Press Release

New Standard Developed to Help Financial Industry Measure and Report Emissions

maxine.chikumbo@wri.org — Thu, 18 Mar 2021 11:00:00 +0000

New Standard Developed to Help Financial Industry Measure and Report Emissions maxine.chikumbo@wri.org Thu, 03/18/2021 - 11:00

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Press Release

03.19.2021

maxine.chikumbo@wri.org

Title

New Standard Developed to Help Financial Industry Measure and Report Emissions

WASHINGTON, D.C. (March 18, 2021) – A new standard to help the financial industry measure and report financed greenhouse gas (GHG) emissions was launched at the end of 2020. The Global GHG Accounting and Reporting Standard for the Financial Industry was developed by the Partnership for Carbon Accounting Financials (PCAF) as a response to industry demand for a global, standardized approach to measure and report finance emissions.

Written by a diverse, global team of financial institutions for financial institutions, the Standard combines deep industry insight with the rigor of the Greenhouse (GHG) Protocol, the supplier of the world's most widely used greenhouse gas accounting standards. The Standard bears the “Built on GHG Protocol” mark, an achievement earned after an in-depth review by WRI for strict adherence to the GHGP’s Corporate Value Chain (Scope 3) Accounting and Reporting Standard.

The “Built on GHG Protocol” mark provides assurance and credibility of the GHG accounting methods in the Standard, giving it the visibility and recognition as the definitive global standard for GHG accounting for financials. The Standard’s much-needed universal, standardized, transparent methodology will go on to support the further growth of GHG accounting in FIs across the globe.

“Achieving the GHG Protocol Built on Mark recognizes the robustness and credibility of the PCAF standard for measuring financed emissions. Financial institutions can now rest assured that they will be using a leading global standard for GHG accounting of financial assets, a step that can contribute to further their climate-related business goals.”

– Giel Linthorst, Executive Director of the PCAF Secretariat

The Standard provides detailed methodological guidance for measurement and disclosure of GHG emissions associated with six asset classes: listed equity & corporate bonds, business loans & unlisted equity, project finance, commercial real estate, mortgages and motor vehicle loans. Future editions of the Standard will expand this coverage of asset classes and include case studies.

Thanks to the Standard, for the first time financial institutions are equipped with globally harmonized, robust, transparent methods to consistently measure and disclose financed emissions, a metric that enables them to: assess climate-related risks in line with the Task Force on Climate-related Financial Disclosures (TCFD), set science-based targets using the sectoral decarbonization approach developed by the Science Based Targets initiative, report to stakeholders with the CDP disclosure framework, and inform climate strategies and actions to develop innovative financial products that support the transition toward a net-zero emissions economy.     

“A standardized method of measuring and reporting emissions is critical for the financial sector to make meaningful emissions reductions,” said Pankaj Bhatia, Deputy Director, Climate Program and Global Director, GHG Protocol at World Resources Institute. “The PCAF’s new Global GHG Accounting and Reporting Standard for the Financial Industry offers financial institutions tools and guidance needed to accurately account for their emissions. The Standard will be a powerful tool to help the sector responsibly reduce its carbon footprint and do is part to tackle climate change.”

– Pankaj Bhatia, Deputy Director, Climate Program and Global Director, GHG Protocol at World Resources Institute

The PCAF Standard is being implemented in five regions: Africa, Asia-Pacific, Europe, Latin America and North America. Each region has regional implementation teams with a clear governance structure. Each team receives technical assistance to implement GHG accounting and reporting at no cost. The lessons learned through the regional implementation feed into the refinement of the Global GHG Accounting and Reporting Standard for the Financial Industry.

