Month: June 2024

May 15, 2024 /3BL/ – Under this agreement, Sky will receive the majority of renewable energy guarantees of origin (REGOs) generated from the 46 MW wind farm, which will help Sky reduce the emissions associated with its electricity use.

Starting in 2025, Sky will receive 100 GWh annually of clean, renewable energy from the Crossdykes Wind Farm, approximately 69% of the total power generated by the project. This is equivalent to approximately 34,000 UK homes’ annual electricity use.1

The agreement is a key part of Sky’s ongoing commitment to sourcing renewable electricity. From being the first media company to go carbon neutral in 2006, to launching the world’s first auto standby set top box – Sky has been committed to decarbonising its business for more than 15 years.

Fiona Ball, Group Director of the Bigger Picture and Sustainability at Sky, said: “This agreement is evidence of Sky’s commitment to reducing our environmental impact. We source the majority of our electricity in the UK from renewable energy, and this long-term project in Lanarkshire provides us with lasting clean energy for years to come. As a media and entertainment company, we are determined to use our voice to help the media sector and the UK more broadly decarbonise.”

Phil Austin, Chairman of Octopus Renewables Infrastructure Trust, said: “We are pleased to enter this agreement with Sky, a known sustainability leader. Renewable energy supply deals with companies like Sky help meet vital targets to decarbonise businesses.”

Forward-Looking Statements

This communication includes estimates, projections and statements regarding plans and goals that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. For more information on these statements, please see https://corporate.comcast.com/impact/environment/forward-looking-statements.

1 https://www.ofgem.gov.uk/information-consumers/energy-advice-households/average-gas-and-electricity-use-explained

By Kim Borges 

During National Small Business Week, Regions highlighted entrepreneurs making a difference in their communities – and the organizations helping them thrive.

Keisha Mabry Haymore is in the business of bringing people together.

And if you’re also an entrepreneur, she wants to introduce you to a chance to grow.

Mabry Haymore’s professional networking company, heyFRIEND, was already doing well. But when she took advantage of a free training opportunity to help her business grow, heyFRIEND reached new heights.

The opportunity is one Regions Bank offers to small-business owners every year via Inner City Capital Connections, or ICCC. The program traces its roots to Harvard and is building success nationwide.

Mabry Haymore took part in Regions-sponsored ICCC programs twice in St. Louis. In 2024, the bank is taking ICCC to Miami. Meaning South Florida entrepreneurs will soon make business connections like Mabry Haymore did, helping their own companies grow.

We’ve seen the results ICCC creates for business owners across the country, from Atlanta to Los Angeles and beyond.

Chris Cruzpino, market executive for Regions Bank in Miami

“I’ve enjoyed all of them because they connect people to people and people to resources,” she said. “I did ICCC when I was questioning what to do with my business. You need exposure to resources and tools that take your company to the next level. ICCC empowers you to think strategically and intentionally about growing and scaling.”

ICCC is for entrepreneurs whose companies are in or near under-resourced areas. Or their workforce may come largely from under-resourced communities. Bottom line, if there’s a way to empower small businesses facing a lack of resources, ICCC is committed to helping them build capacity for sustainable growth and resiliency.

“We’ve seen the results ICCC creates for business owners across the country, from Atlanta to Los Angeles and beyond,” said Chris Cruzpino, market executive for Regions Bank in Miami. “So, we were determined to bring ICCC to South Florida. We know the 2024 ICCC event this fall will be transformational for business owners looking to take the next step in their growth.”

The Miami event will happen in early October, and the application page is already available on the ICCC website. The workshop will cover marketing, business strategy, talent retention and more. Participants also gain access to free one-on-one coaching, webinars and a new network of fellow entrepreneurs to learn from and lean on for support.

“What ICCC does is put people in a room as possibility models,” Mabry Haymore said. “Along with amazing program facilitators, there are amazing peers sitting to your right and left, front and back, who have their own experiences and their own stories. We often treat entrepreneurship as an island, but it really is a team sport.”

The ICCC team continues to grow with more than 10 cohorts held annually.

“With Regions’ help since 2014, we’re proud to have built a nationwide network of more than 8,000 alumni whose creativity and passion for growth have created strong, healthy communities,” said Steve Grossman, President and CEO of the Initiative for a Competitive Inner City, the nonprofit which conducts ICCC. “Key to our success are the relationship-building skills and commitment our alumni have made to help other small business owners reach their full potential.”

The benefits last for years. Consider this: Mabry Haymore is using the knowledge she gained to grow another company, Heydays. It’s a collaborative co-working space providing women founders and founders of color with shared services like accounting, marketing, virtual assistants and more.

“Heydays is a place where people can connect, create and curate anything,” she said. “I opened Heydays because as a founder you realize how important community is, and you see how many gaps exist. Heydays was a matter of building community and seeing how I could support and give back.”

Regions Bank itself decided to support Heydays’ work.

