Since adopting the Paris Agreement at the United Nations Framework Convention on Climate Change (UNFCCC)’s 21st Conference of the Parties (COP21) on December 12, 2015, 94 out of 197 participating parties—including the United States, China and the European Union—have ratified the agreement. According to the terms of the agreement, “thirty days after the date on which at least 55 parties to the convention have deposited their instruments of ratification, acceptance, approval or accession, the Paris Agreement will enter into force.” Today is that day – November 4, 2016!
This timely announcement comes just days before COP22 commences in Marrakech. From November 7 to 18, global participants will focus on how to put into action the objectives set out in the Paris Agreement related to adaptation, transparency, technology transfer, mitigation, capacity building and loss and damages. Specifically, countries will be tasked with providing clarity on how they will measure, implement and update their Nationally Determined Commitments (NDCs). With no time to lose, COP22 is expected to be a productive session that will spark measurable change.
Ecova and Our Clients: Partners for Change
Ecova’s parent company, ENGIE, was an active participant in COP21 and believes that the Paris Agreement will bring new opportunities for businesses worldwide to benefit from the low carbon economy. Businesses that support the goals of the Agreement will be challenged to achieve deep emission cuts in their operations to help keep global emissions well below the two degree Celsius threshold; however, they will also reap the benefits of more efficient operations, increased returns, and lowered risks as well as brand stability and enhanced reputation. Recently, Caesars Entertainment, the world’s largest casino-entertainment company, demonstrated how they are already committed to the principles set out by the Paris Agreement and are being recognized as a world leader for corporate action on climate change.
Caesars is among the global organizations that have committed to business leadership and bold action on climate. Its carbon management strategy is a cornerstone of the company’s CodeGreen environmental program to reduce energy and associated carbon emissions. Since 2007, Caesars has reduced its energy consumption on a per-square-foot basis by 27 percent.
Last year, Ecova gave Caesars the tools and confidence to accurately track, measure and manage its GHG emissions using a consistent, proven methodology backed by verifiable data. With Ecova’s support, and Caesars proven history of environmental commitment and performance, the hospitality leader was able to achieve a perfect 100 disclosure score by providing more compelling, qualitative responses to the 2015 CDP Climate Change questionnaire. For the 2016 CDP Climate Change response, Caesars challenged themselves to go another step further. Building on an already strong response, Caesars leveraged Ecova’s expertise to develop and report its first ever science-based carbon target aligned with the Paris Agreement. This year, CDP has recognized Caesars for their long-term commitments and measurable year-over-year emissions reductions by awarding them with the highest possible score – a perfect A – and a place on the coveted CDP Climate A-List.
CDP Reporting is a Business Opportunity
As you can see, Caesars—along with approximately 66 percent of S&P 500 companies—are leveraging CDP programs not only to publically disclose their GHG emissions but also to advance their energy and emission reduction efforts, adopt management best practices and set internal policies that align with the Paris Agreement. If you don’t already have a carbon management and reporting program in place, the time to act is now.
As a CDP Accredited Provider—and one of only nine accredited software partners globally—Ecova has access to more than 2.5 billion energy data points, which allows us to provide our clients with the data foundation they need to properly manage, track and report their emissions data to CDP. There are many reasons to participate in CDP reporting, including:
- Fulfilling increasing disclosure requests from investors and financial analysts.
- Responding to requests from corporations to report carbon emissions associated with the supply chain of the goods and services they provide.
- Demonstrating leadership to employees and customers by disclosing carbon as an integral part of a larger business strategy.
- Becoming more informed to make critical long-term business decisions.
Ecova’s Carbon Management Solutions are helping our clients manage and report on energy costs and consumption across North America and throughout Europe and beyond. Let Ecova help you take the complexity out of carbon data management and reporting, and join world leaders in strategically managing carbon reduction and improving business performance.