###

GHG Protocol contact information: Maxine Chikumbo, Social Media Specialist, World Resources Institute,

E: maxine.chikumbo@wri.org

PCAF contact information: Angélica Afanador, Manager, PCAF Secretariat,

E: info@carbonaccountingfinancials.com

About the Greenhouse Gas Protocol

GHG Protocol establishes comprehensive global standardized frameworks to measure and manage greenhouse gas (GHG) emissions from private and public sector operations, value chains and mitigation actions. To learn more visit https://ghgprotocol.org/

About the Partnership for Carbon Accounting Financials (PCAF)

In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 100 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/

(Photo: Marhus Spiske / Unsplash)

RELEASE: Launch of Two New Greenhouse Gas Standards to Improve Climate Policies, Design and Track Progress towards Mitigation Goals

lori@prometsource.com — Wed, 19 Nov 2014 02:55:06 +0000

RELEASE: Launch of Two New Greenhouse Gas Standards to Improve Climate Policies, Design and Track Progress towards Mitigation Goals lori@prometsite.com Wed, 11/19/2014 - 02:55

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Press Release

01.17.2019

lori@prometsite.com

Title

RELEASE: Launch of Two New Greenhouse Gas Standards to Improve Climate Policies, Design and Track Progress towards Mitigation Goals

WASHINGTON, DC (November 18, 2014)

For the first time, governments now have consistent, reliable methods to account for greenhouse gas (GHG) reductions from their climate policies and goals.

Today, the Greenhouse Gas Protocol (GHG Protocol) launched two new standards to help governments design better policies and emissions reductions goals, and measure progress against them. Developed by World Resources Institute (WRI), the Mitigation Goal Standard and Policy and Action Standard will enable policymakers and analysts to set robust mitigation goals, improve policies, and track progress to meet climate goals.

“The new GHG Protocol Mitigation Goal Standard can bolster transparency in the international climate negotiations in Lima and all the way to Paris,” said Jennifer Morgan, Director, Climate and Energy Program, WRI. “For too many years we have been comparing apples to oranges without a consistent way of setting climate goals and measuring progress. This standard lifts the veil of uncertainty that has shrouded countries’ climate targets for too long.”

Currently under the UN Framework Convention on Climate Change (UNFCCC) countries use different approaches with varying assumptions and methodologies, which makes it challenging to ascertain the effectiveness of efforts to curb emissions globally.

The Mitigation Goal Standard resolves this problem by offering a standardized methodology developed through an international stakeholder process and piloted in several jurisdictions. The Mitigation Goal Standard establishes robust and transparent emissions accounting and reporting practices for governments to track progress toward reaching their overarching reduction target, shape their post-2020 climate goals and weigh the advantages and disadvantages of different approaches.

“We greatly appreciate World Resources Institute’s leadership in developing these standards,” said Katia Simeonova, Manager of the Mitigation, Data and Analysis Programme at the United Nations Climate Change Secretariat. “They can help advance robust climate action by national and subnational governments and can play a helpful role in the UNFCCC process in the lead up to the 2015 Paris climate summit and beyond."

The Policy and Action Standard helps estimate the GHG impact of policies and actions in order to improve their effectiveness in reducing emissions. Analysts from national and local governments can evaluate the GHG impacts of specific policies, as well as some socio-economic and environmental effects, to inform where to shift resources to achieve the best results.

“With the costs of climate change mounting, it is more important than ever that policies achieve emission reductions as intended,” said Pankaj Bhatia, Director, GHG Protocol, WRI. “The Policy and Action Standard can now help governments at all levels determine if their actions are effective and respond accordingly.”

Over 270 participants—government leaders, NGOs representatives and academics – from 40 countries were involved in developing the two new standards. Both standards are applicable to national, city and other subnational governments. Already they have been used to assess a total of 32 policies or goals in 20 countries, including:

The United Kingdom Climate Change Committee used the Mitigation Goal Standard to report on the design of the Climate Change Act of 2008. The assessment helped show the advantages of setting greenhouse gas reduction goals spanning multiple years versus a single year. Multi-year goals are preferable because they are designed to limit cumulative emissions over several years and can allow some flexibility year-to-year.

