Tag: 3BL

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.

Yum! Brands

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.

Watch how IBMer Takahito Motonaga is creating a more sustainable future for Miyakojima City in Japan.

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. 

NEW YORK, January 18, 2024 /3BL/ – Leading advisory CPA firm Baker Tilly US, LLP (Baker Tilly) announces Ellen Labita, partner and professional practice leader for Baker Tilly’s not-for profit and healthcare practices, has been appointed to the Financial Accounting Standards Board (FASB) Not-for-Profit Advisory Committee for a four-year term starting Jan. 1, 2024.

Comprising 15 to 20 members, the Not-for-Profit Advisory Committee serves as a vital resource, offering insights and guidance on the not-for-profit sector to the FASB. In her role, Labita will contribute valuable feedback on financial reporting issues and potential sector improvements.

“I am honored to join the Not-for-Profit Advisory Committee,” Labita said. “I am eager to collaborate with my fellow committee members to contribute financial reporting insights to inform the FASB’s agenda.”

With 25 years of experience in providing services to not-for-profit organizations, Labita brings a wealth of knowledge. She provides assurance and advisory services to behavioral health/healthcare organizations, foundations, membership and religious organizations, and educational institutions, including single audits and cost reports. She is also the team leader of the firm’s New York healthcare/not-for-profit services practice.

“Ellen’s exceptional leadership and deep professional insight will be invaluable in helping guide and shape the Not-for-Profit Advisory Committee’s efforts and advocating for the unique perspectives of the sector,” Krista Pankop, Baker Tilly not-for-profit practice leader said.  

# # #

About Baker Tilly US, LLP (bakertilly.com)

Baker Tilly US, LLP (Baker Tilly) is a leading advisory CPA firm, providing clients with a genuine coast-to-coast and global advantage in major regions of the U.S. and in many of the world’s leading financial centers – New York, London, San Francisco, Los Angeles and Chicago. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Instagram.  

Whirlpool Corporation’s newest Employee Resource Group (ERG) the Whirlpool Family Network launched last week with a kickoff event featuring local vendors and services, delicious food, and several speakers including WFN Leads Heather Chupp, Robert Pirri, and Michael Farrington, Executive Sponsors Dave Whitehead and Chelsey Whitehead, and Whirlpool Corp. leaders Jim Peters and Kim Kavala.

The Whirlpool Family Network’s mission is to enable Whirlpool Employees who are Parents and Caregivers to win at work and home by advocating for supportive policies, establishing crucial connections, and providing valuable information and resources, to improve the quality of life for both our employees and the precious people they care for.

ABOUT WHIRLPOOL CORPORATION 

Whirlpool Corporation (NYSE: WHR) is committed to being the best global kitchen and laundry company, in constant pursuit of improving life at home. In an increasingly digital world, the company is driving purposeful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit, Yummly and InSinkErator. In 2022, the company reported approximately $20 billion in annual sales, 61,000 employees and 56 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com.

View original content here.

This post was authored by Mary Fernandez, Cisco global lead for disability and neuro-inclusion.

Often when we talk about promoting inclusion of disabled and neurodivergent people in society we exclusively focus on work and education. While equitable access to education and employment are fundamental to participating in society, life isn’t and shouldn’t be just about work.

For example, I’m a newly single blind woman engaged in online dating. As I’m browsing profiles, I want to participate in this amusing, exciting, and sometimes treacherous part of life as fully as anyone else—and that includes wanting to know if my prospective matches’ profile pictures contain any metaphorical red flags. And you may think that because I’m blind, I don’t care about the aesthetics. If so, you would be wrong. For instance, while I appreciate that a shaved head paired with a full luscious beard is the preference for many, it is not the aesthetic for me.

In recognition of International Day for Persons with Disabilities, which is celebrated annually on December 3, I want to offer food for thought as we lean into technological advances. You see, online dating, AI, accessibility and disability are all closely linked, and if done right will lead to innovative applications which may seem unimaginable.

Accessibility Meets AI

Back to online dating. Pictures supposedly convey 1000 words, which is why online dating is so inherently visual. One picture tells us about someone’s spirit so deeply we will know if we want to spend 30- plus years with them. So, my dilemma: how do I participate in this social experiment?

One way for me to do that is to use a mobile app that connects blind and low-vision individuals with sighted volunteers through a live video call. I can open the app and ask a sighted person to describe someone’s profile picture.

While this approach is a great improvement over not having any information, it doesn’t give me freedom to participate autonomously in the rich social tapestry we call life. Plus, do you really want to involve a third party to judge how shallow you are based on your swiping directionality? Neither do I!

