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What Is One of the Biggest Risks Facing Business?

Anonymous — Tue, 06 Feb 2024 19:45:54 +0000

What Is One of the Biggest Risks Facing Business? Anonymous (not verified) Tue, 02/06/2024 - 12:45

Survey says: climate change

CEOs are aware of the biggest risks facing their businesses and know the time is coming to course correct to remain viable. As a result, many are planning, undertaking, or completing actions to prepare their business to address one of the biggest risks and opportunities, climate change.

These were the findings of a recent PwC survey completed with more than 4,700 CEOs across 105 countries. The methodology includes figures weighted proportionally to country nominal GDP and included companies with revenue less than $100 million all the way more than $25 billion.

In the PwC Survey, CEOs recognized the need for pivoting, with 45 percent believing their company won’t be viable in ten years on its current path. CEOs know that creating a long-term outlook starts with some reinvention of how a business handles risks like technology and climate change, with 97 percent already engaging in some efforts to change how they create, deliver and capture value.

Climate action and inaction

Climate change is one of the fastest growing factors affecting businesses, with more CEOs willing to accept and address the need for more sustainability. In the survey, 40 percent of CEOs are willing to accept lower rates of return for climate-friendly investments, accepting the tradeoff of more resources to boost sustainability efforts and company viability in their organizations.

External investments aren’t the only way to address climate change. Investing in employees to reskill or upskill in areas like climate action is also an option, with 39 percent of CEOs reporting efforts are underway and another 23 percent planning to invest in employees in the areas of pressings needs that CEOs have identified, like climate action and artificial intelligence.

While there is a growing interest among the C-suite to factor climate risks within business, it is still all too common to find CEOs not doing enough to address the issues. Over half of the respondents have not incorporated climate risk into financial planning and nearly a third do not intend to do so. With so few addressing the financial implications of climate change, it shows that CEOs are still narrowly focused on their own business, and not addressing the downstream and upstream issues within their supply chain.

PwC estimates that $58 trillion (55% of global GDP) is moderately or highly dependent on nature, and yet, 36 percent of CEOs don’t intend to invest in nature-based climate solutions. With natural resources and ecosystems on the decline, businesses need to do more to be a net-positive for society beyond simply mitigating its own risks. There is plenty of room for growth for company executives to take the necessary steps to invest in climate solutions.

What can a business do?

Incorporate climate risks into financial planning. Partnering with the CFO is a good place to start. With SEC laws requiring carbon emissions reporting and more fiduciary responsibility on resource spending, being aligned with the CFO helps to stay ahead of regulatory standards.
Invest in your people. There’s enough evidence to show that it is more affordable and creates more loyalty to upskill and reskill your current workforce rather than hiring for changing roles. When it comes to newer areas of focus, like carbon emissions reporting and climate action for business, the population of trained professionals is low. Investing in employees to get a certificate in climate action for business is a great first step in recognizing the commitment to sustainability.

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Taking the Long-Term Approach to Climate Change

Anonymous — Fri, 15 Dec 2023 21:30:23 +0000

Taking the Long-Term Approach to Climate Change Anonymous (not verified) Fri, 12/15/2023 - 14:30

Nurturing a greener future

Will your business be around in 50 years? According to Harvard Business Review, 80 percent of companies that existed before 1980 are no longer here, and another 17 percent likely won’t survive the next five years. One explanation for this volatility has to do with where companies place their value—chasing quarterly earnings, focused on the short-term growth and profitability of a company. When companies prioritize short-term gains, they may lose focus on the long-term results and viability of their company.

Embracing a long-term mindset can often help businesses to generate greater returns over the long haul while positively impacting humanity at the same time. The philosophy behind longtermism is to utilize an ethical outlook on the future with a broader scope of impact rather than maintaining a narrow focus. From 2001 to 2014, McKinsey & Co. studied 615 companies based on their short- or long-term perspective. This study found that companies focused on longtermism earned 36% more, created 47% more revenue, and made $7 billion more in market capitalism than companies focused on short-termism.

A long-term perspective is not only good for business longevity and staying powerful, but it can also play a net-positive role in the climate crisis through improvements in sustainable practices, social responsibility and environmental impact. With climate change accelerating at a pace almost twice as fast as it was in 1981, the problem is much larger than potential negative financial performance. In a world facing the existential threat of climate change, prioritizing the short term is shortsighted.

A short-term outlook does not only affect businesses, but it also impacts society as a whole. Being the main contributors to climate change, companies’ decisions impact much more than just their own performance. According to National Resources Defense Council, as of 2019, 100 energy companies alone generated 71% of all industrial emissions. However, all businesses can play a role in reducing their climate impact. As uncertainty about the viability of international agreements on climate rise, businesses are faced with the opportunity to lead.

