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Driving Sustainability Forward: How BayCoast Bank Used Carbon Accounting to Strengthen Environmental Responsibility

April 7, 2025

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Amid growing climate risks and increasing regulatory requirements, greenhouse gas (GHG) accounting and assessment have become essential tools for organizations to better understand operating costs while working to reduce their environmental impact.

Like many community banking organizations, BayCoast Bank’s Executive Management Team and Board of Directors are facing increased pressure to stay ahead of evolving regulations and develop a plan for consistently tracking their carbon footprint. Their motivation for pursuing this initiative stems from a strong commitment to environmental responsibility and supporting their local communities.

Wolf collaborated with the organization’s management team to build the foundation for its climate sustainability program and project roadmap before undertaking the initial GHG measurement. Wolf’s ongoing partnership with BayCoast Bank, an established Northeast financial institution, illustrates how our collaborative Carbon Accounting & Assessment services supported their efforts to establish baselines, set objectives, and develop meaningful sustainability strategies. Through this Carbon Assessment, BayCoast is further positioning itself as an industry leader in sustainability.

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GHG measurement and emissions reduction is a core element of BayCoast’s sustainability roadmap. Therefore, the effort of getting our data collection and reporting processes implemented was critical. While our project team devoted substantial effort to collect data, we relied on our partners at Wolf and Greenly to provide guidance on best practices and practical solutions along with technology that created efficiencies with processing data and reporting.”

Gary Vierra

SVP & Chief Risk Officer , BayCoast Bank

Challenge

Today, companies face the challenge of managing climate-related physical and transition risks, maintaining a competitive edge, and building a successful long-term growth strategy – all while staying ahead of evolving
regulatory requirements.

Incorporating a climate sustainability strategy into a company’s growth plan has become a valuable way to address these challenges. As a result, many organizations are recognizing the operational benefits of pursuing sustainability-focused projects and initiatives.

As part of this process, clients often find that the first step in developing a climate sustainability strategy is establishing a baseline year of consistent, comparable data. This includes conducting both a Qualitative Materiality Assessment and a Quantitative Carbon Accounting Assessment.

Below are key aspects and takeaways from our recent Carbon Accounting Assessment with BayCoast. This assessment was conducted for BayCoast’s baseline year and did not rely on prior period information or historical data. Additionally, the engagement focused on evaluating their Scope 1, Scope 2, and Scope 3 operational emissions.

Solution

1. Data Collection

The first, and often most time-consuming, step in the Carbon Accounting process is data collection. This involves a detailed analysis of the company’s spend data, activity data, and, where applicable for certain Scope 3 emissions, supplier-specific data. Most existing reporting frameworks were not designed to capture the data points necessary for accurate GHG measurement. Given the limited accessibility of this information and the complexity of various data sources, the success of the data collection process relies heavily on strong cross-functional collaboration across all stakeholder groups.

Partnering with BayCoast provided Wolf’s Climate & Sustainability team with valuable insight into the time and resources needed to complete the data collection process effectively. The effort was both rigorous and time-intensive. For example, compiling the necessary information required gathering utility data, such as total kilowatt usage and refrigerant consumption for in-office air conditioning systems. For other utilities, including gas and water, this involved collecting invoice data for every operating facility, for every month of the baseline year. In both cases, engaging third-party stakeholders across the company’s value chain was essential to obtaining accurate and complete data.

To address the time and cost challenges associated with data collection, Wolf has partnered with Greenly to develop a tailored Carbon Management platform designed for each of our niche client industries. Given the complexity and collaboration required in this process, establishing a realistic timeline and cost estimate for data collection is a critical first step for any organization.

2. Data Verification & Calculation

The Data Verification & Calculation process provided an opportunity for strong collaboration between Wolf, Greenly, and BayCoast. With BayCoast completing the required templates, Greenly was able to convert the data into a standardized unit of measurement, translating indirect business activities into corresponding GHG emission factors. This process often occurs simultaneously with data collection, making open communication throughout these steps crucial for success.

3. Carbon Emissions Results Evaluation

After completing the data collection and verification processes, BayCoast gained access to a comprehensive and accurate inventory of its greenhouse gas emissions. This allowed for a reliable measurement of their GHG emissions in CO2 equivalents. With these results, BayCoast can enhance their sustainable branding and take corrective actions.

Result

As a result of the Carbon Accounting & Assessment process, BayCoast achieved several key milestones that will help drive its sustainability efforts forward. They were able to:

Set specific and achievable targets for reducing carbon emissions

Strengthen their controls by enhancing its Climate Risk Business Contingency Plan and other credit risk management practices

Gain valuable insights that have significantly boosted collaboration across their value chain

In collaboration with Greenly, our carbon accounting and assessment partner, Wolf’s Climate & Sustainability team enables clients to quantify and measure their greenhouse gas emissions, turning these insights into actionable strategic milestones for long-term growth. As a result of this Carbon Accounting Analysis, BayCoast has established a baseline for sustainable practices and is now ready to monitor and track these objectives for future operations.

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