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How Innovations in Medical Devices Are Allowing Physicians to Work Better - and Patients to Heal Quicker

Boston Scientific

By Fastco Works Dr. D. Kyle Hogarth, the director of bronchoscopy at the University of Chicago, works in a bustling ICU where he often needs to perform rapid endoscopic procedures. His procedures entail threading a tube-shaped device called a bronchoscope into a patient’s nose or mouth to access and examine the lungs and airways. This can reveal if a patient’s symptoms are caused by infection, blockages, or even cancer. Having the right tools is essential to performing these tasks quickly for critically ill patients, but Hogarth felt his were holding him back To learn how the Boston Scientific R&D team helped address the issue, continue reading here. View original content here. View additional multimedia and more ESG storytelling from Boston Scientific on 3blmedia.com

May 20, 2022 09:56 AM Eastern Daylight Time

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Whose Data Is This Anyway? Striving for Higher Standards of Emissions Reporting

Baker Hughes

A new research partnership aims to clarify best practices and help industry come to grips with disclosing Scope 3 GHG emissions. Unease and a sense of mistrust are growing around the consistency of data used to report carbon emissions and quantify the changes made by companies, industries, and countries. As a result, genuine changes for the better may not be acknowledged and emulated, while changes for the worse, which are bound to happen, may be taken for granted or misunderstood. How can a coalition of organizations bent on improving outcomes, such as Google, Baker Hughes, and academic institutes help lay the groundwork for reliable reporting of emissions that enable better decision making, and which are comparable across the economic spectrum? The plan for such a research partnership got a kickstart from a paper written in 2020, by Jordy Lee, a graduate of the Colorado School of Mines in the US and now Program Manager of the affiliated Payne Institute for Public Policy. In, Lee examined and compared existing methodologies and examples of reporting from BHP, Freeport McMoRan, and Vale, three mining majors in the copper supply chain. This one metal has properties such as malleability, and electricity and heat conductivity that have embedded it with every industry from communications to renewable energy. Although focused on copper, Lee’s work highlighted “the incomplete and variable nature of environmental and climate reporting within the mining industry”, and organizations reliant on the resources industry to deliver their own products and services took note. At the Columbia Center on Sustainable Investment Perrine Toledano, Head of Mining and Energy at the Columbia Center, says that over the past couple of years she and her colleagues kept meeting other players at various climate events, and collectively recognizing that “There is not enough research and evidence to show what good carbon accounting is all about. There’s no one to say, ‘This is too high level and leaves a lot of room for interpretation by companies.’” This led the Columbia Center on Sustainable Investment and the Payne Institute for Public Policy to help form the Coalition on Materials Emissions Transparency – a partnership that enables the sharing of research between institutions as they advance carbon accounting discussions. [1] At the same time, the impetus toward joining forces also started in companies such as Baker Hughes, realizing that its thousands of suppliers are not bound by any common standards or methodologies of reporting emissions, which could ultimately render its own emissions reporting inaccurate. ‘’There’s a growing body of research on climate feedback loops,” says Allyson Book, VP of Energy Transition at Baker Hughes. ‘’And energy organizations must prepare to spend as much intelligence and dedicated research quantifying the greenhouse gases they embedded in their value chain, so that they can work on ways to reduce or capture and permanently sequester them.’’ [2] Challenges to accurate reporting on decarbonization have been simultaneously igniting in academia, at conferences, and in boardrooms, even as investors clamor for disclosure. It is important for Baker Hughes to understand the material and mineral emissions from its supply chain, to continue to ensure transparent reporting and enable its own path to net-zero. At Google, which has already achieved net-zero in terms of carbon emissions from its energy consumption, Krisha Tracy, Sustainability and Risk Management Solution Manager for Supply Chain & Logistics, says that one of the technology giant’s emissions reporting challenges is around Scope 3, similar to “the same challenges that Baker Hughes is up against”. Google uses copper “In our data centers, chips, Chromebook laptops, Nest devices, Pixel phones, …etc.,” says Tracy. But the emissions and other environmental metrics provided by copper mines and metal processing facilities vary widely from one another, making copper Scope 3 reporting highly variable with low confidence. “We had a conversation with the Baker Hughes team covering the challenges of life cycle assessment metrics— the greenhouse gas emissions associated with materials entering into the supply chain have such a large margin of error, that companies across all industries have little to no confidence in the reported metrics,” says Tracy. A nuanced and diverse cohort The complexity of Baker Hughes’ and Google’s supply chains makes them rich sources of information for academia. And academia, which is dedicated to objectivity, makes the ideal director of investigations and in this case a scientific filter of data quality and relevance. Lee’s preliminary paper identified the Payne Institute and the Colorado School of Mines as a natural choice to help the two corporations clean up and clarify their metals and minerals data. And the Columbia Center on Sustainable Investment brought legal, economic, and investability filters to the group’s investigations. Working with real examples and perspectives from as many different industries as possible will produce better information from this likely world-first research, says Morgan Bazilian, Director of the. He hopes that an oil and gas major and a financial organization, with their different challenges and motivations, will also join the coalition investigating “Elements and Outcomes”. “Elements” refers to metals and minerals in industry supply chains, and the study will commence by focusing on widely used copper. Bazilian says the initial exploratory phase of the two-year study is devoted to identifying the right questions to ask: “Where is the confusion? Where are the challenges?” Supply chain mapping for key industries, partners, and materials will identify emissions-intensive steps in the extraction and processing of copper. Tracy says a resource-specific focus is important: “We need to get down to what needs to be measured and what are the realistic measurements and standards for a copper mine — not a nickel mine, but a copper mine — because the emissions and ESG metrics associated with extracting and processing copper are very different from those associated with nickel, or lithium, and so on.” Mapping the data wilderness As part of supply chain mapping, the study will also identify and seek to formalize what steps need to be recorded and published to provide the best possible comparison between companies, suppliers, and materials. A loose-but-integrated division of expertise will see the Payne Institute and Colorado School of Mines dig deep into emissions data generated around resource extraction and processing. The goal is to understand where the values are coming from, how they’re calculated, how frequently they’re updated, and whether there is perhaps a better way of measuring and updating that would improve the accuracy and transparency of emissions factor data sets. The Columbia Center on Sustainable Investment will, among other factors, contribute “comparative work on the accounting methods used for different materials”, says Toledano, who cites steel and plastics as examples. “We’re looking into what different accounting methods, used by different organizations and sometimes different countries, can tell us about how to identify emissions for specific materials.” Working directly with partners like Baker Hughes and Google, says Toledano, “gives us the reality check”. She explains, “We need industry partners in order to understand the industrial processes, the challenges organizations are facing when it comes to decarbonization, and even the feasibility of declaring emissions. Being close to reality will also ensure that we develop methodologies that get industry uptake.” To this end, the study will also seek to identify how companies can evaluate where to intervene, initially in their metals and minerals supply chains, to advance their carbon goals. For instance, where should their focus be in