Tag: 3BL

MEMPHIS, Tenn., December 20, 2023 /3BL/ – This year, FedEx Freight will deliver the 300,000th tree for the Christmas SPIRIT Foundation’s annual Trees for Troops® program. The milestone tree is set to arrive at Fort Liberty on Dec. 1, 2023, alongside nearly 16,000 trees slated for families at over 90 military bases across the United States this December.

“Every year, the FedEx Freight team puts in tireless effort to support Trees for Troops and the Christmas SPIRIT Foundation. This milestone 300,000th tree delivery is a direct reflection of our dedication to both causes,” said Lance Moll, President and CEO, FedEx Freight. “Through our industry-leading transportation network, we are honored to give back to local communities and military families whose values have always been closely tied to the core mission of our company.”

Since 2005, FedEx Freight has supported the Trees for Troops program, an initiative that delivers farm-grown Christmas trees to domestic and international U.S. military bases. This long-standing collaboration has become a cherished tradition for FedEx Freight, with drivers logging over 600,000 miles for tree deliveries over the years.

“This program started on a crazy idea and started small. We delivered 4,300 trees to only five bases that first year,” said Wendy Richardson, Chair of the Christmas Spirit Foundation Board of Trustees. “It’s hard to believe we’re now going to exceed 300,000 total trees since we began working with FedEx 19 years ago. The commitment and dedication of all involved is truly inspiring. We love providing Christmas spirit to the men and women and their families in our military, one tree at a time.”

Trees for Troops kicks off Nov. 27, as hundreds of donors and volunteers come together to help make this effort a success. There are two ways the public can support Trees for Troops:

Donate a tree for delivery to a base at one of the official Trees for Troops locations. Some locations offer online tree purchase options for shopper convenience. Donated trees must be purchased by Dec. 3, to ensure pick-up and delivery by FedEx Freight.Visit the Trees for Troops website to donate online, and follow Trees for Troops on Facebook, Instagram, YouTube and Twitter.

A full list of participating locations can be found at treesfortroops.org.

FedEx Freight participates with the Trees for Troops program as part of FedEx Cares, the company’s global community engagement program. For more information on how FedEx team members around the globe “Drive forward. Give back.” by volunteering and doing countless acts of caring throughout the year, check out fedexcares.com.

About FedEx Freight

FedEx Freight, a subsidiary of FedEx Corp. (NYSE: FDX), is a leading provider of priority, premium, and economy less-than-truckload (LTL) freight services, simplifying large and bulky shipping in the U.S., Canada, Mexico, Puerto Rico, and the U.S. Virgin Islands. Headquartered in Memphis, Tenn., FedEx Freight is at the forefront of innovation, offering customers total convenience and efficiency. With expanded service offerings like FedEx Freight Direct, shipments can be safely delivered to and through the door for residences and businesses. Team members across the network are dedicated to delivering the ultimate customer experience through exceptional service, reliability, and on-time performance, as well as giving back to the communities where they live and work. For more information, visit fedex.com/about.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of nearly $90 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally as one FedEx. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 500,000 employees to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.

About the Christmas SPIRIT Foundation and Trees for Troops®

The Christmas SPIRIT Foundation is a 501(c)(3) tax-exempt charitable organization that works to recognize and support the true spirit of Christmas through programs like Trees for Troops®. The foundation was established in 2005 and is among fewer than five percent of U.S. charities to be awarded the “Best in America” seal of excellence by Independent Charities of America. To learn more visit www.christmasspiritfoundation.org.

The U.S. Environmental Protection Agency (EPA) has honored five Marathon Petroleum refineries and a company office building for achieving superior energy efficiency. These facilities recently earned 2023 ENERGY STAR® certifications from the EPA, reflecting energy performance in the top 25% of similar facilities across the U.S. Since refineries first became eligible for ENERGY STAR certification in 2006, Marathon Petroleum has received more certifications than all other refining companies combined. 

