Building Sustainable Practices

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Planet B was approached by a Global Law firm with approximately 1,400 staff members and anchor tenant in a Class A, LEED Gold Certified building in Manhattan. 

 The Legal firm needed to begin reporting energy emissions to key clients as well as develop a Corporate strategy that could be baselined, consistently reported, and continuously improved. The firm had engaged with prior groups in the past but found their knowledge, experience, and strategies to be insufficient.  

Planet B met with key stakeholders of the firm  gathering relevant data and conducting interviews within the facilities and operations departments. Opportunities to assess and improve environmental performance were identified through this process.

 The firm’s Chief Administration Officer met with and on-boarded Planet B as their sustainability partner to: 

1. Baseline and report energy usage and emissions

2. Work with vendors and service providers to baseline and explore existing efforts that can be quantified around Scope 3 reduction efforts. 

3. Develop, manage and execute a longer-term strategy to:

 i. Report Scope 2 and eventually Scope 3 emissions quarterly.

 ii. Work closely with facility team members to build and manage quarterly SOPs

 iii. Work with vendors and service providers to develop relevant metrics and establish criteria for future goals/expectations relative to their services/products. 

iv. Build presentations for existing and perspective clients and continuously educate key firm stakeholders on initiatives, goals, upcoming laws/regulations. 

v. Educate and update the firm’s key executives on upcoming laws/regulations (including but not limited to new SEC regulations) along with suggested action plans and strategies.  

  Planet B works with the firm to build key metrics reporting through data extrapolation and analysis. The firm recognizes the necessary on-going investment to continue to scale and improve reporting and to ensure compliance with upcoming regulations as well as the growing client/investor demand for consistent ESG reporting and transparency. 

This case study examines the journey of a multinational financial services firm in developing its internal sustainability programs and improving its environmental performance. The company embarked on this endeavor with the goal of measuring greenhouse gas (GHG) emissions, implementing sustainable policies, and engaging employees in sustainable practices. The case study highlights the challenges faced by the firm in initiating the program from scratch and explores the strategies employed to overcome these obstacles.

The financial services firm lacked a comprehensive understanding of its environmental impact, had limited sustainability initiatives in place, and faced the challenge of engaging employees in sustainable practices. The problem was two-fold: a lack of GHG emissions measurement and the need for effective policies and employee engagement programs to drive sustainable change.

The analysis involved gathering relevant data by assessing each building and conducting interviews with key stakeholders in the facilities and office services departments. Opportunities to improve environmental performance were identified through this process.

To address the identified problems, the financial services firm implemented the following solutions: 

1. GHG Inventory: 

The firm developed a comprehensive GHG inventory, measuring emissions across various scopes, including direct and indirect emissions. This step allowed the company to understand its environmental impact and identify areas for improvement. 

2. Sustainable Policies and Practices:

The firm introduced a series of sustainable policies and practices to promote environmental responsibility. These initiatives included replacing traditional light bulbs with energy-efficient alternatives, adopting reusable office products, and encouraging double-sided printing to reduce paper waste. These measures not only reduced emissions but also yielded significant cost savings.

3. Competitor Benchmarking and Socialization: 

To facilitate the implementation of sustainable practices, the firm conducted competitor benchmarking to identify best practices and industry standards. The insights gained from this exercise were used to develop a compelling business case and socialize the initiatives among employees. By highlighting the financial and environmental benefits, resistance from employees accustomed to existing practices was mitigated. 

The implementation of the sustainability initiatives involved collaboration between the facilities and office services departments. A timeline was established to guide the introduction of each policy and practice. Employees were provided with training and resources to support the transition to more sustainable operations.

Following the implementation, the financial services firm conducted a thorough evaluation to assess the effectiveness of the sustainability program. The reduction in GHG emissions, cost savings, and employee engagement were measured against the initial problem statement. Lessons learned were documented to inform future improvements.

By maintaining momentum with its sustainability programs, the financial services firm has demonstrated its commitment to ongoing improvement. Building upon the success of its initial initiatives, the firm has set its sights on a future state characterized by even greater environmental responsibility. One notable example of this forward-thinking approach is the firm's recent collaboration with a developer to construct a new office facility that will operate on a combination of renewable power sources, including wind and geothermal energy. This innovative step showcases the firm's dedication to reducing its carbon footprint and embracing sustainable practices beyond its current operations. 

The decision to incorporate renewable power sources into the new office not only demonstrates the firm's commitment to environmental stewardship but also aligns with its long-term sustainability goals. By leveraging wind and geothermal energy, the firm will significantly reduce its reliance on conventional energy sources, leading to a substantial decrease in greenhouse gas emissions. Moreover, this initiative serves as a compelling example to the industry, inspiring other organizations to explore sustainable alternatives for their own facilities. 

Looking ahead, the financial services firm aims to continue its trajectory of sustainability leadership, seeking opportunities to further enhance its environmental performance. This may involve exploring additional renewable energy projects, implementing circular economy principles within its operations, or engaging in collaborative initiatives.