terms of the most impactful materials? Or does transport of the material (say from mine to processing hub) or embodied emissions of the material contribute most to their carbon bottom line? Building on consistent methodologies Achieving clarity, consistency, and comparability of emissions data from mining resources will generate insights and benchmarks for all industries and for further investigation. For example, can recycling make a material impact? The final series of questions posed by the study and slated for continuing research include: What are the potential emissions reductions to be gained from large-scale use of recycled materials once you consider the emissivity and complexity of each material’s recycling process? And what are the next steps for the research group’s industry partners toward participating in a circular economy? The study focuses on detail and precision — identifying the cracks, fissures, and ravines in reporting supply-chain emissions from metals and minerals. It aims to help level the playing field for companies serious about reducing their carbon footprint and meeting their environment, sustainability, and governance (ESG) goals. Inconsistent reporting frameworks invite abuse reminiscent of “creative accounting,” enabling companies to avoid negative consequences from investors, consumers, and government regulation, says Tracy. “Investors could withdraw funding from companies whose emissions reporting is too high even though they are reporting with greater diligence and honesty,” she says, adding that shareholders might also choose to withdraw, and consumers may take their business elsewhere. There’s too much at stake, both for the climate and for companies, to enable inconsistent or loosely-defined carbon accounting. To add to this, she emphasizes, "the growing state of mistrust creates a negative public perception of even trying to achieve sustainability.” Payne Institute research ultimately seeks to inform energy and environmental policy, which can accelerate or discourage the behaviors of business and the aspirations of society. Says Bazilian, “The more explicit we can be about the challenges — in this case about data paucity and methodological inconsistency — as well as the tensions that exist for companies between environment and economics and finance and market share, the better.” Is putting emissions data under the microscope likely to generate controversial findings? The study’s premise has controversial elements, Bazilian says, in that “We’re already putting it out there that this space is terribly confusing for businesses that want to try to report all their emissions.” It also opens the lid on the fact that unstandardized data has been widely applied, and that “The most used carbon accounting protocol in the world — the greenhouse gas protocol — has a lot of holes in it.” Building trust in our carbon-accounting systems can only advance the greater climate cause. Footnotes [1]  The Coalition on Materials Emissions Transparency (COMET) is a collaboration between the United Nations Framework Convention on Climate Change (UNFCCC), the Columbia Center on Sustainable Investment (CCSI), RMI (formerly known as Rocky Mountain Institute), and the Payne Institute for Public Policy at the Colorado School of Mines. Its objective is to advance accurate and transparent carbon accounting through a harmonized set of principles, standards, and reporting requirements. This harmonization would allow for independent verification of the emissions reported by different industries and supply chains, and would work to benefit all environmental stakeholders, including buyers, sellers, investors, and governments. COMET was launched at the World Economic Forum Summit in January 2020 and has dedicated initial research to understanding how to best harmonize current carbon accounting efforts. [2]  Scope 3 emissions — which relate to emissions from upstream product and service providers to Baker Hughes and downstream emissions generated during the use of Baker Hughes’ products and services — are the most at risk, and they potentially represent the greatest slice of any company’s emissions. But reporting of Scope 1 (direct emissions from sources owned or controlled by the company) and Scope 2 (indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company) emissions is also rarely comparable with that of other companies using different methodologies or variable-quality data. View additional multimedia and more ESG storytelling from Baker Hughes on 3blmedia.com

