NASHVILLE, Tenn., April 13, 2022 (GLOBE NEWSWIRE) -- Trakref, the leader in software as a service solutions for refrigerant and HVAC/R systems, announces new strategies and solutions for the proposed SEC Climate Disclosure Scope 1 refrigerant emissions reporting requirements. With these new reporting requirements, companies must prepare to calculate fugitive emissions data, including those from HVAC/R operations.
On Monday, March 21, the SEC proposed rule changes that would require registrants to include certain climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have a material impact on their business, results of operations, or financial condition, and certain climate-related financial statement metrics in a note to their audited financial statements. The requirements defined by the SEC will require publicly-traded companies to report on fugitive emissions, including Scope 1, 2, and 3 emissions. Climate change disclosures will now be considered stakeholder documents just like financial documents.
This affects HVAC/R operations by requiring operators to track, manage, and report on fugitive refrigerant emissions as part of Scope 1 emissions annually. In simple terms, fugitive emissions are gases that are released into the atmosphere accidentally during normal business operations.
Trakref is launching unique solutions developed by the policy team that will enable companies to operationalize sustainability, which provides new integration opportunities for strategic planning and day-to-day activities to ensure that companies stay on track toward their emission goals. These also offer a means to make corrective adjustments in real-time. These include:
- Automated refrigerant material balance sheets aligned to IPCC AR4 and architected to reflect the General Reporting Protocol for the Voluntary Reporting Program V2.1.
- An Installed Inventory Impact Analysis Report to show changes in GWP installed in systems at adjustable intervals that align with reporting requirements. This report allows auditors to track and review transactions from a unique top-line oriented balance sheet for materials.
- An upgraded Alerts and Notifications System triggered on thresholds that will impact emissions targeting.
Trakref is using their extensive knowledge of the vast variety of refrigerants to introduce GWP conversion tools along with application-specific reporting into their SaaS offering. This provides customers with simple-to-access tools that report on real-time activity, align with ESG reporting frameworks, and are calibrated to provide weight and GWP factors in accordance with IPCC.
These include:
- Turn-key Scope 1 fugitive refrigerant emissions reporting that meets and exceeds SEC and California SB 260 obligations
- IPCC's AR-4 GWP factor baked into all transactions
Trakref recognizes the importance of operational activity for fugitive emissions reporting. Moving away from spreadsheets and paper logs will be crucial during this time. It will also be increasingly important to have streamlined communication between C-suite executives compiling reports and facilities and operations managers working on the ground. Mechanical service providers will also need to be included in the communication.
Trakref respects the fact that financial institutions own the bottom line, but at Trakref, they see ESG owning the top line. All their reports are built with this top-line mentality. They all provide the ability to drill down into transactions for auditability. This provides the next step both in terms of a company's reporting journey as well as managing what is happening in real-time.
"With these new regulations, companies will need to move away from business-as-usual practices," says Trakref's CEO Ted Atwood. "The only way to properly account for fugitive emissions from refrigerant is through proper tracking. Technological solutions, along with breaking down siloes for optimal communication, will be crucial for companies moving into this new era of reporting."
Existing clients have been given immediate access to all resources for 2021 reporting.
About Trakref: Trakref is a refrigerant management software company that has been helping facilities manage HVAC/R and refrigerant since 1994. With decades of experience pf helping companies successfully achieve compliance, Trakref is an industry-leading expert in how to leverage insights and its regulatory compliance software to help facilities manage HVAC/R and track fugitive emissions effectively as well as supply data for compliance reports, including ESG reports. Trakref does this through its desktop software solution, mobile app, and sustainability factor. For more information about Trakref, visit www.trakref.com.
Media Contact Information:
Trakref
Gavin Damore
774-240-1013
gdamore@trakref.com
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Image 1: Trakref Announces Solutions for SEC Climate Disclosure Scope 1 Emissions Reporting
Trakref provides an outline as well as new solutions for working through the SEC's new reporting requirements
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