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Can Remanufacturing Build the Industrial-Sized Circular Economy?
According to a recent analysis by the Forum for Sustainable and Responsible Investment, climate change will be the top environmental, social, and governance (ESG) issue for money managers and institutional investors alike in 2022, in asset-weighted terms. According to SAP’s own study, the relevance of consumer demand as a motivator for sustainable action increased sevenfold between 2021 and 2022.
Joining the Green Vanguard
While executives now see ESG activities as critical to their companies’ long-term performance, they are also acutely aware of the difficulties in monitoring their progress and communicating their triumphs to regulators. According to Oxford Economics and SAP research, only 27% of CEOs surveyed had strategies in place for collaborating with authorities to ensure the implementation of sustainable practices. Noncompliance carries significant risks and costs for firms of all sizes, ranging from penalties and fines to suspended operations, business loss, and even personal culpability on the part of executives.
Finding a solution that provides a better path to ESG reporting and compliance is a vital step in the overall business plans and outcomes of large and small organizations. Companies that can solve these difficulties will emerge as market leaders as the imperative to generate a carbon-neutral bottom line grows stronger than ever.
Ensure that environmental measurements are both visible and accurate – reflecting actual values rather than averages – is one of the most significant challenges in ESG reporting. Environmental compliance methods have traditionally required a very laborious effort in many firms, relying on spreadsheets and weeks of data collecting and processing across numerous time zones and working arrangements, sometimes resulting in oversights and delays.
End-to-End Environmental Management
SAP’s EHS team has been assisting organizations in meeting environmental standards through a variety of products, including SAP Environment, Health, and Safety Management, since 2003. Companies require consistency, auditability, risk reduction, and transparency, which this application may deliver. It can also provide environmental managers and technicians with an easily navigable platform, allowing them to gain in-depth insight into the environmental impact of their operations.
SAP EHS Management, which is powered by SAP S/4HANA, assists teams in gathering, preparing, and evaluating environmental data. The advanced capabilities of the application can also allow for early detection of deviations from target emission values, so that if, for example, carcinogenic compounds released during a specific manufacturing process exceed their environmental limit, a plan can be immediately implemented, giving teams plenty of time to adjust and remain compliant.
The Emissions Declaration Challenge
Within the broader topic of EHS compliance, emissions declarations are notorious for the amount of effort and diligence required. enterprises in Germany, for example, must file thorough reports for the BImSchV regulation on emissions declarations every four years, although European enterprises in general must file annually for The European Pollutant Release and Transfer Register (E-PRTR). More restrictions are on the way: the International Financial Reporting Standards (IFRS) International Sustainability Standards Board (ISSB) announced earlier this year the development of a standardized language for communicating ESG-related risks and opportunities. The new criteria will be implemented in January 2024.
Reporting Made Easy
To address this bottleneck, the new SAP Fiori app “My Emissions Declarations” is intended not just to speed up the development and completion of emissions declarations, but also to help provide a controlled backbone to the process itself. My Emissions Declarations is now designed to meet the filing requirements of the BImSchV ordinance, but further filing procedures driven by legal requirements will be added to the app’s portfolio in the near future.
The My Emissions Declarations app assists in keeping emissions reporting on track from the start. Plant managers are responsible for starting and filing mandatory reports on time. When plant managers need to begin a declaration, the app immediately sends a notification to the manager’s e-mail address.
Taking the Lead
Maintaining efficiency and diligence in compliance procedures is a must for businesses seeking to design a more sustainable future for themselves and their industry. SAP EHS Management and My Emissions Declaration can help teams plan that future and achieve the sustainability goals and benchmarks that will help them get there.
News Source : SAP News
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