“I would like all businesses to solve the practical, grounded needs of people in the future. I would like for businesses to be rewarded for that practical ingenuity, not for the extraction of resources at the detriment of the planet and the greatest segments of humanity”

Kate Barron-Alicante, the director of impact with Abacus Wealth Partners

Big impact starts with baby steps

A long-term view considers the future of a firm, and all of its stakeholders, 20, 50, and 100 years from now. The same approach can also be valuable for business leaders at a personal level as they think about the world they want to leave behind for their families. Research has shown that parenthood and family values are key motivators for business leaders to engage in addressing climate change.

It was a prime motivation for Kate Barron-Alicante to improve her education in climate change by earning a certificate in Climate Action for Business.

“Being a parent has shown me how fast time can go, and has made it more visible how we're a part of generations over time,” said Barron-Alicante, the director of impact with Abacus Wealth Partners. “[It] has called me to rise above individualized concerns and consider how I want to honestly answer when inevitably my child one day asks me what I did at this moment in history with respect to taking climate action.”

“When my children grow up, I want them to be proud of how we’re somehow able to turn the tide away from the worst possible outcome of climate change,” Barron-Alicante added.” In the era of my children's adulthood, I would like all businesses to solve the practical, grounded needs of people in the future. I would like for businesses to be rewarded for that practical ingenuity, not for the extraction of resources at the detriment of the planet and the greatest segments of humanity.”

Barron-Alicante wants to be a good role model for her children, demonstrating the necessary actions that should be taken to create a secure future for younger generations. So, how can we turn these intentions into actions? Education is a great way to initiate this process.

Leeds offers a Climate Action for Business Certificate to teach professionals how to integrate long-term climate action into their organizations. This two-day program is taught using the Project Drawdown framework, encouraging quicker climate solutions, employee engagement at any level (not just in the sustainability sector), supply chain value emission reduction and standardized framework reporting.

After completing this program, participants are prepared to lead their businesses through a full climate strategy process, from data collection to reports, while simultaneously reducing emissions along the way with a tailored strategy plan for their organization and earn a verifiable micro-credential from the University of Colorado Boulder for completing the course.

Why Leeds Executive Education at Leeds

Nurturing a greener future

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Supply Chains Under the Microscope

Anonymous — Fri, 11 Aug 2023 21:14:05 +0000

Supply Chains Under the Microscope Anonymous (not verified) Fri, 08/11/2023 - 15:14

Big Businesses’ Scope 3 emissions are forcing suppliers to adjust their climate strategies

Building a sustainable future is a collaborative venture. As more businesses begin to aggressively reduce their total carbon emissions, they are finding that on average, around 75% of a company's emissions come from Scope 3. Working with suppliers represents the biggest opportunity for action and investment toward reaching net zero goals.

Scope 3 emissions cover upstream and downstream value chain emissions. This encompasses, among other things, procured products, transport of supplies, business travel, transport of products, usage of sold products and product disposal. For large companies, direct emissions contained under Scopes 1 and 2 are easier to track, control and measure. But getting suppliers on board to reduce Scope 3 is critically important.

Some giant companies like Amazon and SAP are taking charge by insisting their suppliers commit to net-zero goals. Amazon has updated its supply chain standards to require suppliers to share carbon emissions data, which includes setting goals and reducing emissions. At SAP, the company is requiring the top 100 key suppliers in their upstream supply chain to reduce greenhouse gas emissions by 2024.

Many small and medium-sized enterprises (SMEs) are suppliers to larger businesses that, like Amazon and SAP, are beginning to ask to see their climate action plans. So now is the time to embrace sustainability and align with these environmental initiatives to remain competitive, build resilience and contribute to a greener future. Here are some steps that SMEs can take to be ready to respond to their customers’ inquiries.

1. Assess and measure emissions. Conduct a comprehensive assessment of your carbon footprint. Understanding baseline emissions is an essential first step to setting realistic reduction targets and tracking progress. Over time, creating a data management system will be critical in reporting accurate and transparent information in compliance with industry standard frameworks. 2. Engage your suppliers. Being proactive in engaging with suppliers can help set common emission reduction goals and share best practices. A strong partnership can lead to mutual benefits and more sustainable supply chains.

2. Engage your suppliers. Being proactive in engaging with suppliers can help set common emission reduction goals and share best practices. A strong partnership can lead to mutual benefits and more sustainable supply chains.

3. Make relevant investments. Implement energy-efficient technologies, including energy-saving equipment, renewable energy adoption, waste reduction strategies and water conservation efforts. These steps help reduce emissions in the near-term, and can lead to long-term cost savings.

4. Engage employees. Your employees are your first-line advocates and influencers for your organization. Ensure that they are aware of the company’s climate/carbon goals, and how they can contribute to fostering a stronger and shared commitment to environmental responsibility within the organization.

5. Involve customers. According to the World Economic Forum, 50% of consumers are willing to pay more for products that are sustainably produced. Engaging with your customers about their sustainability expectations can help you align your practices to meet that demand as many become more conscious of environmental issues and the companies and products that they are willing to support.

6. Stay informed and adapt. With changing regulations, shifting industry trends, and constantly emerging sustainability practices and green technologies, every company must make a dedicated effort to learn and grow in order to remain competitive.

