Plugged In Podcast: Transforming Sustainability Reporting
As the energy landscape evolves towards more sustainable practices, the way companies report on sustainability is also changing significantly. Historically, many companies voluntarily committed to reducing their carbon footprints through initiatives that promoted clean energy and environmental responsibility. However, as the importance of sustainability continues to grow, there is a noticeable shift from voluntary reporting to mandatory and regulated sustainability reporting. This change poses challenges for companies that need to quickly assess and address their environmental footprints and requires significant adjustments in how organizations track, report and manage their sustainability efforts.
Initiatives and Reporting Standards
In addition to mandatory reporting, there is a variety of voluntary initiatives involving reporting standards. The Climate Group’s RE100, which brings together the world’s most influential businesses committed to 100% renewable electricity, and CDP, an organization that supports companies and cities to disclose their environmental impact, have been at the forefront of voluntary sustainability commitments. Their extensive experience with voluntary reporting has given them the expertise and tools necessary to help companies navigate mandatory sustainability reporting and meet new regulatory requirements.
These groups continue to evolve with the market. For example, in addition to the RE100 initiative, the Climate Group recently launched the 24/7 Carbon-Free Coalition, a group of energy buyers, sellers and service providers committed to powering a carbon-free future, every hour of every day with locally sourced energy.
Preparing for Emerging Regulations
Preparing for the new regulations and investing in compliance reporting resources require companies to understand their carbon footprints and set detailed decarbonization goals. Additionally, investing in advanced data tracking and reporting tools can help them track energy consumption and generation data so they can visualize and compare their energy usage against clean energy sources. By leveraging these tools, companies can ensure accurate and transparent reporting, making it easier to comply with emerging regulations and set more precise sustainability targets.
Advancing to Hourly Carbon-Free Power
Building on the need for transparency and accuracy in sustainability reporting, carbon-free energy procurement is evolving from annual clean energy matching to a more ambitious, hour-by-hour approach. This shift aims to match every hour of energy use with locally sourced clean energy, pushing more companies and governments to follow suit and decarbonize their energy consumption in real time. This approach provides a more accurate view of a company’s energy use and promotes the development of local, time-aligned carbon-free energy sources, creating a more sustainable energy landscape. For example, Google has set an ambitious 24/7 carbon-free energy goal, aiming to match every hour of energy use with locally sourced clean energy by 2030 to meet customers’ demands for more precise data and reporting. Companies pursuing these ambitious goals need a verifiable way to track their progress. That’s where time-stamped hourly Energy Attribute Certificates (EACs) can help. Traditionally, Renewable Energy Certificates (RECs) and Emission-Free Energy Certificates (EFECs) have been bought and sold with annual vintages, helping organizations track their progress towards annual net zero targets. However, with the emergence of time-stamped EACs in markets like PJM and MISO, companies can now purchase carbon-free attributes generated from specific locations and times that match when and where energy is being used.
The Granular Certificate (GC) Trading Alliance is supporting the transition to time- and location-matching of clean energy purchases by providing a platform for trading hourly EACs. The GC trading and management platform can ensure environmental legitimacy, provide price transparency on where and when clean energy is most needed, and allow energy buyers to liquidate long positions and fill temporal gaps in their CFE portfolio. This ensures that companies can meet their sustainability goals with greater accuracy and transparency, ultimately leading to more effective decarbonization efforts.
Learn More with Our Podcast
Gain more insights into energy reporting by listening to our podcast, Plugged In: Exploring Energy, hosted by Chuck Hanna, Vice President of Solutions and National Accounts at Constellation. In episode three, we expand on the topics covered here and discuss additional subjects with Chris Pennington, Director of Energy and Sustainability at Iron Mountain. Tune in to our series for valuable information, including how reporting is impacting data centers, and stay updated on the future of energy.
By addressing these challenges and offering custom solutions, Constellation is leading the way in the transition to a sustainable and reliable energy future. Join us on this journey and discover how we can help you achieve your energy goals.
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