May 20, 2022 09:31 AM Eastern Daylight Time

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Duke Energy Florida, Coastal Conservation Association Florida Deploy Artificial Reef off State's Gulf Coast

Duke Energy

ORLANDO, Fla., May 11, 2022 /3BL Media/ - Coastal Conservation Association Florida (CCA Florida) – the state’s leading organization dedicated to marine fisheries conservation, education and advocacy – joined Duke Energy Florida, in partnership with the Mexico Beach Artificial Reef Association (MBARA), to deploy four 38,000-pound and four 5,000-pound high-quality concrete reef modules off the coast of Mexico Beach, Fla., to create the artificial “Duke Energy/CCA Florida Reef.” The eight reef modules were deployed by Walter Marine at the pre-permitted Sherman Site – an area known for attracting red and gray snappers, amberjack, king mackerel, Spanish mackerel, gag grouper, and cobia. These specific reef structures, ranging in height from 8 to 25 feet, provide greater habitat diversity, while attracting vast species of fish and appealing to recreational anglers. The reef site is located offshore 11 miles west of Mexico Beach at approximately 29º 55.384, -85º 40.765. “Improving and creating sustainable fisheries, coastal habitats and waterways is CCA Florida’s purpose,” CCA Florida Executive Director Brian Gorski said. “Today’s reef deployment is an extension of that commitment and also of our partnership with Duke Energy – signifying our mutual dedication to protecting Florida’s marine habitat for today and generations to come.” Artificial reefs initiate the development of natural, thriving habitats for various species of fish, invertebrates, and other marine life, such as smaller organisms that are vital food sources for other marine species, with the overall goal to create an ever-evolving ecosystem while enhancing fisheries and improving water quality. “Duke Energy Florida recognizes the importance of environmental stewardship and the economic benefit it provides to the communities we serve,” Melissa Seixas, Duke Energy Florida state president said. “We are proud to invest in CCA Florida’s work with the Mexico Beach Artificial Reef Association to bring this new artificial reef to Mexico Beach – a ‘win’ for marine life, local anglers and outdoor enthusiasts along Florida’s West Coast.” Since 2018, CCA Florida and Duke Energy have released more than 110,000 redfish along Florida’s Gulf Coast in effort to relieve the declining population. The Duke Energy/CCA Florida Reef deployment is an expansion of that collaboration and underscores their continued dedication to enhancing Florida’s marine habitat and expanding fishing opportunities for local anglers. Coastal Conservation Association Florida The Coastal Conservation Association (CCA) was founded in 1977 after drastic commercial overfishing along the Texas coast decimated redfish and speckled trout populations. One of 19 state chapters, CCA Florida became the fifth state chapter in 1985. A 501(c)3 non-profit organization, the purpose of CCA is to advise and educate the public on conservation of marine resources. Through habitat restoration projects, water quality initiatives and fisheries advocacy, CCA Florida works with its over 18,000 members, including recreational anglers and outdoor enthusiasts, to conserve and enhance marine resources and coastal environments. Join the conversation on Facebook or learn more at ccaflorida.org. Duke Energy Florida Duke Energy Florida, a subsidiary of Duke Energy, owns 10,300 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 (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 28,000 people. Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business and at least a 50% carbon reduction from electric generation by 2030 and net-zero carbon emissions by 2050. The 2050 net-zero goals also include Scope 2 and certain Scope 3 emissions. 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 2022 “World’s Most Admired Companies” list and Forbes’ “America’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 contacts: Duke Energy Florida – Audrey Stasko Cell: 315.877.3031 Media line: 800.559.3853 Email: audrey.stasko@duke-energy.com Coastal Conservation Association Florida – Mary Hillyer Peelen Walther Phone: 407.617.0604 Email: mhpwalther@ccaflorida.org View original content here View additional multimedia and more ESG storytelling from Duke Energy on 3blmedia.com

May 20, 2022 09:26 AM Eastern Daylight Time

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Exploring the Potential of Hydrogen Fuel Cells in North American Trucking

Cummins Inc.

Cummins Inc., a global power and hydrogen technologies leader, and Daimler Truck North America, the largest heavy-duty truck manufacturer in North America, are collaborating to upfit and validate Freightliner Cascadia trucks with a Cummins hydrogen fuel cell powertrain for use in North America. Freightliner will leverage Cummins’ fourth generation fuel cell powertrain, which provides improved power density, efficiency and durability. The joint effort will support both organizations’ goals to reduce emissions across product offerings and operations. Upon successful validation, the companies intend to have initial units available in 2024 for selected customers. “Cummins and Daimler Truck have a strong history of partnership, and this next step into fuel cell electric vehicles is an exciting development for zero-emissions transport,” said Amy Davis, Vice President and President of New Power at Cummins. “Hydrogen fuel cells are a promising solution for the demanding requirements of heavy-duty trucking. Our collaboration in this market is an important milestone for both companies as we work to accelerate the shift to a carbon-free economy.” “CO2-neutral commercial transportation must not only be technically feasible, but also economically viable for our valued customers,” said Rakesh Aneja, Vice President and Chief of eMobility at Daimler Truck North America. “Depending on the customer application and energy infrastructure considerations, hydrogen-powered vehicles can absolutely complement battery-powered electric vehicles in accelerating our carbon-neutral journey. “We are pleased to expand our partnership with Cummins to include hydrogen-powered fuel cell electric vehicles in our future portfolio,” Aneja added. “We remain focused on serving our customers by providing them with a choice of propulsion-technologies, ultimately resulting in solutions that best suit their business needs.” Cummins has deployed more than 2,000 fuel cells to date, using the technology to help achieve a number of industry firsts such as powering the first hydrogen-powered passenger train in Europe. The company is bringing low- and no-carbon technologies to market for those customers ready to invest in them while reducing the carbon produced by its core products to allow others to begin their carbon reduction journeys. Hydrogen is an especially promising fuel when produced fully or in part using renewable sources of energy such as wind and solar. END View additional multimedia and more ESG storytelling from Cummins Inc. on 3blmedia.com