If your company is feeling the pressure and you aren’t sure where to begin, now is the time to start your climate journey and help your company meet coming standards. The University of Colorado’s Leeds School of Business offers the Climate Action for Business program, a two half-day business executive education course delivered via Zoom that teaches cutting-edge skills and perspectives needed to develop and lead your climate action plan. Participants earn a digital badge. Reserve your spot for the session on August 22-23.

Why Leeds Executive Education at Leeds

Big Businesses’ Scope 3 emissions are forcing suppliers to adjust their climate strategies

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Calculating Climate Solutions

Anonymous — Fri, 30 Jun 2023 17:33:16 +0000

Calculating Climate Solutions Anonymous (not verified) Fri, 06/30/2023 - 11:33

Accountants play a leading role in meeting climate action business goals

The U.S. Securities and Exchange Commission (SEC) is introducing new requirements to standardize climate-related disclosures for investors. Expected to roll out in fall 2023, the new rules will require companies to disclose risk and emissions information across the value and supply chains. Several organizations, such as the Task Force on Climate-related Financial Disclosures (TCFD) and International Sustainability Standards Boards (ISSB) already have developed frameworks and standards to serve as a basis for reporting.

Many businesses are committed to meeting sustainability goals and creating climate change action plans that align with their objectives and values. Teams can model plans and draw inspiration from resources like the United Nations climate work and Sustainable Development Goals (SDGs).

Count on accountants to help get it right

Climate change can present significant implications for companies and investors. Companies may face increasing regulatory scrutiny, litigation and reputational risks if they fail to properly disclose or address their climate-related risks. Transparency and proper reporting also help build trust with partners and stakeholders.

Often, an organization’s accounting team is best equipped to develop comprehensive reports that comply with the latest regulations. Corporate accountants should be ready to learn and lead as businesses figure out how best to leverage their teams to address environmental, social and governance (ESG) issues as part of a bigger, actionable climate strategy.

Your accounting role can contribute to climate solutions for your company by:

Helping to develop and implement internal controls for data collection and reporting.
Reviewing and auditing emissions data. Assessing climate-related risks and opportunities, such as changes in regulations, physical and transition risks, and providing assurance regarding the related disclosures.
Integrating climate-related information into financial reporting, such as in management’s discussion and analysis (MD&A) and in their financial statements.
Providing guidance on how to clearly present disclosure and regulatory information.
Understanding the key concepts, metrics, and reporting requirements in regulatory frameworks and being a resource for leadership.

There are plenty of resources for accountants, including multiple standardized frameworks like TCFD, the Climate Disclosure Standards Board (CDSB) and the ISSB.

Accountants can also utilize dedicated resources and learning through the Sustainable Accounting Standards Board (SASB) which outline standards across multiple industries as well as more education available from the Association of International Certified Professional Accountants (AICPA).

Utilizing resources

If you are ready to develop your expertise, consider pursuing certifications or courses focused on sustainability reporting or climate accounting. You can enhance your understanding of concepts like carbon accounting, greenhouse gas emissions accounting, and climate-related financial disclosures to make an even bigger impact on your organization’s sustainability and climate efforts.

The Leeds School of Business offers the Climate Action for Business program, a two half-day business executive education course delivered via Zoom that teaches you the cutting-edge skills and perspective needed to lead in this changing environment. Reserve your spot for the session on August 22-23.

Why Leeds Executive Education at Leeds

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Climate Action is a Collaborative Effort

Anonymous — Wed, 31 May 2023 21:40:46 +0000

Climate Action is a Collaborative Effort Anonymous (not verified) Wed, 05/31/2023 - 15:40

Businesses of all sizes are waking up to the need to consider the risks and opportunities presented by climate change. With the pending regulatory requirement to report on emissions, many are now beginning to grapple with the climate crisis. Often the first step is to seek some formal education to inform their efforts.

For companies getting started in this space, it can be helpful to belong to a network of like-minded businesses committed to addressing climate change. The Climate Collaborative is one such group. Staff at the Climate Collaborative had the opportunity to take the recently launched Climate Action for Business course offered by the University of Colorado’s Leeds School of Business in the fall.

“We seek to bring forward resources and tools that can support our community in deepening their climate action. Partnering with a top business school providing information on climate action was a great way to provide additional educational opportunities for our community”

Courtney Pineau, Executive Director of the Climate Collaborative

The team at Leeds applied their experience with the natural products industry to create a custom program for the Climate Collaborative that was relevant to their industry as committed companies and stakeholders worked on creating climate action plans.

"We seek to bring forward resources and tools that can support our community in deepening their climate action. Partnering with a top business school providing information on climate action was a great way to provide additional educational opportunities for our community,” said Courtney Pineau, Executive Director of the Climate Collaborative.

Over two half-days, 17 passionate and forward-thinking participants from around the U.S. engaged in interactive lectures and breakout discussions. Students (all working professionals) learned about measuring emissions, setting targets for reduction, reporting to stakeholders, and more, all leading to the creation of a company climate action plan.

