Communicate magazine’s Post

In the wake of the Paris Agreement, there has been no shortage of lofty corporate climate targets. In the past year however, many have dropped or missed goals to cut emissions or loosen ties with polluting sectors. As companies struggle to meet targets and appetites for setting new ones wane, I spoke to industry experts to find out how the confusing alphabet soup of sustainability accounting standards is impacting measurement of emissions data. 📰 Subscribe to get the latest issue of Communicate magazine here: https://lnkd.in/e-3DBuPX #esg #climatechange #corporatereporting #data

Timely article from Kevin Dancey and María Mendiluce in HBR on GHG emissions reporting. No surprises that key takeaways include the need for collaboration between the finance and sustainability functions and the importance of data - identification and getting it into controlled, reporting systems and processes. Related, here is the link to a post from last year on CFO and CSO collaboration: https://lnkd.in/eV_3UQQN #esgreporting #betterfinance #cfo Marie-Laure Delarue Jeanne Boillet Nicolas Lecoq Dana Bober Matthew Bell Velislava Ivanova

I recently came across this insightful HBR article discussing the evolving emissions reporting landscape. https://lnkd.in/eJea-TqQ It underscores a pivotal point: collaboration is the name of the game, especially between finance/controllership and sustainability teams. The article rightly emphasizes the importance of "training financial and sustainability colleagues in data collection methods and evidence requirements." This is a crucial aspect in our journey towards transparent and accurate emissions reporting. We're living in an era where spreadsheets alone no longer suffice for annual emissions inventories. The scrutiny and audit processes are intensifying, demanding a more robust, data-driven approach. Let's recognize that sustainable practices are not just about corporate responsibility; they impact financial performance and long-term viability. Collaboration between different business units to improve and expand on the emissions reporting process isn't just beneficial for the business internally; it's essential for maintaining compliance of external disclosures. We can help today's enterprises push the boundaries of cross-functional collaboration to drive consistent results across the data collection, reporting and audit cycle. #ESG #Data #Sustainability #Compliance #Finance #Collaboration #EmissionsReporting #SustainableBusiness #Audit #Transparency #SustainableGrowth

Harvard business reviews are always an interesting read over my corn flakes. This article emphasizes the increasing importance of comprehensive greenhouse gas (GHG) emissions reporting, citing the lack of coordinated efforts among businesses. Only a small percentage of companies fully measure GHG emissions, including Scope 3 emissions related to their business and value chain. Mandatory reporting requirements are on the rise globally, with new standards from organizations like the International Sustainability Standards Board (ISSB) and the European Commission. Companies, especially smaller ones, face challenges in setting emissions reduction targets and key performance indicators (KPIs) due to data access limitations and insufficient reporting infrastructure. The article provides an eight-step roadmap for effective GHG reporting, emphasizing collaboration between finance and sustainability professionals. Key Points: Increasing Regulatory Pressure: The article highlights the imminent need for businesses to adopt robust GHG reporting systems due to the rise in mandatory reporting requirements, such as those from the ISSB and the European Commission. Challenges for Businesses: SME's, in particular, may struggle with GHG accounting and reporting, facing issues like data access limitations and insufficient internal reporting infrastructure. Finance's Crucial Role: The Chief Financial Officer (CFO) is identified as a key player in driving collaboration and breaking down data silos. The integration of GHG emissions data into existing financial processes is considered an efficient approach. Importance of Collaboration: Collaboration between finance, sustainability, and operational teams is emphasized for effective data collection, risk assessment, and setting KPIs and incentives to meet climate targets. Synthetic Data as a Solution: While not explicitly mentioned in the provided text, the challenges related to data access and reliability can be addressed, in part, by incorporating synthetic data. Synthetic data can fill gaps, facilitate analysis, and ensure compliance with reporting standards without compromising sensitive information. Continuous Improvement: The article stresses the need for continual improvement in data collection and reporting, with internal follow-ups and annual risk and materiality assessments. Highlight on Synthetic Data: In the context of GHG reporting, synthetic data can be a valuable tool to overcome challenges related to data access and reliability. It allows organizations to augment real data, ensuring completeness and accuracy in reporting while protecting sensitive information. By incorporating synthetic data into the GHG reporting framework, companies can enhance their ability to meet evolving standards and regulations in a cost-effective and efficient manner. #esginvesting #ghgemissions #netzerocarbon #esgreporting #riskandcompliance #issb #greenwashing https://lnkd.in/eHCkHgAD

Bloomberg’s ESG data has been selected for inclusion in The Green and Sustainable Finance Cross-Agency Steering Group’s GHG emissions and calculations tool. Explore our full ESG datasets that cover 15,000 companies in over 100 countries: https://bloom.bg/48oE2gn #ESG #SustainableFinance