So that’s where I got creative and leveraged the biggest technological shift in a generation—artificial intelligence (AI). Through a rather cumbersome, but judgment-free process, I take screenshots, run it through an AI-powered image description app, and voila. Man sitting in car with sunglasses, a baseball hat in the dark? Left please.

Disability: The Great Shared Human Experience

My online dating journey certainly is amusing. However, there are deeper implications. Think about how the world treats and includes—or doesn’t—people with disabilities. Even if you are not disabled today, there will almost certainly come a day when you are. You might spend 6-12 weeks using crutches while the leg you broke skiing heals. Or maybe it’s that you will experience the slow progression of a degenerative condition that unfolds over time.

Short-term or life-long, disability is going to be part of the fabric of your life at some point.

Building a World with Disabled Communities

How we harness the power of AI to design a more equitable world for people with disabilities becomes a question of who is building AI and how they are building it.

In most aspects of society, disabled people have been relegated to the sidelines, and seldom expected to be in or promoted to decision-making roles. The narratives we commonly hear about disability and the disabled experience are often informed by non-disabled people who hold deep bias and fear around this topic.

Let’s try a little thought experiment. Picture a disabled woman in your mind right now.

I’m going to guess that the first image to pop into your mind is probably not that of a vivacious, fashion-forward woman of color strutting with her white cane through the streets of Washington, DC, sporting her favorite burnt orange booties. And you certainly will not picture her online dating profile, because we do not associate disability as part of the human experience, but rather as “other.”

Here’s another experiment. What do you think happens when you ask an AI image-generator to create pictures of disabled people?

As one commentator I recently heard speak said, the answer is, “You get a bunch of sad-looking white guys in wheelchairs.”

That served as a bit of a laugh line in his presentation, but it was uncomfortable laughter, because we know why generative AI engines produce images like that. We get out of AI what we put into it. And right now, a lot of bias and assumptions are integrated into it.

The result is that the AI we’re expecting to enrich all our lives, instead may be a promoter of harmful narratives and stereotypes of marginalized communities.

One of these erroneous narratives is that inclusion of disabled and neurodivergent communities inherently equates to slowing progress and innovation: further, that this inclusion may negatively impact the quality of the result to something “less than.”

In our industry, speed has been regarded as one of the defining factors for success and profitability. Hence, the value of inclusion of marginalized communities is in direct contrast to what is seen as a competitive advantage. The data tells us that this is far from the truth. In fact, inclusion of disabled and other marginalized perspectives, rather than being a hindrance, results in outperforming the competition.

But stories and images are powerful. The narratives we breathe in from the moment we are children are hard to dismantle even when we see the numbers. Data isn’t enough to move the needle. Instead, focusing on proactive learning, engagement with the disability community, promotion of disabled and neurodivergent individuals into decision-making positions, and appreciation for and of the time of disabled people, paired with storytelling is truly what can break the biases built into our neural networks.

Inclusion Powers Innovation

Disabled and neurodivergent people live in a world that is not designed for us. So, we create solutions. In fact, some of your most beloved technological advancements were developed by disabled people when we had to find a solution to further participate in day-to-day life.

Did you know that the keyboard on your desk, the electric toothbrush you are hopefully using, and all dictation features across your devices, along with being able to speak with your home assistants, were all results of innovation driven by the needs of the disability community?

Revolutionary technological advances are meant to break rather than build barriers, build connection rather than disconnection, and increase enjoyment, fun and productivity rather than take them away. And while the creativity and needs of the disabled community have launched innovations that make all our lives easier and richer—audio books, anyone?-—many of the technical advances today are excluding and leaving behind disabled and neurodivergent users, because there is a lack of intentionality in building accessible advances which serve all.

I wonder if in our desire for speed we’ve forgotten that to speed up, to create and innovate, sometimes we must pause and wonder, who else can we serve? Technological advances that last and don’t just become an amusing memory in two to three years are those which serve so many people that we cannot imagine our lives without them. Knowing that disability will impact us all at some point in life, thoughtfulness about designing a more accessible world logically follows as a step to creating those kinds of meaningful advances. This is why inclusive AI is so crucial.

So, let’s flip the narrative. Building inclusive AI isn’t about inhibiting speed. It is about accelerating innovation.

Powering an Inclusive Future for All

Through the tireless work of disabled advocates, the United Nations recognized how deeply disability is intertwined with humanity when it first proclaimed December 3, as International Day of Persons with Disabilities more than 30 years ago.

This year, the theme for IDPWD was “United in action to rescue and achieve the sustainable development goals for, with and by persons with disabilities.”