As part of the process, students took part in a climate simulation role play exercise. This simulation allows users to explore the impact that dozens of policy changes—such as electrifying transport, pricing carbon, and improving agricultural practices—have on global average temperature.

Not only were the attendees equipped with the knowledge and tools necessary to drive positive environmental impact, but they also expanded their networks of sustainability-oriented professionals. The course was taught under the guidance of distinguished faculty Jeff York and Pete Dignan from the Leeds School of Business.

Program participant Sonja Gabrielsen from Planet FWD said “I appreciated the suggestions on increasing engagement both internally at my company and externally with customers. Having information like this - that shows ROI on climate action work like measuring corporate GHG emissions - helps justify budget and employee time to do this.”

The Leeds School of Business and the Climate Collaborative remain steadfast in their dedication to empowering businesses to tackle the urgent challenges posed by climate change. This partnership serves as a testament to the transformative power of collaboration and the potential for businesses to become agents of positive change in the fight against climate change.

In addition to custom program offerings in Climate Action for Business, the Leeds School of Business also offers open enrollment sessions, with the next one taking place August 22-23, 2023 with applications now open.

Why Leeds Climate Action for Business

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Making the Case for Sustainability in Business

Anonymous — Tue, 04 Apr 2023 20:18:15 +0000

Making the Case for Sustainability in Business Anonymous (not verified) Tue, 04/04/2023 - 14:18

Participating in a case competition offers students an opportunity to take on real-world problems with the knowledge and skills they develop at Leeds. Pictured below are Kathryn Wendell, of CESR; the three MBA students in this year's Net Impact competition, from left, Erin Johnson, Chris Fogler and Austin Plagge; and undergraduate students Kyla Thomas and Colton Marschik.

It was 2010, but Kathryn Wendell still clearly remembers the case competition she entered as an MBA student at Berkeley’s Haas School of Business.

“It was really intense,” she said. “We had to pull an all-nighter to hone our pitch to the judges.”

Wendell, now executive director of the Center for Ethics and Social Responsibility (CESR) at the Leeds School of Business, was president of the Haas Net Impact chapter, which gave her a network of aspiring leaders who saw their education as a way to build a more just and sustainable world.

As it turns out, the Net Impact Case Competition (NICC)—a worldwide contest that challenges future leaders to make a positive impact on people and the planet—has always been held at ��Ƶ Boulder. That year, the case involved helping Vail Resorts find a profitable way to deal with the effects of climate change on snowfall. Her team advanced to the final round, where they placed fourth overall.

Fast forward to today

While the format has evolved over the years, the NICC remains a rewarding, yet nerve-wracking, experience for students. For the chance to win up to $10,000, they’re required to think on their feet, quickly synthesize ideas, consider the business and moral merits, and put together a compelling pitch in front of a panel of corporate professionals.

“Case competitions present wicked problems. ... You’re expected to maximize the positive sum outcome for the largest number of stakeholders, while necessarily harming a chosen few. This is incredibly tough to do.”

Chris Fogler (MBA’23)

“You cannot win by answering the questions the case raises narrowly,” said Justine Roberts, formerly the program manager at CESR and NICC’s co-organizer with MBA students. “Instead, it requires creativity, clarity of thought, thoroughness, compassion and a strong values decision-making framework.”

Today, many MBAs are driven by a passion for sustainability and social impact, including Erin Johnson (MBA’23), a Leeds student whose team made the finals this year.

“I wanted to apply my academic knowledge and passion for sustainability to real-world problems, including the complexities and challenges faced by businesses in the transition to clean energy,” she said.

The case for coal

This year’s challenge centered on the transformation of the coal mining industry. Executives at Westmoreland Coal Company, one of the nation’s oldest independent coal companies, asked students how to reinvent the company in order to stay profitable as new regulations and shifting public sentiment give weight to clean power sources.

Johnson’s team proposed converting a coal-fired power plant into a geothermal power facility.

“Balancing stakeholder needs with community impact was particularly important,” Johnson said. "Our solution had to satisfy shareholders focused on profit, the local community seeking economic benefits and job opportunities, and the broader concerns of nature and future generations.”

Chris Fogler (MBA’23), one of Johnson’s teammates, described the most challenging part of participating in NICC and other competitions: “They present wicked problems that require creative, critical thinking,” he said. “You're expected to come up with a recommendation that maximizes the positive sum outcome for the largest number of stakeholders, while necessarily harming a chosen few.”

That’s a tough balancing act, said Austin Plagge (MBA’23), another member of the team.

“We placed a strong emphasis on justice, equity, diversity and inclusion throughout our proposal to ensure that the local community and all people were included in the transition,” he said.

What does it take?

The student experience at case competitions appears to be universal, regardless of the subject matter. Kyla Thomas (Bus’23) is candid about what it took to participate in the Mulroy Real Estate Challenge in February.