The U.S. Environmental Protection Agency (EPA) has confirmed five Marathon Petroleum Corporation (MPC) refineries are among the most energy efficient facilities of their kind in the country. MPC’s Anacortes, Washington; Canton, Ohio; Garyville, Louisiana; Robinson, Illinois; and St. Paul Park, Minnesota, refineries earned 2023 ENERGY STAR® certifications from the EPA, placing them in the top 25% of peer facilities across the U.S.

“Improving the energy performance of our nation’s industrial plants is critical to reducing greenhouse gas emissions,” said Cindy Jacobs, Chief of the ENERGY STAR Commercial & Industrial Branch. “EPA applauds the commitment to energy efficiency demonstrated by ENERGY STAR certified plants.”

Refinery certification requires achieving energy efficiency that’s better than 75% of similar facilities based on the Solomon Energy Intensity Index™ and establishing a track record of excellent environmental compliance. A professional engineer must also verify the accuracy of the information used to calculate a plant’s energy performance score. This year’s honors recognize performance throughout 2022 and add to multiple certifications these five refineries have received over the years:

Canton and Garyville – 18th consecutive certifications; every year refineries have been eligibleRobinson – sixth consecutive certification; ninth overallSt. Paul Park – fifth consecutive certification; sixth overallAnacortes – fourth consecutive and overall certification

The performance of these refineries helped reduce 2022 energy use in MPC’s Refining organization by about 20 billion British thermal units per day from baseline levels, roughly the same energy consumption as 48,500 homes in a year. Since refineries became eligible for ENERGY STAR certification in 2006, MPC has earned more certifications than all other refining companies combined.

“Improving the energy performance of our nation’s industrial plants is critical to reducing greenhouse gas emissions.”

Additional efficiency

MPC’s San Antonio, Texas, office building also earned a 2023 ENERGY STAR certification as a commercial building, which was its fourth consecutive certification. Certified commercial buildings also must achieve energy efficiency in the top 25% of similar U.S. facilities, meaning an ENERGY STAR score of 75 or higher as calculated with the ENERGY STAR Portfolio Manager® tool. MPC’s 659,000-square-foot structure received a score of 81.

EPA began the ENERGY STAR program in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through energy efficiency. In operating more efficiently, ENERGY STAR certified commercial buildings and industrial plants also help lower combustion-related, greenhouse gas emissions at the electric plants that supply power to them by requiring less electricity to be generated.

Originally published on U.S. company blog

Johnny Opara started working with U.S. Bancorp Impact Finance in 2021 on a multi-family development project in St. Paul called The Hollows. Opara said he learned a lot from his first Low-Income Housing Tax Credit (LIHTC) deal.

With The Hollows completed and new goals and opportunities in front of him, Opara recently closed on his second LIHTC deal, known as Wangstad Commons, with Impact Finance. He said he hopes to finish the development in early 2025.

Opara, the president and CEO of JO Companies, LLC, shares who inspired him to build in the video linked above.

Wangstad Commons is a 54-unit, four-story development featuring one- to four-bedroom units located in Brooklyn Center, Minnesota. Nearly one-third of the apartments will go toward supportive housing for people with disabilities or who are high-priority homeless.

“I’ve been partnering with the City of Brooklyn Center since 2019 in our efforts to deliver high-quality homes that are sustainable and that will be around for generations to come,” Opara said. “U.S. Bank stepped up as investor, and on the construction debt side, and has been a strategic partner so I can deliver on my promises.”

The funding Opara received is through Impact Finance’s Impact Capital program, a $250 million tax credit equity and debt fund aimed at first-time developers of color with tax credit awards. The other organization to receive funding through the fund this year is Infinite Horizons, which received construction financing for Courtlandt Manor, a 23-unit development located in New York.

Impact Capital Manager Miranda Walker said she is pleased with how the program is helping developers like Opara.