May 20, 2022 09:21 AM Eastern Daylight Time

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Dow Leaders Achieve Top Recognition on INvolve's 2022 Empower Role Model Lists

DOW

MIDLAND, Mich., May 20, 2022 /3BL Media/ - Dow (NYSE: DOW) today announced that four leaders have earned recognition on three 2022 Empower Role Model lists: Empower 50 Advocates Role Model List, Empower 100 Executives Role, Empower 100 Future Leaders Role Model List. The Empower Role Model lists showcase business leaders who are breaking down barriers at work for people of color within global business. Honorees are recognized for the success in their own careers and efforts to drive for more inclusive workplaces. Dow employees selected for Empower Role Model Lists include: Empower 50 Advocates Role Model List, 4 Jim Fitterling, chairman and chief executive officer Executive sponsor, Global African Affinity Network Empower 100 Executives Role Model List, 12 Mauro Gregorio, president, Performance Materials & Coatings; Latin America oversight Executive sponsor, Hispanic and Latin Network Empower 100 Executives Role Model List Karen S. Carter, chief human resources officer and chief inclusion officer Empower 100 Future Leaders Role Model List, 11 Shruti Bahadur, global Employee Experience and Employee Resource Group leader Dow's ambition is to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world. In 2017, Dow began an intentional journey to cultivate a culture of inclusion, and the Company updated its Inclusion, Diversity and Equity Strategy – ALL IN 2025, which focuses on leading with inclusion, elevating diversity, and embedding equity into practices, policies, and processes. About Dow Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance (ESG) leadership to achieve profitable growth and deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates 104 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $55 billion in 2021. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter. For further information, please contact: Kyle Bandlow 989.638.2417 kbandlow@dow.com Twitter: https://twitter.com/DowNewsroom Facebook: https://www.facebook.com/dow/ LinkedIn: http://www.linkedin.com/company/dow-chemical Instagram: http://instagram.com/dow_official SOURCE The Dow Chemical Company View additional multimedia and more ESG storytelling from DOW on 3blmedia.com

May 20, 2022 09:17 AM Eastern Daylight Time

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Ram Jagannath: How Medable is Transforming Clinical Trials

