PHILADELPHIA, Jan. 18, 2024 /PRNewswire/ — On behalf of The Buyer & Seller, Agent PHL has formally announced the sale and settlement of 2507 Almond Street in Philadelphia, Pennsylvania. The Fishtown-area site will provide a brand-new apartment building in a thriving Philly submarket…
Month: January 2024
Intero Digital Welcomes New Chief Revenue Officer, Chief Human Resources Officer, and Director of Artificial Intelligence Enablement COLORADO SPRINGS, Colo., Jan. 18, 2024 /PRNewswire/ — Intero Digital is thrilled to welcome Ellen Corrigan, Mark Schell, and Scott Lowenstein to fuel its…
Planning the year ahead for ESG reporting, disclosures, and events can be a challenging undertaking. There are countless events and submission deadlines to track, several of which have limited timeframes each year for participation, and the dates are not always easy to track down. Nasdaq’s dedicated ESG team therefore compiled the calendar below as a resource to assist you in organizing and resourcing your 2024 ESG plans. Presented in a quarterly format, the calendar identifies key reporting deadlines and release dates for ESG frameworks, standards, rating and ranking questionnaires, and assessments, as well as important ESG events and conferences where our Nasdaq team can connect with you live.
How to Plan Your ESG Year Ahead
While this calendar reflects the most widely known ESG reporting organizations and events, it will continue to evolve as a reflection of the evolving ESG landscape. With ever more ESG reporting frameworks, ratings, and events, it is important to identify and prioritize those most impactful to your ESG program, as resourcing all of these is unrealistic for most organizations. In evaluating which ratings and rankings in which to participate, for example, identify those most critical to your shareholders and other stakeholders, including employees and customers, and to your brand. Consider opportunities for feedback and benchmarking against your peers. Should you need support with this assessment, our Nasdaq ESG Advisory team is standing by to help you make the most of your ESG disclosures.
Once you have identified your priorities for the year, ensure you have the right resources and partners in place to help you achieve your goals. For example, while reporting to the Carbon Disclosure Project (CDP) begins in April, it is essential to have the right technology solution in place for your emissions calculations well in advance of that window. Connecting with our Nasdaq ESG Solutions team will help you understand and begin the data collection and assessment processes needed for your CDP response. Similarly, the Dow Jones Sustainability Index Corporate Sustainability Assessment (CSA) deadline for participation is typically early to mid-summer. Engaging our team and the Nasdaq Metrio platform will ensure you can begin to understand the requirements of the survey and find the right data points and subject matter experts across your organization in preparation for your submission. Once you are ready to participate, Nasdaq Metrio, our end-to-end sustainability reporting platform, can also streamline the transfer of your data to many of the reporting and rating organizations to minimize duplicative data entry and ensure the accuracy of your responses.
Additional detail on timing may become available and new events may be added, so bookmark this link to leverage our team’s ESG updates throughout 2024.
SEE® (formerly Sealed Air) was recognized by the World Packaging Association with a 2024 WorldStar Packaging Award in the food category for its CRYOVAC® brand Darfresh® mono-PET rollstock.
The WorldStar competition recognizes advanced packaging design and technology and is the preeminent international packaging industry award. The 2024 edition attracted 435 entries from 41 countries.
Developed for JBS Foods Australia to keep the company’s Swift brand lamb cutlets fresh using packaging that’s recyclable by the consumer, SEE’s CRYOVAC® brand Darfresh® mono-PET rollstock leverages specially formulated high-barrier top and bottom webs to create a vacuum skin that fits around the product, leading to less waste across the supply chain.
The tamper-evident clear pack, which allows consumers to see both sides of the product, is designed to prevent physical and microbial spoilage and deliver an extended fresh-chilled shelf life of 18 days. The lid film is designed for recycling.
JBS Foods’ switch to SEE’s CRYOVAC® brand Darfresh® mono-PET has enabled the recovery of more than 60,000kg of packaging through council curbside collection programs in Australia. SEE’s optimization of the pack design has resulted in reduced plastic consumption of 5,000kg per annum.
In addition to the 2024 WorldStar award, CRYOVAC® brand Darfresh® mono-PET rollstock for JBS Swift brand lamb cutlets earned gold in the food packaging category and silver in the sustainable packaging category at the 2023 Australasian Packaging Innovation & Design Awards. Only packages that have already received a national or regional packaging award during the last two years from a competition recognized by the World Packaging Association are eligible for WorldStar Awards.
HORSHAM, Pa., January 18, 2024 /3BL/ – Sofidel, a leading global provider of paper products, earned two Recycled Content Certifications from GreenCircle Certified. Sofidel’s Poly Bundle and Poly Inner packaging both received the Recycled Content Certification. The Poly Bundle and Poly Inner packaging is available for professional, consumer and private label Sofidel paper products.
