Month: June 2024

By Dan Lambe

The raucous waves of the voluntary carbon market in the last year have unsettled even the most seasoned of market leaders. Failed carbon credit projects have come under great public scrutiny and the ensuing criticisms have clouded the space with mistrust. Understandably, corporate leaders have become hesitant to purchase or invest. As a result, the market has remained woefully underutilized. The persistent uncertainty has proven a challenge in the Arbor Day Foundation and other’s efforts to leverage the market to accelerate the protection and restoration of forest ecosystems.

Yet in this moment, I feel nothing but hope.

In May, leaders at the federal level released the “Principles for Responsible Participation in Voluntary Carbon Markets.” The document is a recognition of the significant progress that’s been made in the market and a resounding affirmation of its critical function in the fight against climate change.

Up until now, private entities and voluntary initiatives have largely led the conversation in the voluntary carbon markets. Agencies like the Integrity Council for the Voluntary Carbon Market (ICVCM) and the International Carbon Reduction and Offset Accreditation (ICROA) have been incredible leaders in the industry, strengthening processes that weed out bad actors and create confidence for buyers. As a result, for the first time, the federal government has thrown its weight behind the market in a major way, signaling trust in its credibility. The joint response acknowledges that — as long as certain principles are upheld — the voluntary carbon markets have the potential to be a game changer in the scope of global climate action.

Treasury Secretary Janet Yellen announced these principles in collaboration with Agriculture Secretary Tom Vilsack, Energy Secretary Jennifer Granholm, as well as senior climate and economic advisors. Despite their differing priorities and areas of focus, these leaders are all united by the urgent need for engagement in the voluntary carbon market. They recognize that bolstering these markets yields not just a win for one, but a win for all.

When the government raises its hand and affirms the immense importance of the voluntary carbon market, it evokes convictions that will hopefully make corporate leaders feel more secure in taking steps toward investment. As an emerging market, it certainly needs rapid continuous improvement and actors with high integrity. But there’s no need to wait for perfection in order to act. There are knowledgeable leaders that can help corporations navigate challenges and adhere to the clearly defined principles now identified by the government.

While Yellen and her co-authors make it clear the list of principles stated in their guiding document is non-exhaustive, we at the Arbor Day Foundation are encouraged to see many of the government’s priorities align with our own. In our more than 50-year legacy, we have partnered with hundreds of corporations to help protect and restore critical ecosystems through reforestation. Many of those private sector leaders have chosen to invest in the forestry carbon market and our team of industry experts have helped match them to high-quality products. We engage in rigorous due diligence processes that includes fully vetting developers and their projects. We assess not only potential reputational and financial risks to corporate leaders, but also the likelihood of any environmental or social harm created by the project.

Like the government, the Foundation believes that carbon credit projects should be designed to deliver ‘co-benefits’ to local communities. Through forests, we can achieve this by providing food security, improving water quality, protecting wildlife and supporting livelihoods. The principles also encourage market participants to get involved in improving market integrity. At the Arbor Day Foundation, we are deeply invested in the effort to improve market integrity. Within our networks and within our team the Foundation’s work is executed by experts, including the Foundation’s managing director of carbon markets and former chair of ICROA, Jeremy Manion. The collective insights of our network are instrumental in our success in helping nurture a more robust and transparent market.

The Foundation is also glad to see the government inspire carbon credit users to publicly disclose the nature of their credits annually, at least. Increasing transparency is a way to ensure a rush to quality and, hopefully, encourage more people to get involved. As our team discussed in the Foundation’s 2023 Insights Summary, some corporate leaders have avoided talking about their carbon credit projects, for fear of being accused as ‘greenwashing.’ The effect, known as ‘greenhushing’, has led to more corporations sitting on the sidelines largely because they’ve rarely seen newcomers enter the market, assuming they must be perfect. Overall, it’s a roadblock in the growth of the market and the growth of high-quality supply.

At the Arbor Day Foundation, we hope these guidelines will steady the stormy waters of the market and restore trust, because our planet urgently needs more trees. In the end, that’s what this market is all about. By growing critical forest lands, we have the power to foster resilient communities and ecosystems worldwide.

This is important work. So, let’s start today.

