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How to manage ESG success with monitoring solutions
How to manage ESG success with monitoring solutions

ESG regulations are becoming more stringent every year to meet the global demand for environmental responsibility. In the United States in particular, the last 18 months have seen seen rapid changes in the regulatory landscape, with a flood of new initiatives and proposals on environmental and social issues led by the U.S. Securities and Exchange Commission (SEC), the Federal Trade Commission and the Treasury Department, as well as new regulations at the state level.

Among the regulations mentioned is that organisations must now control their use of flaring and venting to reduce the carbon footprint generated and avoid it where possible. Flaring and venting are controlled processes for disposing of gas that are essential for emergency and safety purposes at oil and gas facilities and in situations where the gas may not be able to be used, exported or reintroduced. Flaring is the ignition of gas and venting is the release of unignited gas.

As specified According to the Environmental Defense Fund (EDF), flaring and venting of greenhouse gases are highly harmful to the climate and health, but “largely preventable through sound planning and management.”

Given ESG regulations and the risks associated with public health and climate impacts, investors are now looking for companies that are able to demonstrate better performance and transparency on flaring and venting regulations, which is a best practice from a risk management and corporate governance perspective. This is another reason for companies to opt for solutions that can help maintain this transparency and control over flaring and venting.

Technology leaders have recognized this demand and are now developing software to help companies comply with regulations. One example is IFS Merrick – a comprehensive solution from IFS, a provider that focuses primarily on industrial and financial ERP solutions. The offering includes enterprise software for companies worldwide that manufacture and distribute goods, build and maintain facilities, and manage service-oriented operations.

IFS Merrick is an end-to-end production solution that helps oil and gas companies monitor and improve their production operations and results by collecting, accounting and reporting accurate and validated production data. IFS Merrick is optimized for all types of operations – onshore/offshore and conventional/unconventional.

One of the key features of IFS Merrick is that it can be customized to streamline vent and flaring management from mobile field operations to reporting and analysis. It also provides 13 pre-approved event codes that are essential for regulatory compliance. This allows operators to eliminate reliance on error-prone spreadsheets and manual data entry, saving time and resources.

Designed for field data collection and regulatory reporting with tools such as Field Operator, Route Surveillance, Carte, ProCount and eVIN, companies can rely on it to simplify the entire process and have the ability to customize the solution to each state’s unique regulations by working directly with IFS.

In a time of increasing unpredictability and a complex regulatory environment, it is critical for companies to be able to provide accurate reporting and maintain ESG compliance. Solutions like IFS Merrick enable companies to focus on key objectives while seamlessly ensuring operational security and governance.