GreenWorks ESG

We believe that the ISSB Standards and the CSA’s positive response has created the ESG stability Canadian companies have been waiting for. Please contact us today to learn more!

Thanks to all for making our Launch Party V2.0 a huge success! Special thanks to our hosts, presenters, and panelists, and to our wonderful Partners! It's truly amazing how supportive the tech and sustainability communities are in Calgary!

We'd be delighted if you'd attend the launch of V 2.0 of our SaaS solution, in conjunction with the premier ESG networking event of 2023 🎉 Featuring a panel conversation on the evolution of ESG reporting, unique networking opportunities, and food and drinks!

Get your tickets now: https://www.startupgrind.com/events/details/startup-grind-calgary-presents-quarterly-social-minimize-business-risks-with-effective-esg-practices/

Delta Air Lines is facing a class action lawsuit over claims that it misrepresented its environmental impact by presenting itself in advertising and promotional activities as being “carbon neutral.”

A complaint filed on behalf of a Delta passenger in a California court, states that Delta’s reliance on participation in the voluntary carbon market to offset its emissions makes its carbon neutrality claim false, given the market’s credibility issues, ranging from inaccurate accounting and speculative emissions reduction forecasts to questions about the permanence of carbon reductions and reliance on projects that would have occurred without the investments.

Delta Hit with Greenwashing Lawsuit over Carbon Neutrality Claims - ESG Today Delta Air Lines is facing a class action lawsuit over claims that it misrepresented its environmental impact by presenting itself in advertising and promotional activities as being “carbon neutral.” A complaint filed on behalf of a Delta passenger in a California court, said that the airline “...

You can't achieve V2.0 as a SaaS company without incredible clients, partners, and the best team in the business! Thank you to everyone for their continued support!
Please see our Press Release

Made in Canada Solution to ESG Tracking and Reporting /CNW/ - GreenWorks ESG, a Canadian technology startup established in 2019, proudly announces the launch of version 2.0 of their Software as a Service (SaaS)...

Mandatory compliance with the EU's CSRD might be waived for US companies if SEC climate-related disclosure rules are rigorous enough. Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at mailto:[email protected] to learn more about the latest ESG requirements.

Check out our May newsletter! 📰 Read it here: https://hubs.ly/Q01RflFF0

In this issue:
🖥️ Highlight: Our new website
📸 New Features: Image Gallery & Charts
🥂 You're invited: V 2.0 & ESG Hub Launch Party

Together with our valued partners, GreenWorks ESG invites you to the launch of our V 2.0 SaaS solution - the must-have platform to alleviate the pain points of ESG reporting - in conjunction with the premier ESG networking event of 2023.

Secure your tickets now: https://www.startupgrind.com/events/details/startup-grind-calgary-presents-quarterly-social-minimize-business-risks-with-effective-esg-practices/

Quarterly Social: Minimize Business Risks with Effective ESG Practices | Startup Grind

EU Parliament Proposes Ban on Green Claims Backed Solely by Carbon Offsetting

You may have seen our post last week about the European Council's proposed ban on generic and/or unsubstantiated environmental claims. Both the European Council and the European Parliament are establishing their positions for the negotiation of the EU Commission’s proposed “Directive on Green Claims." With both positions adopted, negotiations on the new rules can begin soon.

One of the new requirements proposed by the EU Parliament is to include in the rules a prohibition on green claims such as “carbon or climate neutrality” that are based solely on carbon offsetting schemes. Parliament’s position also adds a requirement for such claims to be supported by an implementation plan backed by concrete targets, a budget, and resource allocation.

EU Parliament Proposes Ban on Green Claims Based Solely on Carbon Offsetting - ESG Today Lawmakers in the European Parliament voted 544-18 to approve the adoption of new proposed rules requiring companies to substantiate and verify their environmental claims and labels, aimed at protecting consumers from greenwashing. The new rules form Parliament’s negotiating position on the EU Comm...

We're super excited to announce the launch of V 2.0 of our SaaS solution, and invite you to the premier ESG networking event of 2023 🎉 Thank you to our amazing partners Care Group and Project Forest!
Get your tickets now: https://www.startupgrind.com/events/details/startup-grind-calgary-presents-quarterly-social-minimize-business-risks-with-effective-esg-practices/

Where Canadian businesses are falling down when it comes to ESG reporting in 2023, according to PwC, and how you can avoid these pitfalls in your own ESG report, according to us.

PwC has identified 3 areas where businesses are failing to keep pace with rising stakeholder expectations in their ESG report:
1. 77% don’t disclose a TCFD report, leaving them potentially unprepared for mandatory reporting requirements underpinned by the TCFD framework.
2. 38% focus more on compliance than materiality, and don’t integrate their reporting.
3. 59% only talk about their positive performance.
https://www.pwc.com/ca/en/today-s-issues/environmental-social-and-governance/esg-reporting-insights.html

Our recommendations for success:

94% of surveyed companies are planning to comply with the EU's upcoming Corporate Sustainable Reporting Directive, even if they don't have to. The majority of companies outside of the scope of the mandate responded that they intend to comply voluntarily, in order to keep up with their EU-based peers. Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at mailto:[email protected] more about the latest ESG requirements.