“GreenCircle Certified is a reliable third-party certification that utilizes thorough assessments and verification to back up sustainability claims,” said Franco DiFelice, Product Office and Innovation Director, Sofidel America. “Labels like this further prove to customers that we’re first and foremost committed to environmental protection in our manufacturing.”
The Recycled Content Certification recognizes products comprised of post-consumer material used as raw material in the manufacturing process. This has been reflected in Sofidel’s reduction of plastic film used during production processes and through the Group’s recently earned Climate Pledge Friendly badge from Amazon.
“This certification recognizes Sofidel’s commitment to sustainability and environmentally responsible solutions,” added DiFelice.
To learn more about Sofidel’s commitment to sustainability and its range of responsibly sourced products, visit sofidel.com.
About The Sofidel Group
The Sofidel Group, a privately held company, is a world leader in the manufacture of paper for hygienic and domestic use. Founded in 1966, the Group has subsidiaries in 13 countries – Italy, Spain, the UK, France, Belgium, Germany, Sweden, Poland, Hungary, Greece, Romania, and the USA – with more than 6,800 employees. A member of the UN Global Compact, the Sofidel Group considers sustainability a strategic imperative and is committed to promoting sustainable development. For more information, visit www.sofidel.com.
Media Contact:
Christina Alvarez
Mulberry Marketing Communications
January 18, 2024 /3BL/ – Trane Technologies, a global climate innovator, is proud to be partnering with Dublin City University (DCU) in their innovative Accesseducation program, which provides financial support, internships and mentoring opportunities for students affected by economic and social adversity.
For over 30 years, DCU has delivered Ireland’s original and largest university Access Program, enabling more than 1,000 students each year from socio-economically disadvantaged backgrounds to pursue their dream of third level education. The program helps raise awareness of higher education opportunities within disadvantaged communities and offers tailored support to students in accessing them.
Under the terms of the partnership, Trane Technologies has agreed to financially contribute to the Access Program over a four-year period, supporting the provision of scholarships as part of a comprehensive package of financial, academic, personal, and professional supports offered to students enrolled in the program. In addition to this, the company will also offer summer internships, and will provide volunteer mentors for the students.
Investing in great potential
Deidra Parrish Williams, Director of Citizenship and Community Engagement for Trane Technologies said, “our company’s corporate citizen strategy, Sustainable Futures, perfectly aligns with DCU’s Access Program, supporting a new generation of learners who have the potential to transform their lives, and our world. Our vision is to uplift under-represented groups in our community by giving them access to Science, Technology, Engineering and Mathematics (STEM) education and other sustainability-focused careers. What we choose to invest in today, can help to ensure that everyone has the opportunity to not just dream big, but to live out those dreams in the tomorrows yet to come.”
Cathy McLoughlin, Head of DCU Access Service added, “the work of the Access Program begins early, through an outreach program that engages with 25 linked post-primary schools in north Dublin communities, to raise student aspirations and awareness of higher education. DCU reserves 10% of all places in our undergraduate courses for Access students, who also receive a comprehensive package of post-entry personal, financial and academic support. We have also developed an additional program called DCU Access to the Workplace that aims to enhance the employability and career prospects of these students by providing them with summer internships, hosted by some of Ireland’s leading companies who also partner with us in providing financial support for our Access scholarship program.”
###
About Trane Technologies
Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes, and transportation. For more on Trane Technologies, visit www.tranetechnologies.com.
About Dublin City University (DCU)
DCU is proud to be one of the world’s leading Young Universities, with a mission to transform lives and societies. Through education, research and innovation, we are focused on delivering real impact, and addressing global challenges in collaboration with our partners and stakeholders. For more information, visit www.dcu.ie.
Originally published on bloomberg.com
Green finance regulatory developments
The 2023 United Nations Climate Change Conference (COP28) galvanized the energy around the global green finance agenda, setting the stage for a busy 2024 of green-related rulemaking and policy guidance for the financial services sector. The following developments from the past month in green finance stand out:
Singapore: MAS finalizes transition finance taxonomyEU: Lawmakers agrees new corporate sustainability due diligence rulesUK: FCA confirms sustainability disclosure and labeling regimeUS: CFTC issues proposed guidance regarding the listing of voluntary carbon credit derivative contractsInternational: ICMA and IRSG launch voluntary code of conduct for ESG ratings and data product providersSwitzerland: FINMA welcomes NGFS recommendationsAustralia: Treasury launches green bond frameworkUS: FSOC discusses climate risks in 2023 Annual ReportAustralia: Sustainable Finance Institute makes progress on sustainable finance taxonomyHong Kong: HKMA announces it will soon launch green classification frameworkEU: ESAs draft amendments to SFDR technical rulesSingapore: MAS finalizes code of conduct for providers of ESG ratings and data productsInternational: IOSCO consults on Voluntary Carbon Markets (VCMs) and issues report on supervisory practices to address greenwashingEU: Member States and Parliament agree on respective negotiating mandates for ESG ratingsEU: Platform on Sustainable Finance consults on EU taxonomy-aligned benchmarksInternational: Basel Committee issues consultation on disclosure of climate related financial risksInternational: Proof of Concept for Net-Zero Data Public Utility launched at COP28
MAS launches world’s first multi-sector transition taxonomy
MAS launched the Singapore-Asia Taxonomy for Sustainable Finance (Singapore-Asia Taxonomy) setting out detailed thresholds and criteria for defining green and transition activities that contribute to climate change mitigation across eight focus sectors.