“Johnny is the fund’s first developer to progress to closing their second deal,” Walker said. “It has been exciting to work alongside Johnny as his projects, his business, and his impact in this industry progress. In terms of wealth building, Johnny and his company, JO Companies, exemplify the goal of the Impact Capital program – to provide a path for developers of color to grow their companies through realization of the fees delivered by the projects they work so hard on. The goal of the fund is to work with many more developers like Johnny with the hope and goal to see them and their businesses excel in similar ways.”

The Impact Capital program launched in 2022 and is approved as a Special Purpose Credit Program, permitted by the Equal Credit Opportunity Act. These programs are designed to improve access to capital for members of economically disadvantaged classes.

“There has been strong demand for Impact Capital across the country,” Walker said. “Impact Capital is available in all 50 states with 11 targeted markets. We are excited to continue to build the fund’s pipeline and to expand the capacity of the fund’s developers.”.

Every year since 2007, Franklin Templeton has recognized employees who make extraordinary contributions to their communities with the Harmon E. Burns Award.

The award is named after long-time employee Harmon Burns, who worked for the company from 1973 to 2006 at its Northern California headquarters, holding a number of positions, including head of legal and compliance, chief operating officer, vice chairman and member of the Board of Directors. He was a generous contributor to his local community, constantly giving to those in need. For example, he anonymously donated bulletproof vests to his local police station, gave away unused tickets to San Francisco Giants’ baseball games to children waiting outside the stadium, and sponsored employees in walk-a-thons and fundraising efforts.

Joining prior winners from across the globe is Prerna Nemali, Senior Analyst, Investment and Trade Client Services from Hyderabad, India. She has been recognized for her work for With You, Spreading Smiles, a nonprofit she founded to serve forgotten, orphaned and unjustly treated people.

Prerna has had an interest in community welfare since childhood, participating in social service activities throughout her schooling. She joined the social workers club and received the award for best social worker at age 15. Part of the club’s activities involved having kids from government schools visit once a year. Volunteers would give them books, stationery, bags and spend time with them. Those experiences led Prerna to start her own nonprofit, With You, Spreading Smiles (With You) in November 2014, which has grown to 80 volunteers.

With You covers a broad spectrum of social service initiatives, reaching out to members of the community facing challenges. Initiatives include food and blood donation drives, providing necessities to the homeless, clearing pending school fees for underprivileged students, conducting activities for people with disabilities, and fulfilling wishes of HIV-affected children. Every year, With You volunteers celebrate the holidays by distributing gifts and food to individuals experiencing homelessness.

“We serve the needy in every possible way, including helping in the education of kids from poor financial backgrounds, and have been doing so for nine years,” Prerna said.

What sets With You apart is not just the diversity of initiatives but the unique approaches they adopt. The organization does not fundraise, firmly believing in the power of kind acts over cash.

Prerna’s recognition with the 2023 Harmon Burns Award is a celebration of her extraordinary dedication to community service. Through With You, she has proven that small acts of kindness, done with love and sincerity, can bring about profound change.

Alongside Prerna, Franklin Templeton has honored two other employees as finalists for the 2023 Harmon E. Burns Award.

Heidi Francabandera, Senior Administrative Assistant, has been recognized for her extensive work for the Sacramento Society for the Prevention of Cruelty to Animals (SSPCA) and for her active role in Franklin Templeton’s employee volunteer program, Involved.

John Wolff, Director, Business Relationship Management, has been recognized for his volunteer work with several nonprofit organizations in the Baltimore area focused on mentoring and educating youth.

To recognize the contributions of the winner and finalists, charitable donations have been made to their selected charities.

About Franklin Templeton

Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of November 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

LAUSANNE, Switzerland and SAN JOSE, Calif., December 20, 2023 /3BL/ – Logitech International (SIX: LOGN) (Nasdaq: LOGI) announced today that it has been included in the Dow Jones Sustainability Index (DJSI) for the fourth consecutive year. The company was listed in the Dow Jones Sustainability Index for Europe, which is a widely recognized standard for evaluating and measuring performance and the capability to continuously improve by advancing Environmental, Social, and Governance (ESG) criteria.

