Streamlining ESG Data Collection, Tracking, and Reporting
ESG stands for the Environmental, Social, and Corporate Governance factors of a business. These three factors measure the societal impact that companies have on the world and the people around them. Over the past few years, these three factors have become an increasingly important set of criteria considered by potential investors and customers. In the coming years, it will likely eventually become a requirement that publicly traded companies report ESG data on an annual basis. ESG reporting is particularly important within the energy and utility industry, given the environmental impact associated with energy production, especially as it relates to greenhouse gas emissions. ANB Systems recognizes this emerging need and is working to provide a solution that would streamline the ESG data collection and reporting process and tailor it specifically to meet the needs of electric and gas utilities. ANB Systems already works with various utility clients and uses software platforms for energy efficiency data collection, tracking, and reporting to regulatory authorities. ESG data collection and reporting are a natural extension of ANB Systems' current capabilities.
Several challenges became apparent for companies trying to issue ESG reports based on industry research and discussions with relevant stakeholders. First and foremost, the significant time and resource commitment it takes to gather all relevant ESG data and transfer it into a report. This process takes much coordination between different departments within a company and can be messy if there is no centralized repository to collect data. When it comes to calculating emissions data for an ESG report, there are a wide variety of calculation methods used and not much transparency in terms of how calculations were made, making it difficult to make comparisons within the industry. This also decreases the auditability of ESG reports. Tracking progress towards long-term goals is another challenge companies often face. They make goals to reduce emissions by a certain amount, over a 10-year period, for example, but then don't have a good way of tracking whether they are on target to meet those goals.
ANB Systems' ESG tracking and reporting solution has the capability to address each one of these challenges. In the ANB Systems ESG tracking platform, the ESG manager would configure the settings to fit their company's needs. Tracking requirements, workflow, and user management, and data management can all be adapted and individualized for each reporting company. The ESG manager will have the capability to immediately send out tasks or request data from various business units, enter or upload ESG data, and check ESG performance calculations. ANB's workflow management capabilities will help to streamline coordination within the company during the data collection process. Based primarily on EPA or GHG Protocol guidance, calculations can immediately be made once data has been received and will be entirely auditable. Progress towards long-term goals will be tracked to ensure they are on pace to be met. Finally, reports can be quickly generated using formatted templates.
Ultimately, businesses will be able to consolidate all administrative reporting processes for relevant ESG/Sustainability data into one integrated workflow through ANB Systems' state-of-the-art workflow management and tracking software, eTRACK+. ANB's ESG platform would enhance data tracking of emissions and sustainability measurements for utilities and energy service providers. This is possible by providing one centralized location for collecting ESG data, seamlessly integrating data feeds to track ESG trends, and streamline report generation based on the data. The features described above would significantly reduce the administrative burden in collecting data and generating an ESG report.
ANB Systems, as a company, has always strived towards playing its part in building an energy-efficient & sustainable world. Our solution suite, which includes eTRACK+, eTRM, DRM, ZAPconnect, and ePLAN, has been facilitating several utilities around the globe for over a decade to help implement energy-efficient solutions for their customers. For more information about us or any of our products, please contact us at email@example.com.
Written by - Jack Mitchell
Jack Mitchell is working as a Business Analyst Intern with ANB Systems this summer. Jack is a graduate student who will begin pursuing his Master of Environmental Management at Duke University this fall and hopes to eventually use the knowledge acquired through internship experiences and graduate school to pursue a career in the renewable energy industry.