Focus on transition: The Singapore-Asia Taxonomy is the first taxonomy globally to pioneer the concept of a “transition” category in recognition of the need to properly contextualize “transition” for the Asian region. Transition activities are comprehensively defined through two new approaches:
A traffic light system that defines green, transition and ineligible activities across the eight focus sectors. “Transition” refers to activities that do not meet the green thresholds now but are on a pathway to net zero or contributing to net zero outcomes. To signal the importance of progression towards a 1.5 degree celsius (1.5°C) aligned outcome, transition thresholds do not last indefinitely and have a sunset dateA “measures-based approach” that seeks to encourage capital investments into decarbonisation measures or processes that will help reduce the emissions intensity of activities and enable the activities to meet the green criteria over time
Enhancing interoperability: To align with global taxonomies, MAS has commenced an exercise to map the Singapore-Asia Taxonomy to the International Platform for Sustainable Finance (IPSF)’s Common Ground Taxonomy (CGT). Financial institutions and market participants will be able to refer to a common set of definitions under the CGT to facilitate sustainable development in markets covered by the CGT.
EU agrees new corporate sustainability due diligence rules
EU negotiators reached a political agreement on the corporate sustainability due diligence directive (CSDDD).
Who will this apply to? The CSDDD will apply to EU companies with more than 500 employees and a net worldwide turnover of € 150 million. Non-EU companies will be included in the scope if they generate a €150 million net turnover in the EU, three years from the entry into force of the directive.
The new rules in detail: The CSDDD imposes mandatory obligations for EU and non-EU companies operating in the union to conduct due diligence within their own operations and across their global value chains with a view to identifying, preventing, mitigating and, where necessary, terminating adverse impacts on human rights and the environment. Financial services will only need to conduct due diligence within their own operations. Companies will need to meet a number of obligations to comply with the directive, namely:
Adopt and put into effect a transition plan for climate change mitigationIntegrate due diligence into their policies and risk management systemsMaintain a complaints mechanism and seek contractual assurances from business partners and employees
Non-compliant behavior will be punishable with fines based on companies’ turnover, with a minimum penalty of 5% of net turnover.
Next steps: The new rules will have to be formally endorsed by the EU Parliament and Member States in the coming months before publication in the EU Official Journal. EU Member States will have two years to transpose the directive into national law.
FCA confirms sustainability disclosure and labeling regime
The Financial Conduct Authority (FCA) has issued a policy statement setting out its final rules and guidance on Sustainability Disclosure Requirements (SDR) and investment labels.
The measures in sum: The package of measures is intended to improve trust and transparency in the market for sustainable investment products and minimize greenwashing. The FCA will introduce:
An anti-greenwashing rule for all authorized firms to make sure sustainability-related claims are fair, clear and not misleadingProduct labels to help investors understand what their money is being used for, based on objective sustainability goals and criteriaNaming and marketing requirements so that products cannot be described as having a positive impact on sustainability when they do not
Accompanying consultation: In parallel, the FCA has published its consultation on expectations for FCA-authorized firms making claims about the sustainability of a product or a service. The proposed guidance is designed to help firms better understand the FCA’s expectations under the anti-greenwashing rule and other associated requirements. Comments are due by January 26, 2024.
Next steps: The anti-greenwashing rule will come into effect from May 31, 2024. Firms can use the investment labels from July 31, 2024. The naming and marketing rules for asset managers come into effect from December 2, 2024.
CFTC issues proposed guidance regarding the listing of voluntary carbon credit derivative contracts
The US CFTC has approved a proposed guidance and request for public comment regarding the listing for trading of voluntary carbon credit derivative contracts.
The details: The proposed guidance outlines certain factors a CFTC-regulated exchange, or designated contract market (DCM), should consider when addressing requirements of the Commodity Exchange Act (CEA) and CFTC regulations that are relevant to the contract design and listing process.
Important context: This follows two voluntary carbon market convenings where the CFTC brought together industry participants and heard about problems in the voluntary carbon markets and the lack of standardization to address the integrity of voluntary carbon credits.
Deadline for comments: The comment period will end on February 16, 2024.
FCA welcomes the launch of industry code of conduct for ESG ratings and data products providers
The International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG) have launched a voluntary code of conduct for Environmental, Social and Governance (ESG) ratings and data products providers.