Our people making a difference is a series featured throughout Owens Corning’s 2023 Sustainability Report.

For nearly 10 years, Alex Sim has been an EHS Leader at our plant in Kearny, New Jersey, U.S., bringing an in-depth understanding of how government, private enterprise, and public demand have shaped both U.S. and global environmental policy. His interest in environmental issues, including the impact human activity has on natural resources, goes back even further. Among his friends and family, he’s known as an outdoor enthusiast and an advocate for recycling and responsible energy use. Alex shares some of the Kearny plant’s recent successes and offers perspective on what it takes to be a leader in sustainability within our industry.

On maintaining ties to the communities where we operate 

With Owens Corning’s position as a global leader, it is important to view the company’s impacts not just manufacturing site by manufacturing site, or state by state, but as a comprehensive global entity. In my role as an EHS Leader, it is important to maintain awareness of overall company goals in order to keep making positive progress with respect to air emissions management and other sustainability initiatives.

In 2023, the Kearny site conducted our first environmental community engagement exercise, the aim of which was to connect with local community organizations and community leaders. The result of these communications generated positive feedback regarding the level of responsibility with which Owens Corning conducts its business practices as a good industrial neighbor.

On the regulations that are shaping our industry 

Historic landmark legislation like the Clean Air Act and Clean Water Act have improved the quality of important public resources that everyone should have the right to enjoy equally. Working within those regulations to maintain our site in Kearny puts into perspective how important it is to responsibly manage our site operations.

I feel fortunate to work for an organization that prioritizes responsible action to ensure that our emissions are quantified accurately and treated appropriately in order to minimize impacts to the regional and global community. For example, in Kearny, a new regenerative thermal oxidizer (RTO) was installed on a voluntary basis and ahead of regulatory requirements in order to properly manage Roofing manufacturing emissions.

During my time at Owens Corning Kearny, I have had a chance to contribute to the specification and installation of several new environmental control devices designed to limit the facility’s air emissions and maintain indoor air quality for our employees. These include fume collectors, dust collectors, and duct systems. While regulatory air emissions requirements can sometimes be complex to navigate, they ensure that we are operating in a manner consistent with industry standards to maintain the quality of our region’s air resources.

On collaboration between individuals and across functions 

Teamwork and collaboration is one of the most important aspects of our job as EHS professionals. Effective communication between EHS personnel across the organization, between site EHS and consultants, and with regulators is essential to ensure that we are working towards improving sustainability performance. Without effective collaboration and teamwork, it would not be possible to ensure that work on complex air emissions regulations is being navigated correctly and the best results are achieved for our site, our employees, and the community.

As a sponsor of the annual LA Pride Parade, AEG continues to amplify its support for the LGBTQ+ community. This year, more than 100 employees from the company’s Southern California business divisions came together on June 9, 2024 to march alongside the company’s float at one of the largest LA Pride Parades.

The theme for this year’s parade was “Power in Pride,” which served as an important reminder that through the power of togetherness we can uplift the community.

Contributing to the celebrations, employees from AEG, AEG Presents, AXS, Dignity Health Sports Park, Goldenvoice, the LA Galaxy and the LA Kings wore Power in Pride themed t-shirts and hats, carried themed flags and banners, and distributed Pride flags, pins, and hats to spectators.

The company’s float was co-branded with AEG, AEG Presents, AXS, LA Kings and LA Galaxy logos and rainbow themed stars. DJs Yungmiss and TAI brought the rhythm, as float performers danced to the beats. The performers were organized by employees from Goldenvoice who oversee the division’s Queer+ initiative.

The 2024 LA Pride Parade took place at the site of the first permitted gay parade in the world. This year’s grand marshals included actor George Takei, wrestler Cassandro, El Exótico and Los Angeles Fire Department (LAFD) Chief Kristin Crowley, the first woman, and first out person to ever hold the LAFD’s highest position.

AEG has been recognized by The Human Rights Campaign as one of the nation’s “Best Places to Work for LGBTQ+ Equality” and has achieved a perfect score for the fifth consecutive year on the Corporate Equality Index – the nation’s foremost benchmarking survey measuring corporate policies and practices related to LGBTQ+ workplace equality.