Month: January 2024

Originally published by TriplePundit

Global sustainability reporting is finally on the brink of unifying around a set of disclosure requirements for climate and other environmental, social and governance (ESG) issues. This is great news for business leaders who are choking on the alphabet soup of sustainability reporting standards. Yet being prepared to meet the harmonized reporting standards around the corner remains a challenge. Companies are well served to start preparing now rather than later.

More than 600 ESG reporting frameworks and standards are used around the world today. Among the most widely known and adopted are those from the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD).

The proliferation of standards has led to confusion as well as a significant amount of time, effort, and resources to gather the information and data that is shared in annual sustainability and financial reports. On top of that, individual investors often send out their own ESG data questionnaires to companies.

Preparing for regulatory disclosures

To add to the pressure, ESG reporting that has been largely voluntary will now be mandatory in many jurisdictions. The U.S., Canada, the European Union, Australia, Brazil, India, and others have either passed or indicated they will soon enact ESG-specific disclosure requirements for companies.

That includes the European Union’s Corporate Sustainability Reporting Directive (CSRD) which entered into force in January 2023 and requires all large companies and listed companies to disclose information on risks and opportunities arising from ESG issues. The final rules from the U.S. Securities and Exchange Commission (SEC) requiring companies to include certain climate-related disclosures in their reporting are now expected in spring of 2024.

Confusion and reporting for reporting’s sake

“The biggest downside of this situation has been the confusion,” Ted Dhillon, co-founder of the ESG reporting platform FigBytes, told TriplePundit. “The second biggest downside is: How do you standardize your reporting when you have so many different reporting requirements?”

Critically, time spent collecting data for reporting is time not spent on making actual progress toward sustainability goals. The reporting burden has become so overwhelming that the usually small sustainability teams at organizations spend most of their time gathering data, Dhillon said.

“I call sustainability officers ‘nag, bag and drag officers,’ because that’s essentially what I’ve seen them do over the years: Pick up the phone and try to get the data, and that takes up most of the year,” he said. “It is becoming a reporting exercise for reporting’s sake and not for making true improvements. In the larger scheme of things, this makes us lose focus on the bigger challenge: We have to get to net zero.” 


A welcome move toward harmonized sustainability reporting

Against this backdrop, many welcomed the finalized disclosure standards released by the International Sustainability Standards Board last year, a major step toward a standardized global framework for sustainability reporting. The ISSB Standards, effective from January 1, 2024, provide a comprehensive global baseline of sustainability disclosures that can be mandated and combined with other legislative requirements. The ISSB is part of the IFRS Foundation, which is responsible for writing global financial accounting rules.

Notably, the ISSB supports both regulatory and voluntary adoption, and it has ensured that there will be interoperability between SASB, GRI and the European CSRD. The ISSB Standards have also incorporated the recommendations of the TCFD, and the ISSB will take over monitoring the progress on companies’ climate-related disclosures from the TCFD from 2024.

This harmonization is welcome and needed, Dhillon said. “I think it’s critical to have consistency and comparability. Otherwise, organizations will report on what suits them best and hide information that shows them in a negative light. While too many competing frameworks lead to confusion, I think standards and disclosure requirements are absolutely critical for setting a global baseline of sustainability performance.”

From this vantage point, Dhillon applauded the ISSB’s effort to align the various standards and reduce complexity. “The ISSB was clearly the way to go in setting a uniform level playing field for reporting. But I think it will probably take another iteration or two before the ISSB Standards clearly get set as the overarching global standard.”

Preparation is the best prescription

Now, with reporting season upon them, many organizations are trying to understand the implications of the different sustainability reporting developments. They need to figure out if their current reporting strategy is sufficient or whether additional steps are needed to comply with regulatory standards and to meet the expectations of investors and other stakeholders.

Dhillon said the first step should be to consult guidance provided by the standard-setting organizations themselves. The ISSB website offers a wealth of information including answers to frequently asked questions. It is the same for the websites of the other frameworks that companies may be using.

“Companies who have been using other standards like GRI or SASB, or following the recommendations of the TCFD, won’t have such a heavy lift. They will have already started tracking their emissions across the different scopes of 1, 2 and 3 [categories of direct and indirect greenhouse gas emissions],” Dhillon said. “But in light of the new reporting developments, they will need to take a step back and say, ‘Do we do another materiality exercise or at least a scoping exercise to figure out what we missed?’”