For background: In 2022, the FCA appointed the International Capital Market Association (ICMA) and the International Regulatory Strategy Group (IRSG) to convene an industry group to develop a globally consistent voluntary code for those providing the third-party data and ratings increasingly relied upon by the market. The FCA, the Treasury and other national and international financial regulators acted as observers as the code was agreed.
The code in summary: In line with IOSCO’s recommendations, the code focuses on:
Promoting transparency, good governance, management of conflicts of interest, and strengthening systems and controls in the sectorPlaying a key role in increasing transparency and trust in the ESG data and ratings marketProviding a benchmark for any providers that fall outside the scope of potential future regulation
Looking ahead: The implementation period for ESG ratings providers is six months and the implementation period for ESG data products providers is twelve months. Providers are encouraged to sign up to the Code by publishing their Annual Statement of Application and informing ICMA.
FINMA implements NGFS recommendations
The Swiss Financial Market Supervisory Authority (FINMA) is taking various measures to implement the relevant recommendations of the Network for Greening the Financial System.
On FINMA’s agenda: FISMA’s agenda includes the following key initiatives:
Drafting a new FINMA circular on nature-related financial risks, which will apply to banks and insurance companiesIn 2024, FINMA will also review whether a revision of the current FINMA disclosure requirements is necessary due to the many developments in the area of climate and sustainability reportingFINMA will also conduct a data collection exercise for climate risk covering various features and transmission channels of climate risks. The data collection will be carried out for the first time in 2024 and only at larger institutions (supervisory categories 1 to 3)
Australian Treasury launches green bond framework
The Australian Office of Financial Management and federal Treasury issued Australia’s Green Bond Framework.
In detail: The Green Bond Framework sets out the Australian Government’s key climate change and environmental priorities and outlines how green bonds will be used to finance eligible green expenditures. This includes the basis for identifying, selecting, managing, and reporting on expenditures financed with green bonds. The program will enable investors to back public projects that drive Australia’s net zero transformation and support environmental objectives.
Next steps: The first issue of green bonds is expected to occur in mid-2024.
FSOC discusses climate risks in 2023 Annual Report
On climate-related financial risk, the Financial Stability Oversight Committee (FSOC) noted more severe and frequent climate-related events are imposing significant costs on the public and the economy, with economic costs from climate change expected to grow.
The details: FSOC and its member agencies have significantly increased their capacity to evaluate and address climate-related financial risks. FSOC’s Climate-related Financial Risk Committee (CFRC) is developing a framework to identify and assess these risks, and the FSOC recommends enhanced coordination of data and risk assessment through the CFRC. FSOC also recommends state and federal agencies continue to coordinate to identify, prioritize, and procure data necessary for monitoring climate-related financial risks. At the same time, financial regulators should continue to promote consistent, comparable, and decision-useful disclosures that allow investors and financial institutions to consider climate-related financial risks in their investment and lending decisions.
Australia makes progress on sustainable finance taxonomy
The Australian Sustainable Finance Institute (ASFI) published two methodology papers as a further step towards the development of Australia’s sustainable finance taxonomy.
The papers in sum: The reports outline the key methodological design features of the Australian sustainable finance taxonomy. These features, which have been endorsed by the Taxonomy Technical Expert Group, form the basis on which the Australian taxonomy’s technical screening and further qualifying criteria will be developed over the next twelve months.
The first paper sets out the definitions of “green” and “transition”, in addition to how sectors and activities will be assessed as eligible or not for inclusion in the taxonomy under one of those two labelsThe second paper clarifies the process for determining the other environmental objectives and social considerations in the taxonomy
Consultation ahead: The public consultation for defining the draft criteria under Australia’s taxonomy will begin in late March 2024 and run for six months.
HKMA due to launch Hong Kong’s green classification framework
HKMA announced that it would very soon release the first version of Hong Kong’s green classification framework.
The background: In May 2023, the HKMA released a discussion paper and prototype of a green classification framework setting out its thinking.
What to expect: Hong Kong’s green classification framework will help banks and other financial institutions identify environmentally sustainable activities, and then align their business decisions with global climate goals to support the transition to a low-carbon future. Furthermore, HKMA expects that it will continue to expand the sectors and activities covered under the framework such as to include transition activities.
ESAs draft amendments to SFDR technical rules
The ESAs published their draft amendments to the technical rules under the Sustainable Finance Disclosure Regulation (SFDR).
In detail: The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their Final Report amending the draft Regulatory Technical Standards (RTS) to the Delegated Regulation supplementing the Sustainable Finance Disclosure Regulation (SFDR). The ESAs propose adding new social indicators and streamlining the framework for the disclosure of principal adverse impacts of investment decisions on the environment and society.
