In today’s competitive business environment, enterprises are under increasing pressure to enhance growth and earnings while simultaneously reducing costs and risks associated with greenhouse gas (GHG) emissions reporting. In response, some companies are addressing GHG reporting and compliance requirements with tactical and manual approaches. Industry leaders, however, are taking a more strategic approach. They are implementing GHG emissions information management solutions that are part of integrated enterprise-level software platforms for environmental, health and safety (EHS) compliance and sustainability in order to achieve broader efficiencies, business benefits and to manage risk.
Best practices for managing GHG and other environmental emissions suggest that measurements should be taken at the asset or operating-equipment level. When companies aggregate data from hundreds of spreadsheets at the cost-center level, it can be difficult or impossible, to trace specific emissions back to their source. Detailed tracking at the asset level ensures traceability and accountability by reducing the risk of material reporting errors and enabling the company to take corrective measures, if needed.
Yet many organizations are trying to manage this massive influx of GHG emissions data in the same way that they have dealt with other types of EHS data through the years. Air, water, waste, refrigerants, and now GHG data – as well as chemical or material data, worker safety information and more – are all being collected, processed and delivered via manual processes and spreadsheets. These labor-intensive processes add unnecessary risks, costs and complexity to business operations.
Forward-thinking companies are meeting this challenge by implementing comprehensive EHS and sustainability solutions that include world-class GHG emissions management capabilities. Integrated enterprise software platforms help manage GHG data from emissions inventories to the trading floor while also fulfilling a host of other EHS compliance requirements. Operational complexity, risks and costs shrink as duplicate systems and redundant work processes are eliminated. In addition, the systems generate valuable EHS business intelligence that executives can use to make informed technical and economic decisions on projects and investments to reduce their environmental footprint and drive growth.
We believe that this strategy of meeting GHG emissions management demands within a broader EHS compliance and sustainability strategy offers businesses a unique opportunity to transform a looming burden into a real competitive advantage.