ESG data collection, monitoring and reporting is the foundation to any meaningful sustainability journey.
It’s complex, challenging and rightly in the spotlight for any business and is everyone’s responsibility, with the rapid need to centralise ESG data as efficiently and effectively as possible.
Whether it be to keep pace with the ever growing, yet fragmented demand of sustainability-related regulations, or driven by Occupiers looking to engage with Landlords and Operators to deliver the optimal environments for their staff.
As part of a series of recent workshops led by Trustek and JPES Partners, there were consistent questions amongst stakeholders when it came to ESG data: what is the definition of ESG data, where do you start, what data do you collect, which technology will best support the collection and management of ESG data and how do you derive insight from the data to deliver multiple reporting formats, whilst selecting the right sustainability initiatives for buildings.
What practical considerations and best practices can you take forward when considering your ESG data collection journey?
1. Make the most of what you already have
Start with the data you have and focus on what is most critical and relevant to your operations and ESG KPIs, such as Scope 1, 2 and 3 and energy consumption – don’t try and boil the ocean by collecting data on everything from day one. That said, don’t shy away from bad data, own it – concerns over quality, data gaps, and variations in standardisation often prevent data collection from getting started, but use this time to establish your data collection hierarchy, which can be used to tackle the gaps and be expanded to take on future ESG data sets.
2. Locate and map your ESG data sources
Once you are clear on the leading sources of data and what and why you’re measuring, map the sources (e.g., excels, PDF, third party data sources, industry benchmarks) and the steps needed to collect and centralise this data as close to the source, opting for an automation first approach through technology to support efficiency and reduce data errors.
3. Establish stakeholder engagement as early and regularly as possible
A whole building view is key to true sustainability progression, and this requires everyone to be consistently bought in and open to sharing data. Transparency on why data matters, how it ties into the bigger sustainability picture, but also how it positively considers the stakeholders’ own sustainability objectives, whilst supporting on how this data can be collected and providing access to it.
4. Use technology to do the heavy lifting
Select and deploy technology to autonomously process and analyse your building data, allowing for accurate and real time measuring and reporting of performance data. With a clear data architecture behind this, you will be able to address the early performance wins by taking responsive decisions on how to reduce items such as energy consumption.
5. Map your data outputs
Do this for the building and stakeholders, such as mandatory and voluntary ESG reporting standards, or extensions to other business process platforms and the wider building technology stack, such as Occupier Apps. Interoperability is essential.
It has never been more important for landlords, developers, operators, and occupiers to understand the performance of their buildings in detail and implement targeted and impactful interventions – and at the very core of this needs to be a strong technology and data strategy if this is to be achieved at the pace and scale needed.
Clients we have worked with, who have equipped buildings with smart technology, have seen energy reductions in the region of 14-20%, with some clients even exceeding this.
We recognise that this may seem like an incredible undertaking as it’s a strategic change management play, but engaging the right expertise and starting now will pay off in the longer term and avoid the inevitable surprises down the line.
How can Trustek support your ESG data journey?
1. Book an ESG module of our Building Audit to asses what ESG data systems already exist in your asset, what data insights are provided, and where the technology gaps are >
2. Explore solutions on our Verified Marketplace that can improve and enhance your ESG data targets and strategy >
3. Enquire with us today to discuss how Trustek can help you maximise your ESG data collection and analysis >