The International Sustainability Standards Board (ISSB) is seeking feedback on its proposed methodology for improving the international applicability of the SASB standards.
Around 20% of the metrics included in the SASB standards refer to specific jurisdictional laws and regulations, which could lead to regional bias and undermine international applicability.
The ISSB aims to revise the metrics within the SASB Standards before IFRS S1 comes into effect in January 2024. Comments are open until August 9.

ISSB Consults on SASB International Applicability - ESG Investor The International Sustainability Standards Board (ISSB) is seeking feedback on its proposed methodology for improving the international applicability of the Sustainability Accounting Standards Board (SASB) standards. The consultation will remain open for comments until 9 August. Based on feedback, t...

EU Lawmakers Propose Ban on Generic Environmental Claims to Protect Consumers from Greenwashing

The European Council announced its negotiating position on new proposed rules, requiring companies to substantiate and verify their environmental claims and labels.

The ban would address a need highlighted by a recent study, which found that more than half of green claims by companies in the EU were vague or misleading, and 40% were completely unsubstantiated. The stance by the Council will guide its negotiations on the rules with the EU Parliament, once Parliament adopt their own position.

EU Lawmakers Propose Ban on Generic Environmental Claims to Protect Consumers from Greenwashing - ESG Today The European Council announced today the adoption of its negotiating position on new proposed rules requiring companies to substantiate and verify their environmental claims and labels, aimed at protecting consumers from greenwashing, which includes a ban on generic environmental claims, such as ‘...

“The very act of litigation shines a spotlight on undesirable company practices, creates pressure, and can lead to a swifter resolution than one might expect."
Recent litigation shows that shareholders pursuing legal action against large investee companies on their ESG-related commitments and performance can pay off.

The GreenWorks Legal Assurance Starter Kit can help decrease the likelihood for lawsuits and ESG activism by identifying potential greenwashing or other ESG related legal risks. Check out our website to learn more: https://www.greenworksep.com/features/legal-risk-assessment

https://www.esginvestor.net/esg-to-have-its-day-in-court/

ESG to Have its Day in Court - ESG Investor The writing is on the wall for sustainability laggards as shareholders increasingly pursue litigation against investee companies.

"It is clear that ESG issues are moving from a mainly voluntary disclosure-oriented dimension to a regulatory one with significant implications for how ESG information is collected, verified, and acted upon within an organization."
Read about how the shape and nature of ESG is changing, and how that has impacted the role of Sustainability Officers:

How regulations are moving ESG into the risk and compliance field - Thomson Reuters Institute Regulatory rule-making around disclosure could push organizations to move their ESG activities under the oversight of risk and compliance teams.

New IBM study finds 3 in 4 surveyed executives view ESG as a revenue enabler rather than cost center, but are struggling to make progress without adequate data. Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at [email protected] to learn more about the latest ESG requirements.

In a sign that climate action is starting to take root in professional sports, FC Barcelona’s male players chose the railway over a private jet when traveling to a recent match. They did so to reduce their impact on global warming, said the club’s sustainability director.
Notably, Barça's women's team traveled by train 30% of the time last season.

Barça Ditching Private Jet for Train Points to Greener Football FC Barcelona’s male players caught the train for the first time ever to play a game in Madrid as a way to reduce travel emissions.

BlackRock surveyed capital allocators across the globe to understand how they are approaching private markets when constructing their portfolios in the new market regime.
Better ESG demonstration ranked third after income generation and capital appreciation in factors driving allocation to private markets.

Read more: https://www.blackrock.com/institutions/en-us/insights/global-private-markets-survey

The Corporate Sustainability Reporting Directive, or CSRD, will likely require at least 10,000 companies outside the EU to make and independently verify a number of sustainability disclosures, and the requirements will likely be more demanding than rules being developed by the U.S. SEC or ISSB. Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at [email protected] to learn more about the latest ESG requirements.

In building an ESG program, companies should assess potential ESG-driven changes in end-consumer requirements. Capital providers will inquire about that, and will also look at how procurement, manufacturing and delivery processes can be decarbonized.
Read:

Why ESG performance will affect companies’ access to capital Sponsor Content

Check out our April newsletter! 📰 Read it here: https://hubs.ly/Q01MHXfY0

In this issue:
🥳 Highlight: Growing Our Team
🔍 IFRS Sustainability Disclosure Standards
🔜 What's Up Next: Image Gallery and ESG Q&A Webinar

EU regulators propose amendments to extend and simplify the EU’s Sustainable Finance Disclosure Regulation (SFDR). Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at [email protected] to learn more about the latest ESG requirements.

