omnevue: Streamlining ESG and CO2E Reporting for SMEs
Summary
Cut through the green tape
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Details
Deep dive
Omnevue is an innovative platform designed to help small to medium-sized businesses efficiently manage and report their ESG (Environmental, Social, and Governance) and CO2e (carbon dioxide equivalent) data. The service focuses on making the reporting process as seamless and accurate as possible, ensuring compliance with international standards. By integrating with a company’s existing financial and HR systems, Omnevue streamlines the collection, analysis, and reporting of crucial sustainability data, aiding businesses in becoming more transparent and sustainable.
The company offers a suite of products designed to support small and medium-sized businesses (SMEs) in their environmental, social, and governance (ESG) and carbon dioxide equivalent (CO2e) data reporting and management. These products are tailored to provide financial-grade, auditable data that businesses can trust, facilitating easier access to essential sustainability metrics and helping businesses on their journey to Net Zero.
ESG (Environmental, Social, and Governance) and financed emissions, particularly Scope 3.15, are increasingly important concepts in the financial and corporate world, reflecting a growing emphasis on sustainability and accountability.
ESG Explained
Environmental, Social, and Governance (ESG) refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business. These criteria help investors and stakeholders assess the ethical impact and sustainability practices of a company. Here’s a brief overview:
Environmental criteria consider how a company performs as a steward of nature. It covers issues like climate change policies, waste management, resource depletion, and conservation efforts.
Social criteria examine how a company manages relationships with employees, suppliers, customers, and the communities where it operates. This includes labor practices, human rights, community engagement, and customer satisfaction.
Governance involves the company’s leadership, audits, internal controls, and shareholder rights. It examines how a company policies itself, its management practices, executive pay, audits, internal controls, and shareholder rights.
Financed Emissions (Scope 3.15) Explained
Financed emissions, also known as Scope 3.15, refer to greenhouse gas emissions attributed to the financial sector’s investments and lending activities. This is a part of the broader Scope 3 emissions category, which encompasses all indirect emissions that occur in a company’s value chain, including both upstream and downstream emissions. Scope 3.15 is particularly focused on the emissions generated by the projects and companies that financial institutions invest in or lend to. This can include emissions from:
The production and operations of companies within a bank’s investment portfolio.
Projects financed by loans from financial institutions.
Insurance underwriting activities.
The concept of financed emissions is critical for understanding and addressing the indirect impact of financial institutions on climate change. It highlights the responsibility of banks, insurers, and investment funds in financing projects and companies that contribute significantly to global greenhouse gas emissions. By measuring and managing financed emissions, financial institutions can align their portfolios with the goals of the Paris Agreement and contribute to a more sustainable and low-carbon economy.
In summary, while ESG provides a framework for evaluating the sustainability and ethical impact of investments, Scope 3.15 focuses specifically on the carbon footprint of the financial sector’s investments and loans, underscoring the sector’s role in addressing climate change.
PRODUCTS OVERVIEW
vueCO2e: This product is focused on helping businesses calculate, track, and reduce their CO2e emissions. It simplifies the process of understanding a company’s carbon footprint, offering real-time CO2e estimates across Scope 1, 2, and 3 emissions. This tool is aimed at enabling businesses to identify areas for CO2e reduction and improve profitability through better data management and decision-making (🔗)(🔗).
vueESG: The vueESG platform is designed to give businesses a comprehensive view of their ESG performance by connecting, analyzing, and reporting non-financial data. It allows companies to measure their performance against key environmental, social, and governance metrics, providing insights and verified reports that demonstrate a commitment to sustainability. The platform is likened to “Quickbooks for all things ESG,” offering a seamless and easy way for businesses to manage their ESG data (🔗)(🔗).
vueCO2e(Plus) and vueESG(Plus): These “Plus” versions offer enhanced features over the standard offerings. For vueESG Plus, for example, the upgrade includes the sign-off of a professional accountant, similar to financial reports, providing an Assurance Report (ISAE 3000) that assures stakeholders the business is not engaging in greenwashing. It also includes assured data to international accounting standards, a report that can be shared with investors, lenders, customers, and suppliers, and an audit mark for marketing materials (🔗)(🔗).
ADDITIONAL INSIGHTS
Compliance and Reporting: Omnevue’s solutions are designed with current and upcoming regulations in mind, ensuring that businesses are prepared for ESG reporting requirements. The platform can connect to various data sources to consolidate and report data in line with international standards, making it easier for businesses to comply with regulatory demands (🔗).
SBTi Guidance: Omnevue provides guidance for businesses looking to align with the Science-Based Targets initiative (SBTi), offering a streamlined process for SMEs to set and achieve greenhouse gas reduction targets in line with the Paris Agreement. This includes support for setting near-term and net-zero targets, ensuring that businesses have reliable and credible data for SBTi submissions (🔗).
Omnevue’s products are recommended by accountants and are particularly suited for SMEs looking to navigate the complexities of ESG reporting and carbon management. They offer a holistic approach to managing non-financial data, providing businesses with the tools they need to make informed decisions, improve their sustainability performance, and communicate their progress transparently to stakeholders (🔗).