In 2005, the City of Seattle in the United States adopted a goal to cut emissions 7 percent below 1990 levels by 2012. The Stockholm Environment Institute (SEI) used the Mitigation Goal Standard to determine if Seattle reached the goal in time and found that in 2012 Seattle exceeded its allowable emissions by 0.34 Mt CO2e, thus not reaching its target.

Tunisia launched the renewable energy support program PROSOL Elec in 2010 to promote and support the use of solar photovoltaic (PV) systems in residential and commercial buildings. The National Agency for Energy Conversation (ANME) of Tunisia used the Policy and Action Standard to estimate the program’s expected future emissions reductions. ANME estimates the program will avoid 4 million tons of CO2 between 2014 and 2030.

The German Renewable Energy Act, which came into force in 2000, has advanced renewable electricity generation in Germany by establishing policies that give renewable energy preferential access to the power grid over fossil fuels and nuclear energy. The research institute Öko-Institut used the Policy and Action Standard to estimate the future impact of the policy. The institute found that the policy is expected to avoid 100 million tonnes (Mt) of CO2 annually in 2020, 120 Mt annually in 2030, and 150 Mt annually in 2040.

WRI is currently organizing a series of regional workshops around the world to educate policymakers on the standards and use them to shape national contributions ahead of the Paris climate negotiations in December 2015. The new standards are available at www.ghgprotocol.org/mitigation-goal-standard and www.ghgprotocol.org/policy-and-action-standard.

Greenhouse Gas Protocol Announces Inaugural Chair of New Independent Standards Board

sarah.huckins@wri.org — Fri, 15 Dec 2023 14:37:04 +0000

Greenhouse Gas Protocol Announces Inaugural Chair of New Independent Standards Board sarah.huckins@wri.org Fri, 12/15/2023 - 14:37

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Press Release

01.09.2024

sarah.huckins@wri.org

Title

Greenhouse Gas Protocol Announces Inaugural Chair of New Independent Standards Board

Greenhouse Gas Protocol is pleased to announce that Professor Dr. Alexander Bassen will serve as the inaugural Chair of its Independent Standards Board (ISB), the new governance body tasked with overseeing the update of GHG Protocol’s flagship suite of standards for business (including the Corporate Standard, Scope 2 Guidance, and Scope 3 Standard).

Dr. Bassen, a globally recognized academic and expert on corporate governance and sustainability reporting, is professor of Capital Markets and Management of the Faculty of Business, Economics and Social Sciences at the University of Hamburg. He serves as a member of the German Advisory Council of Global Change (WBGU) and the EU’s EFRAG Sustainability Reporting Board, as well as on several advisory committees on sustainable finance. Alex is also an Honorary Research Associate at the University of Oxford’s Smith School of Enterprise and the Environment, Visiting Professor at the Hong Kong Baptist University and the University of Reading.

As supplier of the world’s most widely used GHG accounting standards, the GHG Protocol launched a new governance structure last month to further bolster its transparency, efficiency, and rigor in meeting increasing demands from regulators, other standard-setters, and companies. The Independent Standards Board will report to a new Steering Committee and work closely with the GHG Protocol Secretariat, jointly hosted by World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD).

On his appointment as inaugural Chair of the Independent Standards Board, Alexander Bassen said: “It is an honor to be selected for this role. Greenhouse Gas Protocol is the global leader in the field of GHG accounting and I am looking forward to working together with the Independent Standards Board, Technical Working Groups, Secretariat, and all the reviewers, users and supporters of this deeply important work. Throughout my career I have been dedicated to enabling corporations to pursue climate action and I am grateful to be a part of GHG Protocol’s mission to improve its bedrock corporate accounting standards and guidance.”

Pankaj Bhatia, Global Director of Greenhouse Gas Protocol, said: “This is a historic moment for Greenhouse Gas Protocol. For 25 years, GHG Protocol has played a foundational role in the GHG emissions accounting and reporting ecosystem. It is with great pleasure that we celebrate this milestone in our standards update process and welcome Alexander Bassen to our work. Alex will play a crucial role in this process, and we are grateful for the expertise and perspective he will provide to the Independent Standards Board and the GHG Protocol Secretariat.”