You have to start somewhere

For companies that have not yet made much progress on sustainability reporting, Dhillon advised that the global disclosure system CDP is a good place to start, as well as the Greenhouse Gas (GHG) Protocol which offers tools that help with systematic collection of data.

Over time, legislative and mandatory ESG requirements will likely take center stage and “voluntary reporting will just fade away,” Dhillon predicted. “I think the future will be companies reporting probably once, or maybe twice in Europe,” he said. “When organizations file a report to meet the CSRD requirements, for example, they won’t need to report again to any other framework. There will no longer be a need for multiple reports, and I think that’s the ideal situation for any company globally. Once you’ve filed to meet the CSRD or SEC requirements, you’re done and you can focus on your sustainability work.”

This should be welcomed by most companies, and Dhillon believes it will be — “aside from some organizations that don’t want to put their information out there, but they are outliers.”

Taking the alphabet soup of competing frameworks off the menu means companies can focus on the main course: making improvements to their ESG performance overall, he added. And he advised companies not to show up late for that meal.

“The time is now to learn as much as you can, put the systems in place and get started. There’s never going to be a perfect situation,” Dhillon said. “Even if it’s just a scoping exercise at the bare minimum, you’ll be in a far better position. At the end of the day, you want to create a mindset shift, because this is a change management issue for organizations. If organizations get started today understanding where their gaps are, they will be ready to meet whatever comes.”

This article series is sponsored by FigBytes and produced by the TriplePundit editorial team.

Originally published on U.S. Bank company blog

2024 is the Year of the Dragon – the Wood Dragon, to be precise. This year the two-week-long Chinese New Year holiday begins on February 10, 2024, and U.S. Bank is celebrating across its footprint with employees, clients and communities.

“Lunar New Year is such an important celebration, and we are recognizing it in a number of different ways,” said Sekou Kaalund, executive vice president, head of branch banking for U.S. Bank. “The Year of the Dragon symbolizes power, nobleness, honor, luck and success. We are excited this year to offer our red envelopes and customized calendars in our branches, as well as support various community celebrations. Happy Lunar New Year!”

This year, U.S. Bank has created several opportunities for everyone to celebrate the Year of the Dragon, including:  

Digital Red Envelopes: Gifting a red envelope with lucky money is a hallmark of Lunar New Year. Whether family and friends are across the street or across the country, Zelle® in the U.S. Bank Mobile App makes it safe and easy to continue this tradition with those you know and trust by sending one of our exclusive Lunar New Year e-card designs. Best of all, Zelle® is free for U.S. Bank clients.2024 Calendars and U.S. Bank Red Envelopes: Visit select local branches to pick up an exclusive 2024 Year of the Dragon wall calendar and red envelopes with the theme of “soaring into action.” Supplies are limited and available at select locations. The calendar artwork is available as wallpaper for digital devices and can be downloaded at usbank.com/yearofthedragon (in English).Financial Guidance: To help everyone plan for a prosperous year, U.S. Bank offers in-person and digital services including cobrowsing (in English) live with a banker and appointment scheduling (in English).Community Partnerships: In addition to celebrating with clients, U.S. Bank partners with community organizations across the country and is proud to support community events, festivals and parades celebrating Lunar New Year, including:Jan. 27-28: Lunar New Year Festival (Monterey Park, California)Feb. 18: Lunar New Year Parade & Festival (Chicago)Feb. 18: Alhambra Lunar New Year Festival (Alhambra, California)Feb. 24: Lunar New Year Celebration (Seattle)Feb. 24-25: Chinese New Year Festival and Parade (San Francisco)

U.S. Bank will also be giving away donuts from California Donuts at designated branch locations in Southern California on February 9, 2024, while supplies last. Those locations include:

Arcadia (1400 S. Baldwin Ave., Arcadia, California)Alhambra (2400 W. Commonwealth Ave., Alhambra, California)City of Industry (17501 Colima Rd. STE A, City of Industry, California)Hacienda Heights (2040 S. Hacienda Blvd., Hacienda Heights, California)San Gabriel (401 E. Valley Blvd., San Gabriel, California)San Marino (2300 Huntington Dr., San Marino, California)

Additionally, U.S. Bank clients can receive a free donut from California Donuts Bakery in Los Angeles on February 9, 2024, while supplies last.