“As we continue to move forward, actively supporting a more sustainable and equitable world through the products and experiences we create, I can’t help but recognize that timelines are shortening for us to tackle the critical challenges facing people and our planet. There is no place to hide,” said Prakash Arunkundrum, chief operating officer at Logitech. “We are once again honored to be included on the prestigious Dow Jones Sustainability Index for Europe. While earning this recognition underscores our longstanding commitment, it is more important than ever to rally across industries and collaborate with others to drive change more quickly.”

The company made advancements in areas such as Cybersecurity, Emissions, Product Stewardship, Climate Strategy, and Talent Attraction and Retention. Its score and advancements in these areas reflect Logitech’s continued focus on performance, accountability, and transparency, which remain its primary focus and motivation.

Logitech’s transformational journey begins and ends with designing a positive future, one that defies the logic of the past and carefully prioritizes solutions that allow for change at scale. The company has prioritized carbon reductions across the entire value chain (Scope 1, 2, and 3) and reduction targets have been externally validated by the Science-Based Targets Initiative (SBTi). Design capabilities that focus on finding innovative materials, technologies, and processes that reduce carbon emissions and elevate circular solutions at scale continue to guide the company’s carbon reduction strategy. Two in three products across the categories use recycled material and over 43 product lines use low-carbon aluminum for lower carbon impact.

In 2020, the company committed to providing detailed carbon impact labeling on its entire product portfolio as a way of holding itself accountable for further carbon reductions. This year, more than 42% of units shipped had a carbon impact study completed.

Logitech also collaborates with suppliers to support their transition to renewable electricity. This recently garnered recognition when the company ranked in the top 8% of companies on the CDP Supplier Engagement Leaderboard in 2023. 

Logitech has also retained awards for its sustainability performance: it was rated “AAA”1 by MSCI representing the top 9% in the technology, hardware, and peripherals industry globally, achieved “Prime” status in the ESG assessment carried out by Institutional Shareholder Services (ISS), is ranked in the top 1% of sustainable companies by EcoVadis with their platinum rating, and continues to be a Gender Fair certified company. Learn about all of Logitech’s sustainability programs in the 2023 Impact Report or on the website.

About Logitech

Logitech helps all people pursue their passions and is committed to doing so in a way that is good for people and the planet. We design hardware and software solutions that help businesses thrive and bring people together when working, creating, gaming, and streaming. Brands of Logitech include Logitech, Logitech G, Streamlabs, and Ultimate Ears.

Founded in 1981, and headquartered in Lausanne, Switzerland, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI). Find Logitech at www.logitech.com, the company blog, or @logitech.

Logitech and other Logitech marks are trademarks or registered trademarks of Logitech Europe S.A. and/or its affiliates in the U.S. and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s website at www.logitech.com

1 MSCI AAA rating as of 8th December 2023. The use by Logitech of any MSCI ESG Research LLC or its affiliates (“MSCI”) Data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Logitech by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided “as-is” and without warranty. MSCI names and logos are trademarks or service marks of MSCI.

December 20, 2023 /3BL/ – It’s become standard practice for companies to recognize the need to report and communicate about their environmental, social and governance (ESG) performance. Yet, in some regions, that emphasis has increasingly come under fire. Join leaders from the largest global network of independent communications firms, PROI, as they discuss the state of ESG communications for 2024 beyond. Dave Armon, CEO of 3BL, hosts this timely discussion to provide insights for any organization concerned about navigating the complex ESG global landscape – with both external and internal stakeholders.

Contact: PROI Worldwide
Doug Hampel
dhampel@proi.com

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Originally published by The ASPCA

Exciting news for animal lovers nationwide! For the sixteenth year in a row, the ASPCA has been selected as a national charity partner to participate in the Subaru Share the Love® Event, which kicks off Thursday, November 16, and runs through January 2, 2024.