Steering Committee Members Dominic Waughray and Craig Hansen also warmly welcomed Alexander Bassen’s acceptance of this important role.

Dominic Waughray, Executive Vice President, WBCSD said, “Greenhouse Gas Protocol is the foundation for measuring and managing corporate climate performance and disclosure, which you can see in the growing number of climate disclosure standards and regulations that use the Protocol's standards as their basis. I am delighted that Professor Dr. Alexander Bassen accepted the role of Chair of GHG Protocol's new Independent Standards Board. He brings a deep and diverse academic background in sustainable finance, accounting and standards, with a strong record in cross-sectoral collaboration.

“Alexander Bassen’s long career and leadership in the field of corporate sustainability reporting will be invaluable to GHG Protocol’s standards update process,” said Craig Hanson, Managing Director of Programs, WRI. “Measuring GHG emissions is a fundamental step toward setting science-based emissions reduction targets and achieving ambitious climate goals. Guided by Alex’s expertise, and with the support of the Independent Standards Board and Technical Working Groups, GHG Protocol’s updated corporate suite of standards will enable companies to better manage their emissions.”

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Please note we are still accepting applications for Independent Standards Board membership until January 15. Application details can be found here. If you'd like to receive GHG Protocol updates via email, please subscribe here.

RELEASE: Greenhouse Gas Protocol Receives $9.25 Million Grant From the Bezos Earth Fund

sarah.huckins@wri.org — Thu, 23 Mar 2023 17:24:58 +0000

RELEASE: Greenhouse Gas Protocol Receives $9.25 Million Grant From the Bezos Earth Fund sarah.huckins@wri.org Thu, 03/23/2023 - 17:24

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Press Release

03.21.2023

sarah.huckins@wri.org

Title

RELEASE: Greenhouse Gas Protocol Receives $9.25 Million Grant From the Bezos Earth Fund

WASHINGTON DC (March 21, 2023) – Today the Earth Fund announced its award of $9.25 million to Greenhouse Gas Protocol, which is co-convened by World Resources Institute and the World Business Council for Sustainable Development. The partnership will allow GHG Protocol to update and clarify existing standards, develop new guidance, improve efficiency, and provide additional technical services to companies. This work will support GHG Protocol users’ implementation of greenhouse gas emissions accounting and reporting standards.

In November 2022, GHG Protocol launched a set of surveys on its Corporate Accounting Reporting Standard, Scope 2 Guidance, and Scope 3 Standard and Scope 3 Calculation Guidance to better understand users’ challenges with implementing the standards. The global stakeholder survey process will inform future revisions to existing standards or development of additional guidance and sets the stage for the next two years of GHG Protocol’s work. By soliciting feedback from users on pain points, as well as users’ suggestions for revisions, GHG Protocol is working to better serve practitioners on the ground.

“The global demand for greenhouse gas accounting and disclosure is skyrocketing and must be scaled and modernized to deliver needed standards, tools and training,” said Dr. Andrew Steer, President and CEO of the Bezos Earth Fund. “Trust in these systems is paramount and this investment in two critical corporate climate and accountability disclosure initiatives will help enable companies to take urgent climate action.”

“For over twenty years, GHG Protocol has played a foundational role in the greenhouse gas emissions and accounting ecosystem. Its standards have come to underpin virtually every corporate GHG reporting program,” said Ani Dasgupta, President & CEO of World Resources Institute. “This generous award from the Earth Fund comes at a critical inflection point as the GHG Protocol updates its standards and guidance, supports the eco-system that is based on it, and significantly ramps up support to thousands of businesses looking to make credible progress on climate commitments. Without a common set of definitions and measurements, it will be impossible to make sustained progress in critical emission reduction goals.”

Dominic Waughray, Executive Vice President at the World Business Council for Sustainable Development, said, “Business plays a critical role in accelerating decarbonization. High integrity standards which are aligned with the latest climate science and reflect user needs are key to enabling targeted action and measurement of progress, hence creating accountability, We are delighted to be continuing our collaboration with WRI on this next phase of the Greenhouse Gas Protocol, building on the strong foundations we have already created together.”