“You’re getting up in front of these real estate industry professionals who know what they’re talking about, and have been doing this for years,” she said.

“They grill you because they want you to learn from it. They’re not going to say, ‘Wow, you worked really hard on this’; they’re going to say, ‘Where did you get these numbers?’, and you better be able to say where you got them from. It teaches you to really know what you’re talking about.”

Colton Marschik (Bus’23), who’s participated in a variety of competitions, said, “A strong competitor is one who learns from themselves as much as they learn from their competition. Every time you lose, you have a chance to emulate what the winner did.”

Payoffs of participation

The diversity of thought on multidisciplinary teams can be a revelation. Fogler, a former and future energy professional, found his experience at NICC enlightening.

“Seeing a problem that I thought I had a decent grasp of, from four totally different perspectives, made me critically aware of the importance of diversity of thought and backgrounds when trying to make decisions,” he said.

For Johnson, “it was an invaluable experience that honed my skills, expanded my professional network, and reinforced my commitment to promoting sustainable solutions.”

“Some competitions do have prize money,” Marschik said, “but what matters more is furthering those skills that our time during the COVID pandemic took away from us: communication and public speaking.”

The experience clearly left its mark on Wendell, whose work at CESR is just her latest role in a business career where she’s been a tireless advocate for sustainability.

“I bonded with students from around the country with the same values, learned to pitch ideas crisply and received feedback from executives,” she said. “It was fun, and it introduced me to this wonderful place called Boulder, where I now live.”

Why Leeds Leeds MBA Undergraduate case competitions

Why does a Leeds education emphasize case competitions? Students share how their experiences helped them ace job interviews and prepared them to create impact at work.

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Coming to Terms with Climate Change

Anonymous — Fri, 24 Feb 2023 21:07:44 +0000

Coming to Terms with Climate Change Anonymous (not verified) Fri, 02/24/2023 - 14:07

More and more companies are getting on board with the importance of playing a role in mitigating climate change. A key first step is reporting on climate emissions, but there’s a lot to learn before you get started. A good place to begin is the ABCs of GHGs.

Yes—climate action has its own vocabulary, and it can be intimidating for newcomers. This cheat sheet will help you understand the biggest terms in climate action and help ease you into this complicated world.

First, let's start with the concept of greenhouse gas (GHG) emissions. These are gasses such as carbon dioxide, methane and nitrous oxide that trap heat in the atmosphere and contribute to global warming. Businesses are the largest source of GHG emissions, so holding them accountable is crucial in order to meet global climate goals.

Speaking of climate goals, there’s the looming 2030 deadline established by the United Nations Framework Convention on Climate Change (UNFCCC). This is the Paris Agreement pledge agreed to by nearly 200 countries. Per the UNFCCC, gas emissions must be halved by 2030, and all emissions must reach net zero by 2050. Hitting this deadline is critical to ensuring that the global temperatures only rise by 1.5 degrees Celsius by the end of the century.

An important responsibility for business is accurate reporting on emissions, to create sustainability reports, adhere to SEC disclosures, and ensure your company is responsive to employee, customer and investor demand for carbon neutrality. The GHG Protocols outline a standardized framework for measuring and managing GHG emissions.

From here, the Environmental Protection Agency (EPA) has three defined scopes for measuring your emissions: Direct emissions, also known as Scope 1, and indirect emissions, known as Scope 2 and 3. Scope 1 is the corporate standard and includes GHG emissions that occur from sources controlled or owned by an organization, like fleet vehicles and facilities. Scope 2 are indirect emissions from the products and projects that a company undertakes. Scope 3 are indirect from sources not captured under Scope 2 and include capturing emissions from the upstream and downstream supply chain including product use and consumption by customers. When the term net zero is brought up, it means an emission level of zero for Scope 1, 2 and 3 emissions.

So who is deciding all of this?

There are a few acronyms that will join your everyday lexicon as you get into the weeds in this area. One is the Climate Disclosure Project (CDP), which has disclosure models already set for companies, cities, states and regions. As you set out to report, you need to be comfortable with the model and the supply-chain members already on board with CDP. The CDP has been set up to help you capture relevant emissions established by the Task Force on Climate-Related Financial Disclosures (TCFD). This task force was set up by the Financial Stability Board to develop a set of financial metrics and targets, with 11 recommended disclosures covering areas of risk management, strategy and governance. To help you establish success in reporting standards are the Science-Based Target Initiatives (SBTis), a global set of standards developed as a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). SBTis help larger organizations develop and refine their plans to reduce carbon emissions.

It is essential for professionals to understand the terms and concepts involved in climate reporting to effectively measure and reduce GHG emissions, set science-based targets and disclose relevant information to stakeholders. When businesses are invested in helping address the global problem, it creates opportunities for growth, innovation, resilience and long-term solvency, and ensures that they aren’t left behind with industry laggards.

