure of GHG Emissions Will Impact the Lending Process for Publicly Traded Corporations” is also available. The bottom line: The SEC will require public companies, including banks, to disclose annual carbon emissions from their operations in their annual report.
In the highly anticipated 2024 Super Bowl between the San Francisco 49ers and the Kansas City Chiefs, the National Football League (NFL) is not only showcasing top-tier athletic talent but is also making a significant impact through its sustainable initiative, “NFL Green.” As the world turns its attention to the game, let’s delve into the specific efforts and innovations that mark this year’s Super Bowl as a milestone in environmentally conscious sporting events.
Banks, Borrowers and Climate Change: How Disclosure of GHG Emissions Will Impact the Lending Process for Publicly Traded Corporations
The EI Group, in collaboration with Environmental Risk Innovations (ERI), recently launched a joint blog series which outlines the impact of the SEC’s proposed climate disclosure rule, which will require all publicly traded corporations, including banks, to disclose their direct and indirect GHG emissions. For manufacturers, carbon emissions are generally those resulting from the products they produce (direct), from the production of energy used in their production process (indirect) and their supply chain (indirect). For publicly traded banks, this concept is slightly more abstract.
As climate change becomes an increasing risk to financial stability—whether by natural disasters such as hurricanes, rising sea levels and wildfires, or to corporations from increased costs associated with transition to a lower-carbon economy—financial institutions are exploring ways to integrate this segment of risk management into their operations. This initiative is being driven by a standardized climate disclosure rule anticipated for release by the Securities and Exchange Commission (SEC) in early 2024.
Being environmentally friendly doesn’t always need to be a big life-changing decision. Here are some ways that you can be more environmentally friendly!
In 2026, the European Union (EU) will begin enforcing a new agreement that would ban misleading advertisements and provide consumers with better product information to curb greenwashing and early obsolescence of goods. Generic environmental claims such as “environmentally friendly,” “natural,” “biodegradable,” “climate neutral,” or “eco” will be banned unless the company can provide evidence of recognized “excellent environmental performance relevant to the claim.”
In a world struggling with environmental challenges, adopting a zero waste to landfill approach is a significant step towards a more sustainable future. The idea behind this concept is simple but powerful: minimize the waste you produce to the extent that nothing ends up in a landfill. While achieving zero waste might seem like an impossible goal, it is an essential endeavor that individuals, communities and businesses can work towards.
The current wildfires in Hawaii, like wildfires anywhere, have significant implications for climate sustainability. While Hawaii is known for its lush landscapes and tropical climate, it is not immune to the effects of climate change and the associated increase in the frequency and intensity of wildfires.
ISO 14001 is a widely recognized environmental management standard that provides a framework for organizations to manage and reduce their environmental impacts. By implementing ISO 14001, organizations can establish an environmental management system (EMS) to improve their sustainability performance. There are several ways that organizations can use ISO 14001 to drive sustainability.
Today, ISO certification is synonymous with quality. There are numerous benefits obtained through ISO certification, including technological, economic and social advantages. You can also improve the quality of your processes and products, better understand your business, enhance the consistency of your operations, reduce waste, save money and gain international recognition. Pursuit of ISO certification is becoming the norm among competitive business operations, especially those who target larger corporations to be an integral part of their supply chain.
In EI’s blog series on sustainability in business, the latest article, “Small and Medium-Sized Enterprise (SME) Involvement is the Key to Sustainability Success,” discussed the significant contribution of SMEs to carbon emissions via their supply chain for large corporations. When compared to the larger FORTUNE 1000 clients they support, one would logically assume that reducing carbon emissions for SMEs would be much simpler and more straightforward given their limited geographic footprint, shorter supply chains, reduced work-related travel and smaller office/workspaces to heat/cool and light.
We all want to do our part in protecting the planet from unnecessary waste, but sometimes that good intent can lead us to putting things we shouldn’t in our recycling bins. According to Republic Services, here are 5 things that don’t belong in your standard curbside bins: plastic bags, toys, clothing, disposable diapers, and yard debris.
It sure seems like every cause has its day. Just in October alone, there is National Get Funky Day, National Do Something Nice Day, National Taco Day, National Vodka Day, National Manufacturing Day…and the list goes on and on.
Well today, October 5th, 2022 is Energy Efficiency Day and it is a good reminder of the value of saving energy. The Energy Efficiency Day website’s tagline is “Save Money. Cut Pollution. Create Jobs.”
The headlines surrounding zero carbon emissions have been dominated by some of our largest brands, with the majority of recent progress coming from global corporations looking to reduce CO2 emissions and improve energy efficiency. Much of the initial emission reduction progress by large businesses is due to pressure they are facing from their shareholders and the general public. As a result, the majority of the support, guidelines and incentives available for the development of sustainable programs and for reporting emissions reduction, have been developed for large companies and do not cater to small and medium enterprises (SMEs).
The year was 1971. It was second ever Earth Day and it was spring, which meant baseball season. Fighting for the starting catcher job on my high school team, I was scheduled to start later on that afternoon. A couple of friends and I figured to celebrate Earth Day, we’d walk to school. Stopping at a friend’s house along the way, we reached the school campus an hour or two late. Of course, we had to sign in at the front office and receive a late pass, which required each teacher’s signature indicating we were in class; so, there was a record.
Happy Global Recycling Day! Today marks the 4th official recognized “Global Recycling Day.” Originally started in 2018; this day was chosen by Ranjit Baxi, President of the Bureau of International Recycling (BIR), to bring awareness to sustainability through recycling on a global scale. With a rise in the focus on climate change and the effects we all have on our environment; Mr. Baxi designated this day to encourage individuals and nations alike to view recyclable materials differently and promote immediate action.
Sustainability and ISO Management Systems: Are ISO Standards a Bunch of Hooey or a Helpful Sustainability Tool?
In recent years market drivers have played a more pivotal role in convincing management to embrace a corporate sustainable culture. In fact, even without new regulations or legal requirements, 90% of major US companies published a sustainability report in 2019, up from 20% in 2011. Sustainability has become a means of gaining market visibility and differentiation. This shift in business is about drivers in the marketplace and not regulation. Sustainability efforts at your facility may be driven by the requirements of multi-national companies with headquarters in Europe or possibly the requirements of customers within your global supply chain.
Once you have demonstrated to corporate management that sustainability is an investment and the program has potential to become an integral part of workplace culture, this traction can be used to secure a long term philosophical and financial commitment from corporate management.
Convincing employees and management to embrace corporate cultural change is certainly nothing new. One needs to look no farther than the successful business models which promote occupational safety, aimed at lowering workplace accidents! A successful occupational safety program requires a cultural change and encourages participation among the entire workforce. Just like safety, promoting a sustainable culture at work is simply good business and yields a significant, long-term ROI.
Once the workforce has been recruited for the challenge, your sustainability program is ready for the next step: building sustainability into your company’s brand! It is well documented that sustainability sells. 66% of all consumers indicate they would pay a premium for a product if it came from a sustainable brand, with 70% of millennials having a similar view. More significant, 90% of CEOs feel that sustainable brands are key to success in business.
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