This funding will be pivotal to expanding GHG Protocol’s capacity as interest in GHG emissions accounting grows from voluntary to regulatory programs, said Pankaj Bhatia, Director of GHG Protocol. “GHG Protocol has provided comprehensive standards and tools for businesses, cities, and governments to credibly measure their GHG emissions and track progress toward their climate targets, and we are seeing an exponential increase in demand for support in this field.” he said. “This investment will allow us to continue to further strengthen our vital role for years to come.”

Media Requests:

Sarah Huckins, Communications Manager, Greenhouse Gas Protocol

sarah.huckins@wri.org

About the Bezos Earth Fund

The Bezos Earth Fund is Jeff Bezos's $10 billion commitment to fund scientists, activists, NGOs, and other actors that will drive climate and nature solutions. By allocating funds creatively, wisely, and boldly, the Bezos Earth Fund has the potential for transformative influence in this decisive decade. Funds will be fully allocated by 2030 — the date by which the United Nations' Sustainable Development Goals must be achieved.

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 World Resources Institute

Founded in 1982, World Resources Institute (WRI) is an independent, nonprofit global research organization that turns big ideas into action at the nexus of environment, economic opportunity, and human well-being. We are working to address seven critical challenges that the world must overcome this decade to secure a sustainable future for people and the planet: climate change, energy, food, forests, water, sustainable cities, and the ocean. WRI has a global staff of over 1,800 people with work spanning 60 countries. We have offices in Africa, Brazil, China, Europe, India, Indonesia, Mexico, Colombia and the United States, as well as a growing presence in other countries and regions.

About World Business Council for Sustainable Development

The World Business Council for Sustainable Development (WBCSD) is a CEO-led, global coalition of some 200 companies advocating for progress on sustainable development. Its mission is to be a catalyst for innovation and sustainable growth in a world where resources are increasingly limited. The Council provides a platform for companies to share experiences and best practices on sustainable development issues and advocate for their implementation, working with governments, non-governmental and intergovernmental organizations. The membership has annual revenues of USD 7 trillion, spans more than 35 countries and represents 20 major industrial sectors. The Council also benefits from a network of 60 national and regional business councils and partner organizations, a majority of which are based in developing countries.

GHG Protocol to assess the need for additional guidance building on existing corporate standards

mollie.freeman@wri.org — Thu, 31 Mar 2022 14:38:26 +0000

GHG Protocol to assess the need for additional guidance building on existing corporate standards mollie.freeman@wri.org Thu, 03/31/2022 - 14:38

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Press Release

03.31.2022

mollie.freeman@wri.org

Title

GHG Protocol to assess the need for additional guidance building on existing corporate standards

The Greenhouse Gas Protocol is the world’s leading authority and international standard-setter on corporate GHG accounting. Over 92% of Fortune 500 companies that report emissions data to CDP do so according to the GHG Protocol accounting standards.  

The GHG Protocol Corporate Standard (First edition) was published in 2001 (the Revised Edition in 2004), the Scope 3 Standard was published in 2011, and the Scope 2 Guidance was published in 2015. Since these standards were published, there have been many important learnings and developments including the Science Based Targets initiative (SBTi), the trend toward net-zero targets, and climate disclosure regulations. 

Most recently, on March 21, the United States Security and Exchange Commission (SEC) proposed corporate climate disclosure rules that would require companies to standardize their climate-related disclosures to investors, including specific rules requiring disclosure of scope 1, scope 2, and scope 3 emissions. The SEC rule refers extensively to Greenhouse Gas Protocol standards, building on the foundation provided by Greenhouse Gas Protocol standards over the last 20 years.

Furthermore, corporations have gained extensive experience over the last twenty years, with thousands of companies measuring and reporting their emissions following the GHG Protocol standards. Researchers have also investigated the use and impact of the standards.