Are you ready to be a climate advocate in your organization and take important steps to apply these ideas into action? At Leeds, we offer an opportunity to apply these concepts and issues in a practical format through the Climate Action for Business, a two half-day program delivered via Zoom that teaches you the cutting-edge skills and perspective needed to lead in this changing environment. The Leeds School of Business offers this program several times throughout the year.

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Top 5 Steps to Start Your Organization's Climate Action Journey

Anonymous — Thu, 23 Feb 2023 21:44:49 +0000

Top 5 Steps to Start Your Organization's Climate Action Journey Anonymous (not verified) Thu, 02/23/2023 - 14:44

Julie Waggoner

Solving the climate crisis is the biggest economic opportunity of our lifetimes, and essential to ensuring that future generations are able to thrive on this planet. All organizations from small start-ups to multinational corporations have a role to play. If your company is just beginning to work in this space, these tips will give you a sense of the first steps to take action on climate, beginning with measuring emissions.

“Stakeholders expect every company, large and small, public and private, to have a climate action plan at this point in time. To be effective, your plan must align with science, with climate justice, and with the principles of a just transition. There’s no time to waste,”

says Pete Dignan, who co-teaches the new Climate Action for Business executive program at Leeds.

The program goes into the below steps and more in additional detail. It serves as an informative crash course in climate solutions for companies that are just starting out.

Measure your emissions

As is the case in any area where you are trying to make change, the process has to start with understanding your baseline. In the case of climate action, this means developing an understanding of your GHG (Greenhouse Gas) emissions. You will want to use the Corporate Accounting and Reporting Standard, from the GHG Protocol, which provides the accounting platform for virtually every corporate GHG reporting program in the world. You will be accounting for three types of emissions, Scope 1 (mainly emissions from fuel burned in owned or controlled assets), Scope 2 (emissions from purchased electricity), and Scope 3 (all other indirect emissions).

Set a science-based target for emissions reduction

Once you understand your company’s baseline, the next step is to set a goal for improvement. This goal must be based on science so that your work contributes to the global goal to cut emissions in half by 2030 and reach net-zero emissions by 2050. These steps would mean we avoid the catastrophic impacts of climate change by ensuring that global warming will not exceed 1.5°C. Companies can set appropriate goals through the Science Based Targets Initiative (SBTi).

Engage internal stakeholders

To meet ambitious science-based targets, the whole company needs to be involved. Boards need to add members with climate expertise, train current members and be in alignment with climate goals. Climate goals need to be tied to executive targets, KPIs and compensation. Companies need to take steps to make every job a climate job by identifying how each functional area can contribute. All of this requires providing educational opportunities, aligning incentives with climate solutions and fostering a culture of innovation.

Reduce emissions

The steps to take to reduce emissions will vary for each organization. Some actions that many companies take include improving energy efficiency, reducing physical space, electrifying buildings, shifting to use electric vehicles, improving IT practices (data centers, cloud storage), sourcing renewable energy and reducing Scope 3 emissions. Scope 3 is by far the largest source of emissions for most organizations, as it includes both upstream and downstream emissions. Work in this area involves influencing, supporting and innovating with suppliers to measure and reduce their emissions, along with considering the climate impact of all business choices, from food and travel to investments. The Clean Energy Buyers Alliance is a great resource for purchasing renewable energy.

Disclose progress

Disclosure, or reporting, is key to success and accountability in pursuing climate goals. Disclosure should be transparent, third-party verified and include both areas where the company is meeting targets, and places where it is not, along with plans to improve. Several frameworks exist for how to report on environmental impacts, including CDP, the Task Force on Climate-Related Financial Disclosures (TCFD), and the GHG Protocol. In March of 2022 the Securities and Exchange Commission (SEC) proposed new rules to enhance and standardize climate-related disclosures. The rules would require all public companies, regardless of size, to report Scope 1 & 2 emissions, and require larger companies to disclose Scope 3 emissions in some cases.

These steps are just the beginning of work companies can do to leverage the opportunity of addressing climate change and to save our planet for future generations. Policy advocacy is an important part of ensuring all organizations contribute and we limit global warming to 1.5°C. Companies can gain the most benefit and be the most effective in taking action on climate change by transforming their business model to embed climate solutions throughout operations and shifting their priorities from short-term profits to long-term health of the organization.

Grow your knowledge of these topics, begin to understand how to put them into practice, and create a climate action plan for your organization in the Climate Action for Business executive program, enrolling now.

The steps outlined in this article are based on the Project Drawdown Solutions at Work Framework.

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Climactic Change: Amid the Crisis, Leeds Continues Emphasis on Sustainability

Anonymous — Fri, 02 Dec 2022 18:10:20 +0000

Climactic Change: Amid the Crisis, Leeds Continues Emphasis on Sustainability Anonymous (not verified) Fri, 12/02/2022 - 11:10

Right Here, Right Now summit helps showcase the ways faculty, centers and alumni are taking on climate change. 

