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RELEASE: GHG Protocol Launches Official Partnership with IFRS Foundation

LONDON (June 24, 2024) – Today Greenhouse Gas Protocol (GHG Protocol) and the IFRS Foundation  announced that they have signed a memorandum of understanding to guide future work and collaboration between GHG Protocol and the International Sustainability Standards Board (ISSB).

The framework for measuring greenhouse gas emissions developed by GHG Protocol has become embedded in capital markets infrastructure through the use of the GHG Protocol Corporate Standard (2004) in the measurement and disclosure requirements of IFRS S2 Climate-related Disclosures. IFRS S2, and other IFRS Sustainability Disclosure Standards, are set by the ISSB, which falls under the broader banner of the IFRS Foundation.

This memorandum of understanding (MoU) signals the commitment of both parties to work closely together to ensure compatibility and to ensure that the information provided meets the needs of capital markets. The purpose of the MoU is to set forth the general principles for cooperation and strengthened relations between the parties on the development of new standards and guidance. Through the implementation of the MoU, both parties aim to help minimize the cost and effort required of standard users and reporting organizations, while ensuring that the information needs of users of general-purpose financial reports are met.

The MoU puts in place governance arrangements so that the ISSB is actively engaged in updates and decisions made in relation to the GHG Protocol Corporate Standard.  This includes the appointment of a representative of the ISSB as an observer on the GHG Protocol Independent Standards Board.

GHG Protocol is committed to collaborating more formally with key stakeholders in the GHG emissions accounting ecosystem through partnerships like this one, with the aim of supporting its users in navigating this landscape.

Emmanuel Faber, ISSB Chair, said, "The GHG Protocol standards are vital tools for enabling companies around the world to measure their greenhouse gas emissions consistently and comparably. Through the enhanced partnership between the International Sustainability Standards Board and GHG Protocol we are better placed to support ongoing compatibility between our work so that the information companies provides meets the needs of capital markets around the world. The result should lead to much welcome minimised cost and effort for preparers."

Ani Dasgupta  , WRI President and CEO, said, “For years, companies faced inconsistent greenhouse gas reporting requirements across different platforms and capital markets. This meant they struggled with conflicting paperwork when they should have been focusing on driving down emissions and reducing climate-related risks. But when ISSB decided to use the GHG Protocol’s corporate standard as the basis for measurement of GHG emissions in its climate standard (IFRS S2), it brought clarity and consistency in reporting for companies and capital markets that was sorely needed. Going forward, this formal partnership will bring GHG Protocol and ISSB even closer together, I hope that this will empower companies and the financial sector continue to make credible progress towards achieving their climate goals.” 

Peter Bakker, WBCSD President and CEO, said, “We are delighted to enter into this critical partnership between the GHG Protocol and the ISSB. Closer alignment between both organisations will facilitate and harmonize disclosure efforts for business and investors on emissions, drive action and enable greater accountability and transparency. There is an urgent need for financial markets to have better information about corporate climate action and meet the increasing demand for accountability, and this partnership will help accelerate that.”

Professor Alexander Bassen,  GHG Protocol Independent Standards Board Chair, said, “This coordination between the IFRS Foundation and GHG Protocol is a momentous step in standardizing GHG reporting globally. The deepening of the collaboration between the two parties will be a great benefit to companies seeking to measure, manage and report on, their GHG emissions and close collaboration with the IFRS Foundation will be invaluable to GHG Protocol’s standards update process for the suite of corporate standards.”


Media Requests: 
Sarah Huckins, Communications Manager, Greenhouse Gas Protocol

About Greenhouse Gas Protocol
Greenhouse Gas Protocol is the world’s leading authority and international standard setter on corporate greenhouse gas (GHG) emissions accounting. Building on a 20-year partnership between World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD), GHG Protocol works with governments, industry associations, NGOs, businesses and other organizations. GHG Protocol also provides standards, tools and online training to help countries and cities track progress towards their climate goals.  

About the IFRS Foundation
The IFRS Foundation is a not-for-profit organisation created in 2001 to develop— in the public interest—high-quality, understandable, enforceable and globally accepted standards for general purpose financial reporting, and to promote and facilitate their adoption.

The International Sustainability Standards Board (ISSB) is an independent sustainability disclosure standard-setting body of the IFRS Foundation. The ISSB issues IFRS Sustainability Disclosure Standards and the IFRS Sustainability Disclosure Taxonomy, which enables digital reporting. The ISSB also maintains the SASB Standards. IFRS Accounting Standards, set by the International Accounting Standards Board, are required in more than 140 jurisdictions. 

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