When you purchase or lease a new Subaru this holiday season, you have the chance to “share the love” with the ASPCA! For every new Subaru vehicle that is purchased or leased throughout the campaign, Subaru will donate $250 to the purchaser’s/lessee’s choice among four national charity partners, including the ASPCA, or a local Hometown Charity(ies) supported by individual retailers.*

Funds donated to the ASPCA will continue to help animals in need, like Jackson, who got a second chance after being rescued from an abandoned apartment in New York City, where he was found extremely underweight and suffering from ear infections and anxiety. Jackson was transported to the ASPCA Canine Annex for Recovery and Enrichment (CARE) where our dedicated staff immediately began giving him the care he needed and deserved.

Once Jackson was healthy enough, he was transferred to the ASPCA Adoption Center where he continued to work through his anxieties and put on weight. Soon enough, Jackson was ready to find a loving home! As fate would have it, Katie D. was looking for a big dog to share her life with and came across Jackson on the ASPCA website. The two have been by one another’s side ever since. Jackson is just one of hundreds of vulnerable dogs we see each year in need of care, protection and rehabilitation.

We’re excited that Subaru has chosen to support us once again this year, and we look forward to helping provide second chances for more animals like Jackson!

Since 2008, Subaru has donated over $35 million to the ASPCA through our partnership, including the Subaru Share the Love Event. We’re so thankful for Subaru and all of the Subaru owners who have supported the ASPCA through this campaign over the years! Their support has furthered our lifesaving efforts for countless animals in need nationwide.

*Subaru will donate $250 for every new Subaru vehicle sold or leased from November 16, 2023, through January 2, 2024, to four national charities designated by the purchaser or lessee. The four national charities will receive a guaranteed minimum donation of $250,000 each. All donations made by Subaru of America, Inc. Pre-approved Hometown Charities may be selected for donation depending on retailer participation. For every new Subaru vehicle sold or leased during the campaign period, participating retailers will donate a minimum of $50 in total to their registered Hometown Charities. Purchasers/lessees must make their charity designations by January 12, 2024. See your local Subaru retailer for details or visit subaru.com/share. 

International Olympic Committee news

The International Olympic Committee (IOC) and UN-Habitat have announced a new collaboration to promote physical activity in urban environments, underscoring the importance of sport for the sustainable development of cities and the wellbeing of their residents.

The collaboration builds on the reforms of the IOC’s Olympic Agenda 2020 and Olympic Agenda 2020+5, which focus on strengthening the role of sport for sustainable development. It also builds on the recognition in 2015 by the United Nations 2030 International Development Agenda of sport as an enabler for achieving the Sustainable Development Goals (SDGs) and the New Urban Agenda.

It will strengthen the IOC’s Olympism365 strategy, which uses sport to promote sustainable development, by engaging with UN-Habitat’s extensive networks of city leaders and officials.

It will also support UN-Habitat’s SDG Cities Initiative, a signature programme enabling cities to accelerate efforts towards achieving the SDGs and enhance the quality of life for urban residents. By offering support in the form of data, evidence-based planning, capacity-building, project financing and certification, the SDG Cities Initiative aspires to impact one billion lives across 1,000 cities by 2030.

“From our longstanding experience of putting sport at the service of society, we know that we have to bring the benefits of sport to where the people are – this means in the cities and urban areas of our world,” said IOC President Thomas Bach, speaking at the UN-Habitat – Local 2030 Coalition event. “We are honoured to sign a new partnership with UN-Habitat to support SDG 11, to make cities more resilient and sustainable.”

“With our Olympism365 strategy, the IOC addresses several of the SDGs at the same time: health, social inclusion, education, gender equality and many more. We are building healthy communities in partnership with the World Health Organization. By encouraging people to lead active lives, we are fighting non-communicable diseases and are contributing greatly to physical and mental health. Beyond health, sport has great social significance. It is a glue that bonds communities together. We are promoting inclusion and integration through our work to support refugees. Together with the UNHCR, we are supporting displaced people across the globe through sport and through the creation of safe sports facilities – many of them directly in refugee camps.”