The Leeds School of Business will have featured discussions at Right Here, Right Now, but it's also long been integrating ideas like sustainability and ESG into its curricula, which helps prepare students for a business world of changing atttiudes and regulation. Below right is Kathryn Wendell, executive director of the Center for Ethics and Social Responsibility at Leeds and a moderator of a panel session.

For almost as long as climate change has been part of the global discussion, there has been the suggestion—if not outright blame—that the crisis is largely the fault of business.

“That narrative is starting to change,” said Kathryn Wendell, executive director of the Center for Ethics and Social Responsibility at Leeds. “Industry leaders are increasingly vocal about how their businesses can play a role in solving this crisis in a socially just manner. There’s a business case and a moral imperative driving the private sector’s commitments and action.”

As the University of Colorado Boulder and United Nations Human Rights kick off the Right Here, Right Now Global Climate Summit, Wendell said it’s important to understand that when it comes to solving this crisis, industry needs a seat at the table, rather than being told to stand in the corner.

‘An incredible time’ to be part of innovative solutions

“We are going to see a lot of change over the next decade, especially as companies integrate sustainability—including climate and diversity, equity, and inclusion considerations—into their core business strategies,” she said. “For business students, it’s an incredible time to learn about the issues and identify innovative solutions.”

Wendell is facilitating a panel discussion on business’ responsibility in the climate crisis, especially from a human rights perspective, that will take place Dec. 3 at 4 p.m. The panel will be introduced by Yonca Ertimur, Leeds’ acting dean.

“At Leeds, we have had a strong focus on values-based leadership for over 20 years,” Ertimur said. “It’s integrated into our curriculum, faculty research, corporate partnerships and pretty much everything that we do.”

A quick examination of Leeds’ unique differentiators bears that out. In addition to offering topical programming and events on business and climate, CESR serves as a bridge between Leeds and the sustainable business community in Boulder and beyond. The center also provides input that directs the creation of academic programs, including a new ESG and sustainability specialization for the MBA and a certificate in social responsibility and ethics.

If you go: Right Here, Right Now

Leeds’ work and thought leadership in sustainability will be front and center at two sessions on Dec. 3. At noon, Kathryn Wendell will moderate a panel discussion featuring high-level sustainability leaders at McKinsey, Microsoft and elsewhere. Then, at 4 p.m., a CESR-facilitated panel on business’ responsibility in the climate crisis, especially from a human rights perspective.
Attend Right Here, Right Now.

CESR also is an enthusiastic partner in working with other Leeds centers to address these pivotal issues. Last month, CESR and the Burridge Center for Finance hosted a panel discussion on careers in sustainability that featured professionals from Bank of America Merrill Lynch, PNC and others. The conversation touched on ESG, the financial innovations needed to make the case for so-called “green portfolios” and the changing regulatory environment around climate-related disclosures.

That impact goes far beyond Leeds’ centers, though. Last year, when ��Ƶ Boulder cut the ribbon on the Rustandy Building—the campus’ newest academic facility—it marked the physical link between the business and engineering disciplines, which already were collaborating in service of solving complex problems.

Few problems are as complex as climate change, but the cross-disciplinary approach of Leeds and the College of Engineering & Applied Science has paved the way for impactful teaching and research.

Julie Gentile (EnvEngr’24) is part of the BE Women in Tech program, a cross-disciplinary cohort that offers technical, business and leadership training to female students. She’s excited to use what she’s learning to create practical solutions to the climate crisis.

“I plan to develop products and systems that reverse or lessen the negative effects our industrial society has on the environment,” said Gentile, a research assistant on campus who’s interned with the New Jersey Department of Environmental Protection. “But there needs to be collaboration with business for success.”

At a Right Here, Right Now kickoff event, ��Ƶ’s business and engineering faculty showcased some of the interdisciplinary research that’s addressing this crisis. Among the faculty presenting were Jeffrey York, research director for the Deming Center for Entrepreneurship and a firm believer in a future where founders figure out climate change.

York co-authored a paper, forthcoming in Organization Science, that examines how entrepreneurship is a promising, but often overlooked, force for mitigating climate change.

“Entrepreneurs create for-profit ventures that can address climate change in a way that government and activists cannot,” said York, who also is chair of the division of social responsibility and sustainability at Leeds.

Research that influences classroom activities

That entrepreneurial emphasis is clearly felt in the classroom, too. A team of Leeds students won the campus New Venture Challenge Climate Prize for their business concept, Aagraze, which produces seaweed feed pellets for cattle that could drastically curb emissions. Another recent graduate created a nonprofit to inspire children to become passionate about ocean conservation.

“Climate risk and resilience—not just how we reduce impact, but how we adapt—are moving to the forefront, which means new skills and ways of thinking are going to be valued.”

Colette Crouse (MBA’18), director of carbon services, Stok

In founding Sea the Change, Emma Pearson (Fin, EBio’22) honed the business skills she used as an intern with Boston Consulting Group, which she was eager to join after graduation, thanks to the company’s work in sustainability.