“Eric Madkins and I talk often, and he’s amazing” she said, describing the bank’s Community Development manager in St. Louis. “Regions has sponsored a lot of things we do to support our business owners.”

“I opened Heydays because as a founder you realize how important community is, and you see how many gaps exist. Heydays was a matter of building community and seeing how I could support and give back.”

Keisha Mabry Haymore

“Keisha and I met 14 years ago in a leadership program, where I quickly discovered her energy is off the charts,” said Madkins. “Her ideas jump off the page and come to life due to her keen vision and entrepreneurial spirit.”

For fellow entrepreneurs considering applying for ICCC, Mabry Haymore encourages them to take the leap.

“I would say it’s understandable, you’re busy and your time is limited, but this is time well spent,” she said. “I came away from my ICCC experience with what I call the five Cs: community, creativity, clarity, courage and confidence.”

Mabry Haymore knows she can continue calling on that community for years to come.

“So many times, as founders, we’re taught to do these things all by ourselves,” she said. “ICCC is about being able to look to others for inspiration and leveraging your community to build capacity. It’s about the power of relationships. I’m thankful for it.”

Read about more ICCC alumni.

In force since January 5, 2023, the CSRD represents a new era of transparency and accountability in corporate sustainability. Since its’ proposal by the European Commission in 2021, the CSRD has marked a significant shift in the Environmental, Social, and Governance (ESG) regulatory landscape. This groundbreaking directive will take a historically voluntary corporate initiative and make it into regulatory requirement for more than 50,000 companies. According to Sustainable Brands, that is expected to include an estimated 3,000 US companies.

The CSRD aims to transform how companies report on sustainability by enforcing clear, consistent, and comparable information. Building on the foundation of the Non-Financial Reporting Directive (NFRD), the directive introduces more extensive and stringent requirements.

Structure of the CSRD

Central to the CSRD’s framework are the European Sustainability Reporting Standards (ESRS), which provide detailed guidelines and metrics needed to comply with the CSRD. The ESRS, comprised of over 1,100 data points, are grouped into five main categories, with the first two focused on general principles and general cross-cutting standards.

Potential Impacts on Companies

Given the sheer amount of data that the CSRD requires, companies will likely need to spend more time and resources gathering and organizing information about their operations. This information includes but is not limited to data on climate-related risks, greenhouse gas emissions, human rights, diversity, and internal policies. Stakeholder engagement with groups such as investors, customers, and employees are also crucial to CSRD compliance.

How the CSRD Relates to US Companies

Companies in the US with operations, subsidiaries, or significant business interests in the EU are impacted by the CSRD. The requirement to comply with the CSRD depends on a company’s number of employees and amount of assets in the EU. Compliance with these reporting standards is currently and, in the future, will be essential to maintain market access in the EU and avoid legal repercussions. Non-compliance could lead to penalties and restricted market participation.

Supply Chain Impact: CSRD is focused on large US multi-nationals, however, the impact of CSRD will be felt far and wide by US companies. A key reporting obligation of CSRD is for the reporting companies to provide a wholistic representation of their business impacts across their entire value chain. This means companies currently providing services and products to large US multi-nationals should expect their customers to be asking for information about their sustainability activities, as this information will need to be rolled up and included in their CSRD reporting.

Critical Reporting Dates

January 1st, 2024: The CSRD reporting requirements started to apply to large public interest entities already subject to the NFRD.

January 1st, 2025: The requirements will extend to other large companies that have an EU subsidiary in scope of two of the three criteria: total assets exceed $27M, annual revenue exceed $54M, and has over 250 employees.

January 1st, 2026: Listed small and medium-sized enterprises (SMEs) will need to start reporting under CSRD, with the possibility of opting out until 2028.

Key First Steps for US Companies

Engage Legal Counsel: Inquire with legal counsel to understand if, and when, your business would have to comply with the CSRD.Training and Awareness: Ensure that staff are trained in reporting and understand the specifics of CSRD requirements to ensure aligned data collection.Data Collection and Organization: Collect and organize company-wide data internally to make compliance easier.Double Materiality Assessment: The double materiality assessment is considered the first step of CSRD compliance, which allows companies to identify which disclosure requirements they will need to disclose. If your company has not done one yet, make plans as soon as possible for conducting one.Gap Assessment: Set up and perform a gap assessment to compare your current reporting requirements practices against the CSRD.

Questions to Ask Yourself

To navigate the CSRD, there are a few key questions companies can ask themselves.

How do our current reporting practices stand up to the CSRD requirements?Are there resources and systems we need to implement or upgrade to meet these requirements?What internal timelines do we need to set to ensure compliance with the CSRD deadlines?

FAQ

Where can I find more information about the CSRD and ESRS?

More information about the CSRD and ESRS can be found on the official websites of the European Commission and the European Financial Reporting Advisory Group (EFRAG).

I need further help with CSRD, where do I go?

Have any further questions or want further help with CSRD? Reach out to our team for further guidance! Antea Group offers double materiality assessments and CSRD gap assessments.