He concluded his speech by saying: “An SDG city without sport is not a real SDG city.”

Almost 70 per cent of the world’s population will be living in cities by 2050, up from around 55 per cent at present, according to UN estimates, making them a vital partner for any effort to promote sport and sustainable development.

“With just seven years left to get the SDGs done, we must shift gear from walking pace to a sprint,” said, Maimunah Mohd Sharif, Executive Director of UN-Habitat. “The SDGs are for everyone and need everyone. All stakeholders must join the race. The collaboration will not only demonstrate the importance of sport as an accelerator of sustainable development in cities, but will also demonstrate how impact is accelerated when all of society engages.”

The new collaboration links efforts to accelerate sustainable development and promote the quality of life in cities with initiatives to strengthen the role of sport as an enabler of sustainable development, especially through urban sports and in cities.

It is based on investments from both the IOC and UN-Habitat, and will begin with projects across several countries, focusing initially on four key workstreams:

Integrating Sport and Physical Activity into cities’ analysis and planning tools, helping to create urban environments that encourage active lifestyles and access for more communities to the benefits of sport.Capacity-building of municipal authorities, National Olympic Committees (NOCs) and sporting bodies, sharing knowledge on the role of sport and physical activity in sustainable development in cities and urban environments.Investment in urban sports infrastructure refurbishment and programming with seed funding and finance, promoting access to and inclusion in the benefits of sport in targeted communities.Production of guidelines for the integration of sport into urban development policies and resource allocation, recognising the significant role of sport in fostering healthier and more vibrant cities.

Its implementation will begin in November 2023 in five cities, in Africa, Latin America and Asia Pacific, with an initial timeframe of three years.

The collaboration was announced at the SDG Acceleration – Localisation session, co-hosted by UN-Habitat and the UN Development Programme, which took place as part of the SDG Summit in New York. Featuring interventions by the heads of state of Ghana, Türkiye and Egypt, alongside ministers, mayors and other key urban development players, the session’s aim was to mobilise global and national commitments towards supporting locally driven actions to accelerate progress on the SDGs.

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About Olympism365

Olympism365 is the IOC’s approach to strengthening the role of sport as an important enabler for the UN’s Sustainable Development Goals (SDGs), which it achieves by collaborating with a range of partners from both within and outside the Olympic Movement. The themes and priority areas for Olympism365 reflect the positive role that sport and Olympism can play in society for the SDGs by contributing to creating healthier and more active communities, more equitable, safer and inclusive communities, peacebuilding, and education and livelihoods. 

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The International Olympic Committee is a not-for-profit, civil, non-governmental, international organisation made up of volunteers which is committed to building a better world through sport. It redistributes more than 90 per cent of its income to the wider sporting movement, which means that every day the equivalent of USD 4.2 million goes to help athletes and sports organisations at all levels around the world.

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For more information, please contact the IOC Media Relations Team: 
Tel: +41 21 621 6000, email: pressoffice@olympic.org, or visit our web site at www.ioc.org.

Broadcast quality footage

The IOC Newsroom: https://newsroom.olympics.com/

Videos

YouTube: www.youtube.com/iocmedia

Photos

For an extensive selection of photos available shortly after each event, please follow us on Flickr.

To request archive photos and footage, please contact our Images team at: images@olympic.org.

Social media

For up-to-the-minute information on the IOC and regular updates, please follow us on Twitter and YouTube.

With the UN climate negotiations at COP28 behind us, we reached out to our policy and public affairs leads to help unpack the outcomes. They discussed the key developments, conclusions for global carbon markets, and what the landscape for private sector action looks like in 2024.