“BCG is really focusing on their climate practice and their sustainability measures and initiatives,” said Pearson, an associate with the company. “I’m really excited to get involved in that, specifically in the conservation sector. It’s just so cool to work for a company whose values I really align with.”

Alumni of Leeds graduate programs also are applying Leeds’ emphasis on sustainability and social responsibility at work, where their knowledge and skills help companies set and achieve ambitious climate goals that are as good for the planet as they are for profits.

Tim Weiss (MBA’16) went to grad school to better immerse himself in the Boulder community, but it helped him build the skills and network needed to co-found Optera, of which he is also chief operating officer. The company is a sustainability software provider that works with companies in tech, retail, oil and gas, and mining.

Going after ‘those hard problems’

“We want to work with the companies that matter,” Weiss said. “When we work with a major manufacturer, or someone at the foundation of the supply chain in the corporate world, our impact is so much bigger, and it matters so much more. We’re trying to go after those hard problems.”

Colette Crouse (MBA’18) had a career in sustainability, but it was mainly in government and nonprofit. She chose Leeds for her MBA so she could make a broader business case for sustainability and create larger impact through her work.

She’s director of carbon services at Stok, which offers clients expertise in areas like greenhouse gas accounting, regulatory and disclosure frameworks, supply chain strategy, and budgeting. Those kinds of services are poised to take off as regulatory conversations around climate impact start shifting.

“Traditionally, the industry has been forward-looking, focused on climate mitigation and reduction. Now, the conversation is slowly shifting toward what do we do now—because we’re in trouble,” she said. “So climate risk and resilience—not just how we reduce impact, but how we adapt—are moving to the forefront, which means new skills and ways of thinking are going to be valued. There will be a lot of opportunities for anyone interested in working in this space.”

That’s a sentiment Weiss echoed.

“Many people think of climate change as a geopolitical issue. We look at it as an economic issue,” he said. “Even if regulation were to help solve this problem, that regulation would require action among companies—so we’re going straight to the companies to help them do business better.”

Why Leeds Center for Ethics and Social Responsibility Right Here, Right Now

Business is finally getting a seat at the table in the conversation to fight climate change. Leeds has spent decades preparing professionals for that responsibility.

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Move Toward a Zero-Carbon Economy with Leeds

Anonymous — Sat, 08 Oct 2022 00:00:33 +0000

Move Toward a Zero-Carbon Economy with Leeds Anonymous (not verified) Fri, 10/07/2022 - 18:00

Justine Roberts

"Climate change is the greatest challenge facing humanity today. Those businesses that factor climate into their strategies and operations will be more successful over the long-term. Leeds' new Climate Action for Business course will help executives identify climate-related opportunities, risks, and responsibilities ahead." Kathryn Wendell, Executive Director, Center for Ethics and Social Responsibility, Leeds School of Business

The Time for a Low Carbon Future is Now

Climate Action for Business (CAB) is the Leeds School of Business newest Executive Education offering. Businesses are increasingly facing the importance of having a climate strategy - from gathering greenhouse gas emissions data, to designing reports for both internal and external stakeholders, to establishing reduction targets.

The proposed SEC rules on climate risk disclosure is already driving investor demand for greater transparency, and is poised to fundamentally shape the future of business across sectors, industries and functions. Hiring for skilled workers is growing quickly. Large audit and consulting firms like EY and Deloitte are investing in sustainability and ESG teams, are betting that demand for strategy, data collection and reporting will continue to grow, while companies are creating new in-house positions as well.

This professional Certificate program was developed to help professionals stay on the leading edge of strategy in this dynamic environment, whether working within a company moving toward a carbon reduction commitment, or supporting that transition from outside.

Students will also receive a digital badge with a verifiable micro-credential from the University of Colorado Boulder for completing the course.

Equipping Business Leaders with Actionable Skills and Strategies

Pete Dignan - Principal of Ever Better, PBC, and Leeds Adjunct Instructor for the Certificate in CSR (CCSR), and Jeff York, Associate Professor of Strategy and Entrepreneurship at the Leeds School of Business, developed the course with a Project Drawdown framework. The course is broken up into eight segments over two half-days, November 15-16, 2022, and is designed to provide an actionable template that can be tailored to participants’ company and industry.

The modules are:

Stakeholder Engagement and Collaboration
Emissions Reductions
Products, Partnerships, and Procurement
Investments and Financing
Climate Disclosures
Climate Policy Advocacy
Business Model Transformation
Long-term Thinking

This course is timely because many organizations are recognizing the need to act, but they're not sure how to get started. The biggest public companies have experts and teams on staff to lead this work, but everyone else is trying to understand what to focus on, how to separate the signal from the noise. This course will give folks the confidence they need to get off the sidelines and into the climate action game,"

says, Pete Dignan

Request More Information

To learn more, meet with the instructors, or apply, please visit the website.

Be an advocate for climate policy by learning how to take ownership of the climate strategy for your organization. The Climate Action for Business program teaches participants how to use a business-aligned framework to gather and report data on emissions and other areas to address climate change within your business.

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