NYU Stern Center for Sustainable Business Receives $290,000 Grant from Commonwealth Fund to Build the Financial Case for Decarbonizing Healthcare Systems
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Today, the NYU Stern Center for Sustainable Business (CSB) announced the award of a $290,000 grant from the Commonwealth Fund to conduct an in-depth analysis of the current practices and opportunities in decarbonizing healthcare systems.
NYU Stern CSB will leverage its hallmark Return on Sustainability Investment (ROSI™) framework to define strategies, practices, and metrics to reduce carbon emissions within organizations that deliver healthcare services to consumers. The ROSI methodology utilizes thorough research, literature review, data analysis and stakeholder engagement to help companies embed sustainability into core business strategy, decision-making, and accounting while quantifying the full range of costs and benefits of investment in sustainability.
“We are incredibly grateful to the Commonwealth Fund for their leadership and vision in bringing ROSI to a new and critical industry,” said Tensie Whelan, Director of NYU Stern Center for Sustainable Business. “With healthcare responsible for ~4.5% of global greenhouse gas emissions, a data-informed and financially driven framework for decarbonization has the potential to create measurable impact at scale.”
“The health care industry’s size, its large carbon footprint, and its mission to improve health are just a few reasons why it has a unique responsibility and opportunity to act on climate change.” said Lovisa Gustafsson, who leads work in climate change and the health care system at The Commonwealth Fund. “We are excited to partner with the NYU Stern Center for Sustainable Business to bring its innovative thinking on decarbonization to the health care sector.”
NYU Stern CSB will engage with select healthcare delivery systems to analyze real data, pilot the framework and create an open source set of educational tools to share findings and promote its implementation across the industry.
ROSI has been previously applied to the automotive, apparel and food and agriculture industries. With this grant, the framework will be tailored to healthcare for the first time, in this initial phase focusing on healthcare providers with potential for broader application in future initiatives.
About NYU Stern Center for Sustainable Business
The NYU Stern Center for Sustainable Business (CSB) was founded on the principle that sustainable business is good business. We provide education, conduct research, and influence industry practice by proving the financial value of sustainability for business management and performance. At CSB, we aim to equip future and current corporate leaders with updated business frameworks that embrace proactive and innovative mainstreaming of sustainability, resulting in competitive advantage and resiliency for their companies as well as a positive impact for society.
About the Commonwealth Fund
The Commonwealth Fund supports independent research on health care issues and makes grants to improve health care practice and policy. Its mission is to promote a high-performing, equitable U.S. health care system that achieves better access, improved quality, and greater efficiency, particularly for society’s most vulnerable, including people of color, people with low income, and those who are uninsured.
Contact: Alison Berg
alison.berg@stern.nyu.edu
NYU Stern CSB will leverage its hallmark Return on Sustainability Investment (ROSI™) framework to define strategies, practices, and metrics to reduce carbon emissions within organizations that deliver healthcare services to consumers. The ROSI methodology utilizes thorough research, literature review, data analysis and stakeholder engagement to help companies embed sustainability into core business strategy, decision-making, and accounting while quantifying the full range of costs and benefits of investment in sustainability.
“We are incredibly grateful to the Commonwealth Fund for their leadership and vision in bringing ROSI to a new and critical industry,” said Tensie Whelan, Director of NYU Stern Center for Sustainable Business. “With healthcare responsible for ~4.5% of global greenhouse gas emissions, a data-informed and financially driven framework for decarbonization has the potential to create measurable impact at scale.”
“The health care industry’s size, its large carbon footprint, and its mission to improve health are just a few reasons why it has a unique responsibility and opportunity to act on climate change.” said Lovisa Gustafsson, who leads work in climate change and the health care system at The Commonwealth Fund. “We are excited to partner with the NYU Stern Center for Sustainable Business to bring its innovative thinking on decarbonization to the health care sector.”
NYU Stern CSB will engage with select healthcare delivery systems to analyze real data, pilot the framework and create an open source set of educational tools to share findings and promote its implementation across the industry.
ROSI has been previously applied to the automotive, apparel and food and agriculture industries. With this grant, the framework will be tailored to healthcare for the first time, in this initial phase focusing on healthcare providers with potential for broader application in future initiatives.
About NYU Stern Center for Sustainable Business
The NYU Stern Center for Sustainable Business (CSB) was founded on the principle that sustainable business is good business. We provide education, conduct research, and influence industry practice by proving the financial value of sustainability for business management and performance. At CSB, we aim to equip future and current corporate leaders with updated business frameworks that embrace proactive and innovative mainstreaming of sustainability, resulting in competitive advantage and resiliency for their companies as well as a positive impact for society.
About the Commonwealth Fund
The Commonwealth Fund supports independent research on health care issues and makes grants to improve health care practice and policy. Its mission is to promote a high-performing, equitable U.S. health care system that achieves better access, improved quality, and greater efficiency, particularly for society’s most vulnerable, including people of color, people with low income, and those who are uninsured.
Contact: Alison Berg
alison.berg@stern.nyu.edu