1. First of all, did COP28 deliver?

Frederic Gagnon-Lebrun, Senior Director of Climate Policy, Finance and Carbon Markets:

On the whole, there were moves in the right direction, such as the agreement on a Loss and Damage Fund to support vulnerable countries in dealing with the effects of climate change. We even saw some significant financial commitments made by the EU and the U.S., among others.

The conference was also a culmination of the so-called ‘global stocktake’, which is a central outcome, as it contains every element that was under negotiation and can now be used by countries to develop stronger climate action plans due by 2025, and set targets for 2035/2040. As part of the global stocktake, an agreement was reached to globally ‘transition away from fossil fuels by 2050’ as well as triple renewable energy capacity.

While this decision does not ‘close the books’ on phasing out fossil fuels, many are hailing this as the “beginning of the end” of the fossil fuel era. We must not lose this momentum. We must focus on the collaborations, supportive policy incentives, and financing solutions that can help accelerate this shift.

Ritika Tewari, Senior Managing Consultant for Climate Policy, Finance and Carbon Markets:

While there was progress on some fronts, as Frederic mentions, there was none on others. This was the case for Article 6, which sets out the rules for global market-based collaboration around emissions reductions. It is seen as an essential enabler in providing countries and businesses with a key pathway to meet and accelerate their climate goals.

This year, there were no decisions made on Articles 6.2 and 6.4, which govern the implementation of bilateral agreements and compliance carbon markets (more on that here, for context).

The lack of agreement on Article 6.4 specifically is discouraging for several reasons. The operationalization of Article 6.4 would have provided a new structure for a global carbon market, with the UN deciding on the rules regarding eligibility.

These markets will not be operationalized within the next year, before a return to the negotiation table at COP29. In the meantime, our team will be closely following the work of the Article 6.4 Supervisory Body, which has a mandate to review work on Article 6.4 throughout 2024. In the words of Andrea Bonzanni, International Policy Director at IETA: “We have missed an opportunity to expedite the operationalisation of a crediting mechanism that would have set a high bar on environmental integrity, safeguards, and human rights.”

Negotiators also failed to agree on the key details under Article 6.2, which sets out rules for country-to-country collaboration. However, these markets differ from 6.4 in that they are already in use by countries. While the lack of consensus on 6.2 is disappointing, countries will continue to implement international carbon markets under Article 6.2, and it is exciting to see several projects moving ahead in this space.

No agreement on Article 6 also delays the VCM’s integration with the Paris Agreement accounting framework – the so-called ‘hybrid’ scenario. Many market stakeholders who were looking forward to direction from the multilateral process were left disappointed. However, this still leaves the door open for countries, standards, and bodies to deliberate and demonstrate high-integrity rules of engagement in close collaboration with one another, as well as introducing initiatives through existing mechanisms.

2. What do you see as the key takeaway from a Public Affairs perspective – what is the larger movement coming from this COP?

Ermenegilda Boccabella, Director of Public Affairs:

The larger moment of this COP is the changing climate compliance landscape globally. In light of decisions, and even preceding them, we were seeing a lot of national legislation being drafted, decided on, and already in the implementation stages. Much of this expands existing structures to define the financial instruments used in the VCM. Independent of this COP’s outcomes, we expect this shift to continue. This is a changing approach from a governmental perspective in the interaction with carbon markets, among others.

Going forward, we expect progress on national policy frameworks to become even more important than the UN negotiations for Article 6. This means that we will need deliberate investments into capacity-building so that all countries have a level playing field, and can work together towards scaling impact faster.

3. What do the regulatory developments mean for the carbon market space?

Frederic Gagnon-Lebrun:

One of the most significant outcomes at COP28 for carbon markets was key industry bodies coming together. The carbon standards have announced the creation of infrastructure for the interoperability of markets – of the VCM and Article 6. This is promising, helping to scale both ambition and finance for global transitions across technological sectors and geographies.

On the other hand, with the lack of decision, there is a delay of a year to develop markets under Art. 6.4. This again emphasizes the working mechanisms we have, such as 6.2 and the VCM, which provide an existing toolkit for what high-integrity markets can and should look like going forward.