Celebration is stopping to acknowledge and feel joy and pride in all that we have accomplished. Yes, you may celebrate having to yell at your Alexa today because it didn’t understand what you asked and went off on a tangent. Know that the same home assistant helped someone turn on their oven because we did not build touch screens with motor disabilities in mind.

But celebration is also a commitment to growth, to saying, “Where do we go next and how do we do it better?” Designing with the disability community, prioritizing accessibility from the moment you think of an idea, actively including those of us who interact with the world differently, that’s how we truly celebrate and honor difference.

Artificial intelligence is the biggest development in tech in a generation. It has the power to make our world a more inclusive place. Now is the time for everyone involved in AI to commit to building it for, with, and by persons with disabilities—then maybe someday it will power full inclusion. Plus make it more efficient for me to decide whether to swipe right or left as I seek a life partner.

View original content here.

At Atlantic City Electric, workforce development is shaping the future of the energy industry through various programs that support the growth of our future energy workforce, while directly impacting the lives of those we serve. As part of that commitment, we joined together with the City of Atlantic City, creating the Atlantic City Infrastructure Program (ACIP), which provides Atlantic City residents a path to energy sector careers and ultimately changes the economic trajectory for these residents and their families. The program focuses on members from the under-resourced population in Atlantic City, enabling participants to gain utility training and work-ready skills and upon successful program completion, graduates are given the opportunity to interview for a role with the company or one of our contractors of choice.

In February 2023, the first cohort of 26 residents graduated from the program and were honored with their families and numerous officials from the region. The second cohort is now underway, and we look forward to seeing how each participant continues growing professionally through the program- and for years to come.

Check out the video below to learn more about the life-changing impacts ACIP is having on Atlantic City residents and the energy industry.

Atlantic City Electric
Atlantic City Electric is a unit of Exelon (Nasdaq: EXC), a Fortune 250 company and the nation’s largest utility company, serving more than 10 million customers. Atlantic City Electric provides clean, safe, reliable and affordable energy service to approximately 565,000 customers in southern New Jersey.

To learn more about Atlantic City Electric, visit The Source, Atlantic City Electric’s online newsroom. Find additional information by visiting atlanticcityelectric.com, on Facebook at facebook.com/AtlanticCityElectric, and on Twitter at twitter.com/AcEleCconnect. Atlantic City Electric’s mobile app is available at atlanticcityelectric.com/MobileApp.

View original content here.

More than a dozen organizations helping Floridians overcome hunger and financial challenges received donations

ST. PETERSBURG, Fla., January 18, 2024 /3BL/ – Duke Energy has awarded $425,000 to more than a dozen Florida organizations that provide food assistance and other community resources to help seniors and families throughout the state.

The funding, provided by the Duke Energy Foundation and Duke Energy Florida, helped wrap up the holiday giving campaigns of many organizations, with many including matching donations by private donors, thus creating an even greater impact for customers and communities.

“Every bit of support to local and statewide food banks and community resources is helpful any time of year but particularly during the holiday season,” said Melissa Seixas, Duke Energy Florida state president. “We are proud to support these incredible organizations and the great work they do throughout the year to keep Floridians and their families fed, healthy and secure.”

This year’s holiday donations are in addition to $100,000 donated previously to Feeding Florida, a statewide organization dedicated to providing healthy, nutritious meals through its network of food banks.

“We are grateful for Duke Energy’s investment in our capacity building, as well as the extra steps they’ve taken to provide healthy food for those who need it most,” said Robin Safley, Feeding Florida executive director. “The refrigeration Duke Energy funded allowed more than 45 local food pantries to store and distribute more nutritious food than ever before, and this most recent gift will fill those coolers with fresh Florida produce. This effort will provide positive health impacts for years to come.”

The funding also allowed the Florida Council on Aging (FCOA) to distribute free holiday gift cards for seniors through various organizations throughout the state.

“The Florida Council on Aging is happy to have a relationship with Duke Energy and its Foundation because they truly share our commitment in giving back to the community,” said Jeff Johnson, FCOA president. “In December, 1,750 seniors in 11 different counties received gift cards to be used at a retail establishment through the generosity of Duke Energy and its Foundation.

“FCOA thanks Duke Energy for their support and the numerous service providers who distributed the gift cards,” said Johnson. “Thank you all for making the holidays brighter for Florida seniors.”

Some of the organizations that received funding include:

Feeding Florida 
 Florida Council on Aging, to be distributed through the following organizations:Seniors First, Orange County 
 Neighborly Care Network, Pinellas County 
 Council on Aging of Volusia County 
 NU-HOPE Elder Care Services 
 CARES, Pasco County 
 Citrus County Support Services 
 Marion Senior Services 
 211 Tampa Bay Cares 
 St. Pete Free Clinic 
 Second Harvest Food Bank of Central Florida 
 Hope Partnership in Central Florida 
 Community Food Bank in Citrus, Hernando and Sumter counties 
 Heartland Food Bank, Highlands County 
 Boys & Girls Club of Central Florida

To learn more about assistance programs, including how to seek utility bill assistance, visit duke-energy.com/HereToHelp or call the Customer Care number listed on your energy bill.