U.S. Bank has a long history of supporting Asian customers and communities through partnerships and grant efforts with the Chinatown Community Development Corporation in San Francisco, Pacific Asian Consortium in Employment in Los Angeles, Asian Business Association Inland Empire and San Diego chapters, Chinese American Service League in Chicago and the Las Vegas Asian Chamber of Commerce. 

Visit usbank.com/lunarnewyear (in English) for more information.

About U.S. Bank 
U.S. Bancorp, with approximately 75,000 employees and $668 billion in assets as of September 30, 2023, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2023 World’s Most Ethical Companies and Fortune’s most admired superregional bank. To learn more, please visit the U.S. Bancorp website at usbank.com and click on “About Us.”

To send and receive money in minutes with Zelle®, you must have an eligible U.S. bank account and have a U.S. mobile number registered in your online and mobile banking profile for at least three calendar days. Transactions between enrolled consumers typically occur in minutes. Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. Some services may only be available in English.

Deposit products offered by U.S. Bank National Association. Member FDIC.

Originally published on Black & Veatch Insights

By Phil Fischer, Black & Veatch

Data centers are a critical part of modern business operations, and their importance is only growing as more data is generated and artificial intelligence (AI) puts added pressure on capacities. Many older data centers are struggling to keep up with the demands of modern technology, creating a need for modernization and adaptive re-use. Access to power and fiber, environmental concerns and permitting requirements are making greenfield builds on new sites ever-more challenging.

In addition, increased speed of development and aggressive schedules have become standard expectations in the data center industry. As a shortcut to increasing capacities and expanding data center footprints, developers and owners can leverage existing infrastructure by modernizing legacy data centers or repurposing brownfield sites and buildings. The process for modernization and adaptive re-use begins with thorough planning and due diligence and continues through program management, architecture and engineering, and construction.

An end-to-end data center assessment provides relevant information on the current state of the facilities and an evaluation of potential risks and improvement options. The journey towards data center modernization includes several key steps:

Stakeholder interviews to capture goals and initiativesCurrent infrastructure and facility assessment to decide which meet capacity, performance, utility and capital objectivesCapability and capacity studies relating to space, power and cooling systemsSystem reliability and maintainability reportingIdentifying short- and long-term deficienciesAssessment of owner identified IT growth on facility infrastructureConsideration of Best Practices to improve efficiency and operationsEvaluation of options and recommended solutionsPrioritization and schedule of expendituresRemediation through infrastructure upgrades, energy and water use or maintenance proceduresIT migration or outsourcing strategy including provider evaluation and associated change management.

One key tool that can be used during the modernization process is Computational Fluid Dynamics (CFD). By using CFD, facilities can identify, analyze and solve problems before they even occur. CFD provides several benefits, including driving design excellence and evaluating operational alternatives to optimize designs, reduce maintenance costs and mitigate risks. It also increases efficiencies by allowing design assessment early in the process and testing in a virtual environment, saving time and money that would otherwise be spent on physical testing and prototyping.

Overall, adaptive re-use and modernization can help data center developers and owners access existing infrastructure while also transforming legacy and brownfield buildings into resilient, robust facilities that are prepared for future data demand and growth. With the right expertise and tools, data centers can continue to be a critical part of modern business operations for years to come.

Author:

Phil Fischer has more than 25 years in the distributed generation and data center industry with leading infrastructure providers NEC Energy Solutions, American Power Conversion (APC), Schneider Electric, Eaton and most recently Nidec Industrial Solutions. As director of business development for Black & Veatch’s data center and commercial segment, he is the client executive to hyper scale, collocation, commercial and other mission critical entities globally. He brings a thorough, holistic understanding of interdependent electrical systems in today’s evolving energy ecosystem including energy storage, backup power, renewable energy and distributed generation solutions for behind the meter, front of the meter, and microgrid applications.

Learn More about how to future-proof your data center

Data center owners and developers are setting environmental, social and governance (ESG) goals to actively protect the environment and mitigate climate change impacts. Built-in design benefits prioritize energy, water and resource efficiency, cut operational costs, slash carbon footprints and speed corporate decarbonization. Stay ahead of the net-zero curve by planning and designing sustainable infrastructure for a future-ready data center.

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Franklin Templeton employees show their generosity and compassion all year long. This year, the firm’s global volunteer program, Involved, introduced Involved HOLIDAYS, a special volunteer campaign building upon the momentum of June’s Impact Days to extend the spirit of giving beyond that month and make an impact during the holiday season. It is the perfect time to come together as a team and a extend hand to those in need.