Paraphrasing Alexia Kelly, Board Member of the The Integrity Council for the Voluntary Carbon Market (IC-VCM): “We need strong international rules for a(voluntary carbon market (VCM) that will continue to exist regardless of what is agreed at the UN, and we’ve missed a chance to deliver that at this COP. In the meantime, it makes the work done by the IC-VCM on standardization and reform in the VCM all that much more important.”

4. Going beyond the negotiations – what does all this mean for the private sector going into 2024?

Ermenegilda Boccabella:

Let’s not forget that the VCM is helping to pave the way for compliance markets, and many actors are voicing their support for high-integrity market mechanisms. For example, key government regulators and financial markets self-regulatory bodies intend to contribute to strengthening the integrity of the VCM.

On top of this, the accountability of delivering national climate actions plans overall is starting to be passed on from countries to companies in the form of tighter requirements around the disclosure and progress of corporate climate and environmental efforts. New legislation around climate-related risk disclosure, including the likes of the EU’s Corporate Sustainability Reporting Directive (CSRD), will provide more clarity and transparency on how private sector action is truly tracking when it comes to progress on climate and sustainability issues.

In parallel, and especially against the backdrop of increasing physical climate threats and a challenging geopolitical situation, we expect policymakers to start shifting their discourse to focus on energy security and energy independence, technology transitions, and strong, competitive, low-emission industries. Government leaders will likely start translating these needs into targeted policies. They will expand policies that incentivise the development and financing of critical climate technologies, push companies towards more sustainable ways of operating, put a price on pollution, and ensure markets value sustainable stewardship.

All of these shifts will inform the corporate landscape and agenda for 2024. It starts with companies acting on climate and then transparently speaking about it. The private sector is uniquely poised to meet the moment and to increase the ambition of voluntary action as the world waits for another year to see progress on global market-based collaborations at COP29.

SWORDS, Ireland, December 19, 2023 /3BL/ – Trane Technologies (NYSE:TT), a global climate innovator, has been selected to The Wall Street Journal’s list of the Best-Managed Companies for the third consecutive year. The ranking, developed by the Drucker Institute, measures corporate effectiveness, based upon five principles: customer satisfaction, employee engagement and development, innovation, social responsibility and financial strength.

“At Trane Technologies, we believe that bold ambition drives action, impact and results. We’re honored to be recognized by The Wall Street Journal and the Drucker Institute as one of the Best-Managed Companies for a third consecutive year, validating continued strong financial performance and meaningful progress on our sustainability commitments,” said Dave Regnery, chair and CEO, Trane Technologies. “I’m proud of our leadership team and our people around the world who innovate every day to transform our industry and create a more sustainable world.”

Trane Technologies is leading the way in the decarbonization of buildings, industry and the cold chain and inspiring global change with its 2030 Sustainability Commitments. These commitments reflect the actions the company is taking to bend the curve on climate change – including the Gigaton Challenge and a long-term goal of net-zero emissions by 2050. The company was first in industry to have its net-zero targets approved by the Science Based Targets initiative (SBTi).

With its Opportunity for All commitment, Trane Technologies is investing $100 million and 500,000 employee volunteer hours into programs that support the company’s corporate citizenship strategy, Sustainable Futures. This strategy focuses on uplifting and engaging students from underrepresented communities through early introduction to STEM and sustainability concepts and experiences that support entry into STEM and sustainability careers.

Our progress toward our 2030 Sustainability Commitments is tracked through comprehensive Environmental, Social, and Governance (ESG) reporting.

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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.

Forward Looking Statements 
This news release includes “forward-looking statements” within the meaning of securities laws, which are statements that are not historical facts, including statements that relate to our decarbonization innovations, our sustainability commitments, and the anticipated impact of these commitments. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2022, as well as our subsequent reports on Form 10-Q and other SEC filings. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the Company. We assume no obligation to update these forward-looking statements.