Bloomberg’s ESG data has been selected for inclusion in The Green and Sustainable Finance Cross-Agency Steering Group’s GHG emissions and calculations tool. Explore our full ESG datasets that cover 15,000 companies in over 100 countries: https://bloom.bg/49MJGd7 #ESG #SustainableFinance

How to get started with new #esg reportings 📊 The new Harvard Business Review article "Demystifying emissions reporting" elaborates on the journey of implementing best practice #emission #reporting requirements in businesses. As 2024 approaches, compliance to GHG standards guided by this eight-step roadmap for investor-grade reporting can be an excellent starting point: 1️⃣ 𝗘𝗻𝘀𝘂𝗿𝗲 𝗮𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 #𝗖𝗙𝗢 2️⃣ 𝗛𝗮𝘃𝗲 𝗮 𝗷𝗼𝗶𝗻𝘁 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝗳𝗼𝗿 𝗥𝗶𝘀𝗸 𝗮𝗻𝗱 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝗶𝘁𝘆 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 3️⃣ 𝗔𝗱𝗱𝗿𝗲𝘀𝘀 𝗮𝘂𝗱𝗶𝘁-𝗿𝗲𝗮𝗱𝗶𝗻𝗲𝘀𝘀 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝘀𝘁𝗮𝗸𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 4️⃣ 𝗗𝗲𝘃𝗲𝗹𝗼𝗽 𝗮 𝗠𝗮𝗻𝘂𝗮𝗹 𝗳𝗼𝗿 𝗞𝗣𝗜 𝗼𝘄𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗿𝗲𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝗶𝗲𝘀 5️⃣ 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲 𝗘𝗦𝗚 𝗳𝗮𝗰𝘁𝗼𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝘀𝘆𝘀𝘁𝗲𝗺 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 6️⃣ 𝗧𝗿𝗮𝗶𝗻 𝗰𝗼𝗹𝗹𝗲𝗮𝗴𝘂𝗲𝘀' 𝗱𝗮𝘁𝗮 𝗰𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 7️⃣ 𝗜𝗻𝘁𝗲𝗴𝗿𝗮𝘁𝗲 𝗘𝗦𝗚 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗶𝗻 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗿𝗲𝘃𝗶𝗲𝘄 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀 8️⃣ 𝗦𝗵𝗮𝗿𝗲 𝗸𝗻𝗼𝘄𝗹𝗲𝗱𝗴𝗲 𝗳𝗼𝗿 𝗰𝗼𝗻𝘁𝗶𝗻𝘂𝗼𝘂𝘀 𝗶𝗺𝗽𝗿𝗼𝘃𝗲𝗺𝗲𝗻𝘁 By embracing new sustainability reporting mandates, businesses can find an opportunity for growth. The collaboration between finance and sustainability experts paves the way towards integration of measures into financial frameworks. #sustainability #nachhaltigkeit #logistics #supplychain #reporting #compliance #governance #csrd #esrs #supplychainlaw Tahira Fumo Helene Lundström Maria Alejandra Reyes Erik Sjöström https://lnkd.in/efz9qeGT

Financial leadership is evolving in crucial ways as we enter an era of mandatory greenhouse gas (GHG) emissions reporting. By working hand-in-hand with sustainability and operational teams, senior finance leaders can steer their organizations toward effective GHG reporting.   With finance and sustainability professionals working in tandem, organizations will be better able to set effective targets and develop credible decarbonization plans.   For anyone interested in learning more, I recommend this article from Harvard Business Review: https://lnkd.in/dyW58A-A.   Key takeaways: ✔️ Drive Collaboration: Finance leaders can unite teams and eliminate data silos by collaborating closely with sustainability and operational teams. This ensures that material GHG information is collected and shared across the organization. ✔️ Expand Financial Systems: Extending existing financial systems to collect sustainability data can be more efficient than adding new standalone systems. Collecting the GHG emissions data together with the financial data provides the most efficient way to ensure good quality data. ✔️ Training and Collaboration: Finance teams can facilitate collaboration by training sustainability colleagues in data collection methods and evidence requirements. ✔️ Continuous Improvement: Encourage knowledge sharing and internal follow-up for continual improvement in data collection and reporting.   #WeAreBakerHughes #BakerHughes #GHG #EmissionsReporting #CFO #Sustainability #GHGEmissions #FinancialReporting

Bloomberg’s ESG data has been selected for inclusion in The Green and Sustainable Finance Cross-Agency Steering Group’s GHG emissions and calculations tool. Explore our full ESG datasets that cover 15,000 companies in over 100 countries: https://bloom.bg/42NpoOp #ESG #SustainableFinance

Most companies and investors are neglecting value chain emissions, leading to significant unreported financial risks, according to Boston Consulting Group (BCG) and CDP. Despite #Scope3 emissions being 26 times higher than operational emissions, companies are twice as likely to measure #Scope1 and #Scope2 emissions — and they're 2.4 times more likely to set reduction targets for them. Mark (Moshe) Segal | ESG Today | https://lnkd.in/d4hziWc2 | #ESG