Additionally, the ESAs propose the following technical revisions to the SFDR Delegated Regulation:
Improvements to the disclosures on how sustainable investments “Do No Significant Harm” (DNSH) to the environment and societySimplification of the pre-contractual and periodic disclosure templates for financial productsOther technical adjustments concerning, among others, the treatment of derivatives, the calculation of sustainable investments, and provisions for financial products with underlying investment options
Next steps: The EU Commission will study the draft RTS and decide whether to endorse them within three months.
MAS finalizes Code of Conduct for providers of ESG rating and data products
The Monetary Authority of Singapore (MAS) published its finalized Code of Conduct for ESG Rating and Data Product Providers (“CoC”).
In detail: The CoC aims to establish baseline industry standards for transparency in methodologies and data sources, governance, and management of conflicts of interest that may compromise the reliability and independence of the products. It builds upon the IOSCO recommendations for good practices for such providers.
The following actions are encouraged:
Providers’ self-attestation on the checklist should, where feasible, undergo third party assurance or auditProviders should disclose their adoption of the CoC and publish their completed checklist within 12 months of publication of the CoC
Going forward: MAS will continue to monitor developments in the industry and the global regulatory landscape when considering any further enhancements to the regulatory regime for such providers.
IOSCO publishes Consultation on Voluntary Carbon Markets (VCMs) and report on supervisory practices to address greenwashing
IOSCO has launched a public consultation outlining a set of Good Practices to promote the integrity and orderly functioning of the Voluntary Carbon Markets (VCMs), as well as a final report on supervisory practices to address greenwashing.
The consultation in detail: IOSCO put forward 21 non-binding good practices that relevant regulators and other authorities or market participants could consider in addressing vulnerabilities in VCMs and enhancing financial integrity. The good practices related to regulatory frameworks, primary market issuance, secondary market trading, and use and disclosure of use of carbon credits. The deadline for comments on the consultation report is March 3, 2024.
The report in detail: The report provides an overview of initiatives undertaken in various jurisdictions to address greenwashing, in line with IOSCO recommendations published in November 2021 and the subsequent call for action in November 2022.
The report presents potential challenges that could hinder the implementation of these recommendations, including data gaps, transparency, quality, and reliability of ESG ratings, consistency in labeling and classification of sustainability-related products, evolving regulatory approaches, and capacity building needsIOSCO finds that while some of these challenges are currently being addressed, greenwashing remains a fundamental market conduct concern that poses risks to both investor protection and market integrity
Member states and parliament agree on respective negotiating mandates for ESG ratings
On December 20, 2023 the council’s member states reached an agreement on its negotiating mandate on a proposal for a regulation on environmental, social and governance (ESG) ratings. Earlier this month, Members of the European Parliament (MEPs) in the Committee on Economic and Monetary Affairs (ECON) voted to adopt their position on ESG ratings.
The council’s position in detail: The council clarified the circumstances under which ESG ratings fall under the scope of the regulation, providing further details on the applicable exemptions. The member states make the following amendments:
The council clarifies the territorial scope of the regulation, outlining what constitutes operating in the EU, and provides further clarification on the applicable provisions under the endorsement regimeThe council also introduces a lighter, temporary and optional registration regime of three years for existing small ESG rating providers and new small markets entrantsFinally, the council introduces the possibility for ESG ratings providers to not have a separate legal entity for certain activities, provided that there is a clear distinction between activities and that they put in place measures to avoid conflicts of interests
The parliament’s position in detail: Members of the ECON Committee voted to approve a number of significant changes to the commission’s original proposal.
Rating providers should refrain from aggregating the E, S and G scores, as this could obscure poor performance on any of these individual metricsThe adopted report adds provisions to ensure that the rating products should explicitly disclose the rated entity’s materialityESG rating providers should also disclose information to the public on the methodologies, models and key rating assumptions which those providers use in their ESG rating activities and in each of their ESG ratings products
Next steps: The parliament and the council will meet to begin trilogue negotiations in January.
Platform on Sustainable Finance consults on EU taxonomy-aligned benchmarks
The Platform on Sustainable Finance (PSF) published for feedback a draft report including proposals for EU taxonomy-aligning benchmarks (TABs).
In summary: The report puts forward two proposals for voluntary benchmarks (TABex & TAB), with an aim to initiate a discourse on the pivotal role the taxonomy could assume in shaping climate and environmental benchmarks. The suggested benchmarks do not discard alternative approaches to leveraging the taxonomy in the development of benchmarks. The proposals are inspired by the success of the EU Paris-Aligned Benchmarks (PABs), which have played a significant role in financing a low-carbon economy since their adoption in 2019.
Potential legislation: The PSF’s proposed benchmarks do not constitute a legislative proposal – it will be up to the European Commission to take them forward into legislation based on the PSF’s recommendations.
Basel Committee issues consultation on disclosure of climate related financial risks
The Basel Committee has issued a consultation paper on a Pillar 3 disclosure framework for climate-related financial risks. This work forms part of the committee’s approach to address climate-related financial risks to the global banking system.
