ALEXANDRIA, Va.—The Fuels Institute and HBW Resources today announced the launch of ESG Integrity, a software service that provides businesses with a simplified, cost-effective way to report their Environment, Social and Governance (ESG) performance, backed by the most transparent, reliable method for measuring and recording their environmental impact.
ESG planning is currently a voluntary, nonregulated set of disclosures intended to be shared publicly, which are increasingly being required by lenders, investors and associated companies that share a supply chain.
Against that backdrop, it is incumbent upon businesses to deliver a verifiable accounting of their activities. Many believe ESG planning will become a regulated reporting requirement soon, yet how companies track and report their performance can be complicated, time-consuming and inconsistent.
“ESG Integrity is an online platform through which businesses can enter their ESG-related activities and create an automated report that organizes their data in a logical manner and leverages best-in-class environmental metrics to accurately calculate their environmental impact,” Fuels Institute Executive Director John Eichberger said.
“We tapped the ESG expertise of HBW Resources to develop this service to provide the transportation and energy sectors with a simple and effective tool to track its environmental performance with consistent metrics that can be independently verified.”
“We set out to build ESG Integrity with the twin goals of reducing ESG reporting labor costs by as much as 75%, and of helping companies easily capture their ESG data in a structured manner to provide bona fides to investors, uncover efficiencies and insights for senior management,” HBW Resources Vice President for Risk Management and Sustainability Reporting Ryan Scott said.
“We share with the Fuels Institute the vision that removing uncertainty around ESG reporting standards through ESG Integrity will allow the incorporation of best available practices, especially for smaller businesses that cannot afford the staff larger companies can to establish their ESG reporting discipline,” Scott said.
ESG plans are rooted in corporate data which can be tracked year-to-year, allowing the reporting company to set goals for improvement. As investor groups and other financial institutions demand insights into climate change mitigation strategies and social equity goals, new tools are required to bring clarity to the frameworks and reporting criteria.
The new program also allows companies to share positive community impacts and plan improvements that can reduce operating expenses through efficiency improvements. The ESG Integrity application stores data, computes emissions and allows users to develop a final report for distribution to investors, lenders and associated organizations.
For more information on the current fuel retailer application, or questions regarding future phases of ESG Integrity, please contact Jeff Hove at firstname.lastname@example.org or Ryan Scott at email@example.com.
NACS Magazine takes a deep dive into ESG in “Challenge or Opportunity?” in the October 2021 issue.