Duke Energy Florida

Duke Energy Florida, a subsidiary of Duke Energy, owns 10,500 megawatts of energy capacity, supplying electricity to 1.9 million residential, commercial and industrial customers across a 13,000-square-mile service area in Florida.

Duke Energy Foundation

The Duke Energy Foundation provides more than $30 million annually in philanthropic support to meet the needs of communities where Duke Energy customers live and work. The Foundation is funded by Duke Energy shareholders.

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 50,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 27,600 people.

Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.

Duke Energy was named to Fortune’s 2023 “World’s Most Admired Companies” list and Forbes’ “World’s Best Employers” list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy’s illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.

Media contact: Audrey Stasko 
Media line: 800.559.3853 
Twitter: @DE_AudreyS

View original content here.

January 17, 2024 /3BL/ – Jan. 12 marked 100 days since the terrorist attacks on Oct. 7 and the beginning of a deadly conflict between Israel and Gaza. In just over three months, nearly 23,000 people have died in Gaza and hundreds of thousands more are on the brink of famine. Gaza is experiencing catastrophic levels of hunger, outbreaks of disease, widespread internal displacement, and extremely limited humanitarian access. A permanent ceasefire is critical so that humanitarian organizations can reach those in need and impede further death and disaster.

“Our priority is to guarantee safe, sustained, and sufficient access to vulnerable people to ensure they have what they need to survive,” says Chiara Saccardi, Action Against Hunger’s regional head of operations in the Middle East. “The entire population of Gaza is displaced, hungry, and thirsty, and many are sick and injured. The situation is beyond desperate. We do not have the conditions in place to operate safely to scale up and meet these immense and urgent needs.”

The daily death rate in Gaza is higher than any other major 21st century conflict. Incessant shelling has left many other families buried beneath the rubble. Others have nowhere to turn, and 85% of Gaza’s population has been driven from their homes. The humanitarian crisis has continued to escalate, and water, food, and electricity is running out.

Hunger is so extreme that nearly every household does not have enough food to meet their daily needs. In fact, a staggering 80% of the global population facing famine or catastrophic levels of hunger are located in Gaza.

“We are deeply concerned. We should have unhindered, safe access to people in need during armed conflict. More people will die of hunger and disease if there is not an immediate ceasefire and an increase in humanitarian assistance,” says Chiara Saccardi.

For 100 days, humanitarian agencies like Action Against Hunger have been working in extreme conditions to support civilians and provide essential supplies needed for survival. Our staff are exhausted, sick, and displaced, but they keep going.

Action Against Hunger is gravely concerned about the enormous loss of civilian lives in Gaza, especially women and children. We urge an immediate and permanent ceasefire — it is the only thing that can guarantee safe, sustained, and sufficient humanitarian access to people in dire need in Gaza.

Action Against Hunger is also deeply concerned about the conditions of the hostages and we urgently call for their immediate and unconditional release.

Action Against Hunger’s Work in Gaza

For more than three months, Action Against Hunger has been working in extreme and dangerous conditions to:

Provide one million liters of clean drinking water to more than 51,600 displaced Gazans.Distribute food baskets to more than 17,440 people, including fresh fruits and vegetables.Give hygiene supplies to benefit 95,900 people in 19 displacement shelters, primarily in Rafah.Provided shelter items, like plastic sheeting and wood, to nearly 17,000 people in ten shelters.

From October 18 to December 21, our teams reached 340,000 people in Gaza, nearly half of them children. Half of the families we supported were in Rafah, and the rest were in Khan Younis (18%), northern Gaza (18%), and central Gaza (14%).

However, as the violence and blockade continue, not enough lifesaving assistance is reaching people in need. Local market supplies are limited and inflation has soared, leaving many people unable to afford food and daily necessities. Access to aid is uneven as people continue to move. We can no longer reach areas in northern Gaza where people are most hungry, due to fighting and lack of transport.

About Action Against Hunger

Action Against Hunger leads the global movement to end hunger. We innovate solutions, advocate for change, and reach 28 million people every year with proven hunger prevention and treatment programs. As a nonprofit that works across 55 countries, our 8,900 dedicated staff members partner with communities to address the root causes of hunger, including climate change, conflict, inequity, and emergencies. We strive to create a world free from hunger, for everyone, for good.