In detail: The committee is analyzing how a Pillar 3 disclosure framework for climate-related financial risks would further its mandate to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability, and the potential design of such a framework.
The committee’s preliminary proposal includes qualitative and quantitative Pillar 3 disclosure requirements that would complement the work of other standard setters, including the International Sustainability Standards Board (ISSB), and provide a common disclosure baseline for internationally active banks.The Committee also proposes a potential implementation date of 1 January 2026 and welcomes views on whether any transitional arrangements would be required.
Feedback welcome: The consultation will close on 29 February 2024.
Proof of concept for Net-Zero Data Public Utility launched at COP28
French President Emmanuel Macron and UN Special Envoy on Climate Ambition and Solutions Michael R. Bloomberg announced the proof of concept for the Net-Zero Public Utility (NZDPU) at the 2023 United Nations Climate Change Conference (COP28).
The details: Overseen by the Climate Data Steering Committee, the proof of concept will provide an initial set of companies’ greenhouse gas emissions data (Scope 1, Scope 2, and Scope 3 GHG emissions) and emissions reduction targets. CDP will provide core data comprising around 400 high impact companies that disclose publicly through CDP. Over time, the data will expand and the NZDPU ultimately will be integrated into the UN Framework Convention on Climate Change’s Global Climate Action Portal.
View the additional regulatory briefs from this month:
Trading and marketsRisk, capital and financial stabilityDigital finance
Sign up to receive these updates in your inbox first.
How we can help
Bloomberg’s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, please get in touch with our specialists or read more insights from our Regulatory team.
LOUISVILLE, Ky., January 18, 2024 /3BL/ – Yum! Brands, Inc. (NYSE: YUM) announced the promotion of Joe Park to Chief Digital & Technology Officer, reporting to Chris Turner, Yum! Brands Chief Financial Officer, effective March 1, 2024. Park, who most recently served as Chief Digital & Technology Officer for Pizza Hut Global, succeeds Clay Johnson, who will continue with Yum! Brands as a Senior Advisor. As CDTO, Park will join the Yum! Brands Global Leadership Team and oversee the Company’s global technology strategy, partnering with the KFC, Pizza Hut, Taco Bell and the Habit Burger Grill divisions to ensure the Company provides a best-in-class digital experience for customers and restaurant team members and strong economics for franchisees.
“We’re ingraining digital and technology into all aspects of our business with exciting new capabilities that make things easy for customers and restaurant team members, while driving profitable growth for Yum! and our franchisees,” said Turner. “We’ve made great progress enhancing digital ordering, implementing technologies to improve restaurant operations, leveraging data to enable smart decision-making and piloting emerging technologies, and Joe Park has been an exceptional partner on this journey over the past few years. Joe is an energizing and visionary leader with a proven track record of rapidly deploying modern eCommerce and data platforms and scaling innovative technologies like Dragontail and HutBot across Pizza Hut’s global system. I’m confident that Joe will help Yum! continue to strengthen our technology ecosystem and scale our digital solutions at a rapid pace to deliver leading-edge capabilities to our franchisees with advantaged economics.”
Yum!’s strategy is to own differentiated technology platforms tailored for each brand and market that enable Easy Experiences for customers, Easy Operations for restaurant teams and Easy Insights to drive outsized growth. In 2022, Yum! Brands reached a new high of $24 billion in digital sales – doubling its digital business since 2019 – demonstrating the power of its digital ecosystem and capabilities of its brands to meet changing consumer needs around the world. Yum! Brands’ digital sales continue on a trajectory toward the next milestone of achieving $30 billion in annual digital sales.
Park joined Yum! Brands in 2020 as its first Chief Innovation Officer and has served as Chief Digital and Technology Officer for Pizza Hut Global since 2021. In his most recent role, Park was responsible for leading omnichannel customer experiences, e-commerce and restaurant technologies for more than 19,000 Pizza Hut restaurants in more than 100 countries. At Pizza Hut, Park oversaw the rollout of Dragontail’s AI-based platform for optimizing and managing the entire food preparation process from order through delivery, and HutBot, Pizza Hut’s “coach-in-your-pocket” app for managers, both of which have been deployed in thousands of restaurants across multiple markets. In his previous role as Chief Innovation Officer for Yum! Brands, Park led the development of emerging technologies, including leveraging artificial intelligence and automation to streamline operations in the Company’s restaurant kitchens and enhance the experience for team members and customers. Prior to joining Yum! Brands, Park held executive leadership positions at Walmart and GE. At Walmart, Park was VP of Associate Digital Experience and Enterprise Architecture, overseeing 2,000 employees and providing technology to the largest private sector workforce in the world, modernizing platforms, digitizing processes and transforming user experiences.