Blackstone

By Ram Jagannath At Blackstone, our healthcare investments focus on scientific and technological innovations transforming the entire ecosystem, from improving patient experiences to creating new efficiencies. One area where we look for opportunities is the drug development process, where promising companies and products are helping reduce the time and cost of getting therapies to patients. Currently, the total cost for an approved new drug amounts to an estimated $2.6 billion, with clinical trials among the most time- and resource-intensive parts of the development process. Traditionally, participants have had to travel multiple times to a physical location where the trial is taking place. Seventy percent of patients live more than two hours away from their study site, research shows. Absenteeism is common, and 30% of patients on average drop out of clinical trials before they end. Data integrity issues are also pervasive in traditional clinical trials, 89% of which generate incomplete patient data because of poor engagement. That’s why we saw opportunity in  Medable, which uses platform technology to enable decentralized clinical trials where patients participate virtually. Medable’s technology meets the often-complex set of requirements and protocols necessary for complying with clinical trial regulations while keeping patients’ data secure. "By removing one of the main barriers to participation–traveling to a site–Medable helps pharmaceutical companies reach and retain a more diverse pool of participants." Medable is a leader among decentralized trial platforms, supporting over 150 decentralized and hybrid trials in 60 countries to date. Results demonstrate the effectiveness of the decentralized approach: compared with traditional trials, Medable reduces costs by 50% while increasing enrollment speed by 200%. This is critical as trial delays can cost developers hundreds of thousands or even millions of dollars per day. Medable’s data integration and collection capabilities are also more advanced than those of a traditional clinical trial, offering companies a comprehensive view of patient health and outcomes in real-time. Medable’s technology is helping address another important pain point in clinical drug development. While 85% of people say they wish to participate in research, less than 5% of eligible patients actually do and racial minorities are consistently underrepresented, according to the American Medical Association. By removing one of the main barriers to participation—traveling to a site—Medable helps pharmaceutical companies reach and retain a more diverse pool of participants. The retention rate for Medable’s trials is 90%, well above that of traditional trials. The company also announced a recent collaboration with CVS to enhance access to underserved populations. Blackstone is excited to advance Medable’s mission to get effective therapies to patients faster. We’re leveraging resources and expertise across our firm—from our life sciences business to our data science group—to offer strategic guidance to Medable’s leadership team, including Co-Founder and CEO, Dr. Michelle Longmire, MD. We’re also pleased to tap into our network of industry leaders and senior advisors to facilitate introductions and help Medable grow its customer base. We’re thrilled to apply our experience helping companies scale to Medable and look forward to our continued partnership.     View additional multimedia and more ESG storytelling from Blackstone on 3blmedia.com

May 20, 2022 09:16 AM Eastern Daylight Time

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Investing in Communities: KeyBank Exceeds Community Benefits Plan Financial Commitments

KeyBank

In 2021, Key proudly concluded our groundbreaking five-year, $16.5 billion National Community Benefits Plan. Over the course of the plan period, we provided more than $26.5 billion in lending and investments to communities across America, exceeding the aggregate financial commitments of the plan. Surpassing the commitments of our National Community Benefits Plan has brought access to capital for neighborhoods and neighbors who have often faced barriers to financial support. These investments supported affordable housing and community development projects nationwide; small business and home lending in LMI communities; and philanthropic efforts targeted toward education, workforce development, and building safe, vital neighborhoods. Having achieved the aggregate financial commitments of our initial National Community Benefits Plan one year ahead of schedule, Key announced an extension and expansion of our plan in early 2021, committing to invest more than $40 billion in the communities we serve. To ensure our plan continues to best serve our communities, we worked with the National Community Reinvestment Coalition (NCRC) to gather community feedback throughout our footprint. Key and the NCRC hosted seven community listening sessions in 2021 to learn what is most important to the communities we serve. We also gathered feedback from Key’s National and Regional Advisory Councils. These listening sessions, in combination with the impact we’ve seen from the first five years of the plan, are actively shaping our community investments. To learn more about Key’s ESG efforts, read the 2021 Environment, Social, and Governance Report here View additional multimedia and more ESG storytelling from KeyBank on 3blmedia.com

May 20, 2022 09:04 AM Eastern Daylight Time

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Marathon Petroleum and MPLX G&P Earn 2021 CN Safe Handling Award

Marathon Petroleum Corporation

View additional multimedia and more ESG storytelling from Marathon Petroleum Corporation on 3blmedia.com

May 20, 2022 09:03 AM Eastern Daylight Time

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The Future of Company Reporting is Integrated