🌍 It was such a pleasure to support this amazing initiative and get some free seeds from our friends at Project Forest at IKEA Calgary! Project Forest partners with Indigenous communities, conservation groups and private landowners to afforest large areas of land, transitioning non-productive agricultural lands from fields back into native forests.

Sustainalytics is launching Low Carbon Transition Ratings, aimed at providing investors with an assessment of a company’s alignment with a pathway, based on an evaluation of its strategy and actions as well as scenario analysis.

Sustainalytics Launches Ratings to Assess Companies’ Low Carbon Transition Alignment - ESG Today ESG ratings, data, and research provider Morningstar Sustainalytics announced today the launch of its Low Carbon Transition Ratings, aimed at providing investors with an assessment of a company’s alignment with a net zero pathway, based on an evaluation of its strategy and actions as well as scena...

4 Key Reasons Why Private, Small And Medium Enterprises (SMEs) Need To Be Focused On ESG In 2023

1. Regulatory requirements are rapidly arriving, and they directly or indirectly are impacting SMEs
Federal Government mandates climate disclosure from their supply chain: https://www.esgtoday.com/government-of-canada-to-require-suppliers-to-disclose-emissions-set-ghg-reduction-targets/
IFRS sustainable standards through ISSB will include scope 3 emission requirements: https://www.ifrs.org/news-and-events/news/2022/10/issb-unanimously-confirms-scope-3-ghg-emissions-disclosure-requirements-with-strong-application-support-among-key-decisions/
Companies with EU operations (meeting set criteria) will have direct reporting requirements from the CSRD: https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

2. Access to Capital will be impacted for SMEs with no ESG strategy or reporting
BMO: https://capitalmarkets.bmo.com/en/news-insights/sustainability-leaders/sustainable-finance/sustainability-strategy-and-reporting-small-and-medium-sized-companies-discussion-conference-montreal/
Cortland Credit:https://www.cortlandcredit.ca/_files/ugd/a83a14_1bdb0224d5ec4f8da67a2d471ffc9593.pdf
Globe and Mail – Why ESG performance will affect companies access to capital: https://www.theglobeandmail.com/business/adv/article-why-esg-performance-will-affect-companies-access-to-capital/

3. Employees - Attracting and retaining talent
How ESG factors impact recruiting in the mining industry: https://www.mining.com/how-esg-factors-impact-recruiting-in-the-mining-industry/
Dentons – Employment and ESG: https://www.dentons.com/en/services-and-solutions/environmental-social-and-governance/employment-and-esg
Interaction – Is ESG the key to attracting the best Gen Z talent?: https://www.interaction.uk.com/insight/articles/why-esg-is-key-for-gen-z-recruitment/

4. Customers want and need it, as do a broad range of other Stakeholders
HSBC – What's the ROI of ESG for a Small Business?: https://www.business.hsbc.ca/en-ca/insights/growing-my-business/what-is-the-roi-of-esg-for-a-small-business #:~:text=Having%20fulsome%20ESG%20measures%20and,while%20decreasing%20its%20carbon%20footprint.
EDC – ESG survey: The SME perspective on sustainability: https://www.edc.ca/en/article/sme-esg-canada-report.html
KPMG Integrating ESG into SMEs’ business strategy: https://kpmg.com/ca/en/home/insights/2023/01/integrating-esg-into-sme-business-strategy.html
EY Why does ESG matter for private companies?: https://www.ey.com/en_ie/assurance/why-does-esg-matter-for-private-companies
BDO 5 REASONS WHY MID-MARKET BUSINESSES SHOULD CARE ABOUT ESG: https://www.bdo.ca/en-ca/insights/advisory/risk-advisory/why-mid-market-businesses-should-care-about-esg/
PWC Why it’s time for Canada’s private companies to act on ESG: https://www.pwc.com/ca/en/private-company/act-on-esg.html

Ipieca has mapped TNFD's beta framework against its Sustainability reporting guidance for the oil and gas industry and biodiversity materials, to support alignment with existing sustainability reporting standards and practices.

Consistency between ESG frameworks improves the reporting experience for all - that's why GreenWorks has mapped together major frameworks in our software. We always welcome increased interoperability between these and future standards.

Read: https://www.ipieca.org/news/ipieca-joins-tnfd-pilot-partner-programme

Congratulations to our project manager Miranda, who is officially a GRI certified professional! Continuing to build our knowledge is just one way we work to provide you with the best ESG management tools.

Businesses will have an extra year to disclose some sustainability-related risks under the new ISSB sustainability disclosure standards, but will still be required to report on climate-related risks and opportunities in their first year. Check out our primer for the details ⬇️

Sustainability disclosures are always evolving. Contact GreenWorks ESG's expert team at [email protected] to learn more about the latest ESG requirements.

Get to know Alex, our Director of Development. When he's not hard at work, he enjoys hitting the slopes during the winter and the bike paths when the weather's warm.

We're proud to count Alex as part of the GreenWorks team.