“I’m incredibly excited to continue working with the talented and dedicated digital and technology team members around the world, and to partner with our world-class franchisees to execute the company’s global technology strategy,” said Park. “I’m grateful to have worked alongside Clay Johnson at Yum! Brands since 2020 and look forward to continuing to help the Company drive its initiatives to deliver a best-in-class digital experience for customers and restaurant team members alike.”
“In the past few years, we have elevated the Company’s digital strategy, working with our brand technology teams in combination with Yum!’s digital and technology teams, both creating and acquiring a distinctive set of technology capabilities and driving tremendous growth in our digital sales,” Turner added. “We are grateful for all that Clay has done during that time and we appreciate that he will be continuing in the role as a senior advisor to our company.”
About Yum! Brands
Yum! Brands, Inc., based in Louisville, Kentucky, and its subsidiaries franchise or operate a system of over 57,000 restaurants in more than 155 countries and territories under the company’s concepts – KFC, Taco Bell, Pizza Hut and the Habit Burger Grill. The Company’s KFC, Taco Bell and Pizza Hut brands are global leaders of the chicken, Mexican-style food, and pizza categories, respectively. The Habit Burger Grill is a fast casual restaurant concept specializing in made-to-order chargrilled burgers, sandwiches and more. In addition, in 2023 Yum! Brands was included on the Bloomberg Gender-Equality Index; Dow Jones Sustainability Index North America; Forbes’ list of America’s Best Employers for Diversity; TIME Magazine’s list of Best Companies for Future Leaders; and Newsweek’s lists recognizing America’s Most Responsible Companies, America’s Greatest Workplaces for Diversity, America’s Greenest Companies and America’s Greatest Workplaces for Women.
Release Notice
The releases contained on this page may contain dated information. Readers are cautioned that the releases on this page are maintained here solely for the purposes of providing historical background about Yum! Brands, its business and product offerings. As the releases may contain dated information, they should not be relied upon as providing accurate or current information. Yum! Brands disclaims any intention or obligation to update or revise any of the information contained in any of the releases on this page, whether as a result of new information, future events or otherwise.
IBM believes in the power of technology and innovation to drive climate solutions, especially for the communities and organizations most impacted by climate change and environmental challenges. At the center of this work is also a commitment to volunteerism, allowing inspired IBMers to combine their talent and skills with passion and purpose.
Through the IBM Sustainability Accelerator, a pro-bono social impact program, IBM volunteers donate their time, energy and expertise to help create lasting impact in communities around the world. And Takahito Motonaga is one IBMer making a difference in the community where he grew up: Miyakojima City, Okinawa, Japan.
Making a difference in a remote community
Miyakojima City is located southwest of Okinawa, Japan, on the Miyako Islands, far from the mainland. In October 2022, this remote community became the focus of an IBM Sustainability Accelerator clean energy project aimed at addressing the complex energy challenges it faces.
The community relies on external sources for most of its energy supply, which could result in an increased costs to residents. Additionally, Miyakojima lies directly in the path of intense typhoons every year. These extreme and unpredictable weather events can topple the island’s utility infrastructure, resulting in damaging power outages, financial impacts and property loss.
Born and raised on Miyako Island, IBMer Takahito Motonaga lived in Miyakojima City for 18 years. Takahito can vividly remember a typhoon that had an impact on his childhood.
“I suffered a power outage caused by a large typhoon for about a week when I was in elementary school,” he says. “The strong winds toppled utility poles, trees and parked cars all over the island. Various facilities were without power, and supplies from outside the island were also cut off, so we were unable to buy food. As electricity and gas were not available at home, we spent about a week using candles and taking cold showers. When I experienced the inconvenience of living without things that I normally take for granted, I realized that our lives heavily depend on energy and other infrastructure.”
As a result, Takahito focuses on how he can help address similar problems. “This may be influenced by my background of growing up on an island,” he says. “Through my work, I would like to contribute to solving such issues in local communities.”
Takahito is an IT specialist with IBM Systems Engineering, with a primary focus on designing and developing web applications. He joined IBM in 2015. Today, he also serves as the squad leader for the IBM Sustainability Accelerator’s clean energy project in Miyakojima City, where the team is working to develop an energy forecasting model. This model aims to improve the community’s self-sufficiency in clean, renewable energy.
“My role is to bring individuals with various specialized skills from IBM’s Technology, Consulting, Systems Engineering and Digital Services divisions to form a team, set goals to work toward, and lead the team” Takahito says. “I believed it would give me a unique opportunity to use IT skills I have obtained through my work and tackle challenges in the community where I was born and raised. I felt this was a great mission for me to fulfill.”
An opportunity to engage
Through the IBM Sustainability Accelerator, Takahito works closely with the community where he grew up, using local perspectives to strengthen his team’s approach to the project. The Miyakojima Island project team frequently engages with local stakeholders who, like Takahito, deeply understand the energy issues facing the island.