SAP

Next week, business, political, and social leaders will meet at the annual World Economic Forum in Davos against the backdrop of unprecedented global challenges, including climate change. At SAP, we believe companies need to put sustainability at the heart of their corporate business strategies and embed sustainability data into their end-to-end processes in order to generate the insights they need to move decisively to a more inclusive, regenerative, and net-zero economy. An integrated report that combines traditional financial indicators and non-financial data — including environmental, social, and governance (ESG) reporting — is an essential element in this journey. This year, SAP celebrated the publication of its 10th integrated report, and I wanted to share some of the lessons we have learned along our way. Integrated reporting is based on the principle that any organization can maximize value by serving the interest of all stakeholders, including investors, employees, and customers. But it’s not just a reporting exercise; integrated reporting requires an integrated business strategy, one that creates value beyond just financials, balancing short-term gains with long-term strategy and investment. I am proud that SAP was one of the first European companies — and the first software company in the world — to publish an integrated report. We have been in the vanguard of a movement that is changing the way companies are measured and valued, a movement that is addressing many deeply rooted social problems and existential threats facing our planet. The SAP Integrated Report 2021 reflects our sustainability management performance and provides transparency to the market, alongside other stakeholders, on both financial and non-financial indicators, as well as the connection between the two. It includes a wealth of non-financial indicators such as Business Health Culture Index, Leadership Trust Index, women in management, and Scope-level carbon emissions. Providing visibility into relevant metrics equips companies with the insights required to comply with new regulations, safeguard their license to operate, meet increasing stakeholder expectations, cut costs, and recognize opportunities for business transformation. At SAP we measure our success by five main indicators: revenue and operating margin that show past performance, employee engagement, customer loyalty, and carbon impact that help us understand what we can achieve in the future. Assigning a monetary value to some of these factors increases their relevance. In 2012, when we first adopted this integrated approach to ESG and financial reporting, only six percent of our institutional investors focused on ESG. Today, based on our internal analysis of our shareholder base, that figure is 40%. How did we get here? Integrated reporting naturally builds on the long history of corporate accounting. Early accounting can be traced back more than 7,000 years to ancient Mesopotamia and is said to have developed alongside writing, counting, and money. The early Egyptians and Babylonians created auditing systems, while the Romans collated detailed financial information. Since then, the father of modern accounting, Luca Pacioli, described the system of double-entry bookkeeping, which remains the foundation of modern corporate reporting. But nothing stays the same indefinitely. Corporate accounting systems have evolved to meet the needs of the increasingly complex ownership structures and transactions that emerged in the wake of the Industrial Revolution and shifting shareholder and societal concerns. Steps toward expanding the range of information published annually by companies came in the late 1980s, when the first corporate environmental reports began to appear. Many companies still publish separate financial and sustainability reports, but beginning in the mid-2000s, there was a recognition that an organization’s true value is determined by a wider range of factors, including allegedly “soft” metrics. For example, diversity drives better decision-making and improved financial performance. As sustainability rose to the top of the corporate agenda, business leaders recognized that a separate sustainability strategy would no longer suffice. Instead, companies must ensure their entire business strategy is sustainable and that business processes align with ESG reporting. This reflects the trend toward stakeholder capitalism, where business leaders consider the broader interests of investors, employees, society, and the planet. Meanwhile, the COVID-19 pandemic has accelerated digital transformation and placed a premium on agility, resilience, and business process intelligence. By combining financial and non-financial ratios and measures, companies can transform their business processes and gain the data transparency they need to achieve their sustainability targets. To help our customers to perform at their best and meet the growing requirements of regulators and institutional investors focused on ESG, we launched a new offering in January 2022. SAP Cloud for Sustainable Enterprises  brings together a comprehensive portfolio of solutions that enable businesses to holistically manage their sustainability performance. Beyond supporting our customers, we are strengthening our own commitments and announced that we will accelerate our goal to achieve net-zero emissions across our value chain by 2030 — 20 years earlier than expected. We’re also helping to standardize non-financial measurements by working with organizations such as the Value Balancing Alliance (VBA), World Economic Forum, the United Nations Global Compact (UNGC), and the Global Reporting Initiative (GRI). For SAP, our integrated reporting journey continues. Our focus remains on how we can improve and expand, but also continue to ingrain non-financial metrics into decision-making and how we run our business. One thing, however, is clear: the advantages of integrated reporting and a holistic approach to company management are indisputable. Companies that embed sustainability into core business processes consistently  outperform their competitors. And ultimately, integrated reporting not only considers the needs of all stakeholders, but also how companies can turn emerging social and environmental risks into business opportunities. View additional multimedia and more ESG storytelling from SAP on 3blmedia.com

May 20, 2022 09:02 AM Eastern Daylight Time

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