Here are a few projects from company offices around the globe.

Baltimore 

On December 12, Involved Baltimore kicked off the holiday season with a gift drive and wrapping event to support the Art Baltimore, a nonprofit supporting people with developmental disabilities in leading fulfilling lives with a sense of belonging, purpose and meaningful relationships.

Edinburgh 

On December 7, Edinburgh employees volunteered at the Edinburgh Children’s Hospital Charity annual Christmas event. The “All Wrapped Up” event started the season of holiday festivities with a carol concert featuring young performers, all of whom have participated in the activities that the Edinburgh Children’s Hospital Charity has provided in the hospital and health care settings in the community.

Fort Lauderdale 

Keeping with an annual tradition, on November 15, employees in Fort Lauderdale gathered for a Thanksgiving potluck lunch. Employees did not just eat but also gave back through a simultaneous food collection drive to benefit the Pantry of Broward. They collected 300 pounds of food.

Hyderabad

Employees in Hyderabad hosted a gift drive for children followed by a visit to the Basavatarakam Cancer Hospital on December 23, where volunteers distributed gifts to young patients undergoing cancer treatment.

New York

On December 6, the NYC office hosted its annual Storefront Academy holiday event. The school’s first graders visited the office for breakfast followed by singing carols and receiving presents from Santa Claus. Employees donated gifts to help fulfill the wishes of Storefront Academy’s economically disadvantaged families across its South Bronx and Harlem campuses.

On December 14, employees in New York joined Rise Against Hunger for its meal packaging program, a volunteer-based initiative that coordinates assembly-line packaging of highly nutritious dehydrated meals made up of rice, soy vegetables and essential vitamins and minerals. These packaged meals are used primarily to support school food programs in developing countries.

Poznan

The Crafts for Charity initiative supported surgery funding for Basia, a Poznan colleague’s daughter. Through December, volunteers crafted and donated handmade items to a charity shop for employees to purchase. All proceeds from the event went to fund Basia’s account at the Fundacja “Sloneczko” nonprofit supporting individuals with disabilities in obtaining the funds needed for treatment, rehabilitation and orthopedic equipment.

Between November 7 and 28, Poznan employees hosted a Share the Warmth holiday drive to support Albertynki Poznań and Caritas Charity Kitchen by donating the most-needed items for people experiencing homelessness. Employees contributed financially, volunteered to sort and pack donated items, helped transport the packages to the Albertine Sisters and cooked and served cakes and food to clients of the Caritas Kitchen.

San Mateo

On December 6, colleagues in San Mateo joined for a fun, holiday-themed event and partnered with local charity LifeMoves to create and pack more than 100 client care packages to benefit unhoused members of the community.

On December 12, Involved volunteers attended LifeMoves Vendome’s holiday party and helped serve food, engaged with clients, facilitated games and music and helped clean up after the event.

Through December, Franklin Templeton and Family Giving Tree partnered again to fulfill holiday wishes of those in need. For 31 consecutive years, employees have donated gifts through the organization to help brighten the lives of those less fortunate.

Short Hills

The Short Hills Involved team kicked off the holiday season with a toy drive to support two worthy organizations. Girls; Live, Love, Laugh Inc. focuses on building leadership skills, developing self-esteem, acquiring college readiness skills and teaching the importance of civic engagement in the community. Chosen Generation Ministries is a nondenominational church that celebrates diversity and is a home for healing and restoring lives.

Soldiers’ Angels Stocking Stuffer Events

On November 14 and 15, employees in Stamford, St. Petersburg and Rancho Cordova joined in person to help the Veterans business resource group and Involved sort items, fill holiday stockings and write cards to send to deployed troops and veterans currently staying at Veterans Affairs hospitals. Over 400 stockings were donated across the participating offices.

Wreaths Across America

Every December, Wreaths Across America coordinates wreath-laying ceremonies at Arlington National Cemetery and more than 2,100 other locations across all 50 US states, at sea and abroad. On December 16, Franklin Templeton volunteers helped Arlington National Cemetery to remember and honor veterans by laying remembrance wreaths on the graves of the country’s fallen heroes.

About Franklin Templeton

Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and approximately $1.5 trillion in assets under management as of December 31, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.