“Sustainability issues are often complex, created by a variety of factors,” he says, yet he recalls “the importance of understanding various aspects of an area and considering the heart of issues.” Working with colleagues, local citizens and officials from around the world is an important opportunity for IBMer volunteers to hone their cultural and marketplace literacy, deepening their societal engagement and possibly a career trajectory.
Discussing highlights of the Miyakojima Island project so far, Takahito says, “I realized that among IBM employees, there are many highly motivated people who are willing to volunteer and actively participate in volunteer activities to solve social issues. I am very happy to have been able to work with them as a team.
“Many of the members voluntarily identify necessary tasks and proactively take actions, considering what must be done to solve the energy issues and what they can do by leveraging their expertise. Many of them are very ambitious and have high aspirations to work on the island. Being able to work with such highly motivated and talented people is my favorite part of this project.”
Part of a lasting legacy
At IBM, volunteering and giving are core values. Today, IBM has a goal to deliver 4 million volunteer hours by 2025, and IBM is proud to keep connecting enthusiastic employees with opportunities to get involved in their communities and pursue their own passions and purpose through the Sustainability Accelerator.
“I believe that it is socially meaningful for a large company with a long history like IBM to volunteer through a program like the Sustainability Accelerator, because it allows us to help those who really need it,” says Takahito. “These efforts contribute to the relief and development of society, and strengthen ties with the community, allowing employees who participate in the program to grow—and that is very valuable. Continuously making such efforts is important in a society where sustainability perspectives are also becoming increasingly important.”
Like many IBMer volunteers, Takahito encourages colleagues to get involved. “The IBM Sustainability Accelerator is an activity in which you can use your skills and experience to solve local issues and contribute to society. You will have the opportunity to collaborate with employees with diverse knowledge and skills in other units within the company and gain a broader perspective on social issues,” he says.
IBM volunteers will be invited to participate in the next cohort of the IBM Sustainability Accelerator, following a new RFP to be announced in 2024.
Learn more and partner with the IBM Sustainability Accelerator
In an era where the efficiency and sustainability of port operations are more critical than ever, automation stands as a transformative force. Automation can play a pivotal role in reshaping the maritime and logistics industries. Far from being a mere technological advancement, automation represents a strategic evolution in how ports operate – enhancing profitability, ensuring safety, and paving the way for sustainable growth.
It’s not just about doing things faster; it’s about fundamentally changing the way we approach port operations to meet the demands of a rapidly evolving global trade landscape. This discussion is not just timely; it is essential for the future of port operations and the broader logistics sector.
When considering automation, we must examine the balance between capital expenditure (CapEx) and the resulting operational cost savings. Automation, in this light, presents a clear financial advantage.
Investing in automation technology often entails significant upfront CapEx to cover the costs associated with acquiring the equipment and software systems, along with the necessary infrastructure upgrades. However, this initial investment must be weighed against the long-term operational cost savings it facilitates. These savings materialize in various forms, such as reduced labor costs, lower maintenance expenses, and increased efficiency in handling cargo.
Moreover, automation leads to more consistent and predictable operational processes. Automated systems operate with a level of precision and consistency that is challenging to achieve with manual operations. This reliability translates into fewer errors, reduced waste, and minimal downtime, all of which contribute to substantial cost savings over time.
Automated operations can also handle higher volumes of cargo with greater speed and accuracy. This increased throughput capacity enables ports to service more vessels in a shorter time frame, thereby generating higher revenue. It also helps in optimizing asset utilization, ensuring that equipment and infrastructure are used more efficiently and effectively.
We must also consider the indirect financial benefits of automation. These include enhanced safety, which reduces the likelihood of accidents and the associated costs. In the past, operators managed cranes from less sophisticated cabins, leading to early retirements due to physical strain. Today, automation has allowed for remote operations where operators work in ergonomically correct environments, significantly reducing physical wear.
This not only cuts down on operational costs but also enhances safety by minimizing direct man-machine interaction. The direct impact of automation may vary across countries, but the overarching benefits to worker well-being and operational safety are universal.
While the initial CapEx may be significant, the resultant operational cost savings and indirect financial benefits present a clear financial advantage. Looking ahead, the future of the maritime port logistics sector in terms of automation is promising but challenging.
While not all terminals are currently equipped for a full transition to automation, the accessibility of technologies like Optical Character Recognition (OCR), Radio-Frequency Identification (RFID), and smart tagging is increasing. These advancements will bring about improved property security and reduced risks of cargo contamination. As a result, we can expect to see varying levels of automation being integrated into terminal operations.
While the automation of port operations is a path filled with challenges, it is one that holds immense promise for long-term profitability and sustainability for port operators. As we continue to explore and invest in these technologies, I am confident that we will not only improve our operational efficiencies but also contribute positively to the environment and the well-being of our workforce.