In this context, GHG Protocol is starting a process to determine the need and scope for additional guidance building on the existing set of corporate GHG accounting and reporting standards for scope 1, scope 2, and scope 3 emissions. Additional guidance will be designed to support and enhance implementation of the GHG Protocol standards. Furthermore, a key focus will be to ensure harmonization and alignment with accounting rules under development through major disclosure initiatives including the US Securities and Exchange Committee (SEC), European Commission (e.g. EFRAG), and others.

As a first step, researchers at Concordia University in Montréal, Canada will lead studies on current practices in corporate GHG inventory reporting from March to June 2022. Shannon Lloyd, who will lead the study on scope 1 and scope 3, is an assistant professor in the John Molson School of Business at Concordia University, with a focus on corporate environmental practices and their alignment with environmental sustainability. Anders Bjørn, who will lead the study on scope 2, is a postdoctoral fellow at Concordia University studying corporate emission accounting methods and disclosure, with a focus on the link between reported corporate emissions and global emissions.  

The research will be followed by a global survey and stakeholder consultations to inform the need and scope of additional guidance. As with all Greenhouse Gas Protocol standards, any additional guidance will be developed through an inclusive, global, multi-stakeholder development process, with participation from business, NGOs, academia, and government worldwide.

Going forward, GHG Protocol plans to publish additional guidelines on an ongoing basis to promote harmonization and support disclosure initiatives based on GHG Protocol.

New Program Launched to Advance Local Climate Initiatives in Cities Worldwide

yelena — Thu, 19 Oct 2017 03:00:00 +0000

New Program Launched to Advance Local Climate Initiatives in Cities Worldwide yelena.akopian@wri.org Thu, 10/19/2017 - 03:00

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Press Release

01.17.2019

yelena.akopian@wri.org

Title

New Program Launched to Advance Local Climate Initiatives in Cities Worldwide

City Climate Planner program aims to raise the global talent base of city climate planning professionals

WASHINGTON, D.C. (October 19, 2017) — A new program to help advance local climate initiatives in cities worldwide was launched today. The City Climate Planner program is being led by the Green Business Certification Inc. (GBCI) and was created by The World Bank Group along with C40 Cities, ICLEI - Local Governments for Sustainability, and World Resources Institute through funding provided by the Korea Green Growth Trust Fund.

Cities contribute about 70 percent of global greenhouse gas emissions and use two-thirds of the world’s energy, so measuring emissions at the city level is a critical first step to managing emissions and tackling climate change.

“The City Climate Planner Program ensures professionals are equipped to support local climate action planning,” said Sarah Alexander, Senior Vice President of Credentialing and Certification, Green Business Certification Inc. “GBCI has added this program to its growing repertoire as we continue to push the essential building blocks of green business development, which includes climate change mitigation and other sustainability issues.”

"The World Bank created the City Climate Planner program to build capacity in cities to take action on climate change. Cities need our support now more than ever. We are excited to have GBCI, WRI and ICLEI scale up the program globally,” said Sameh Wahba, Director, Urban Development and Resilience Unit, World Bank.

The City Climate Planner program will consist of a suite of professional certification programs.

The first certification, which was released today, focuses on community-level greenhouse gas emissions inventory accounting, which is a key building block in developing quality climate action plans. It is geared towards practitioners developing city and community-scale greenhouse gas inventories and is based on the Global Protocol for Community-Scale Greenhouse Gas Emission Inventories (GPC), the most comprehensive global protocol for calculating and reporting GHG inventories.

“Helping city practitioners develop the skills they need to design, plan and implement climate action plans in their communities starts with good measurement,” said Pankaj Bhatia, Deputy Director, Climate Program and Global Director, GHG Protocol at World Resources Institute. “Building the first certification around the GPC ensures they will learn the most comprehensive framework for measuring and managing emissions. Cities can lead on tackling climate change and support global efforts to meet the 2-degree goals only if their climate action plans are informed by quality data.”

In addition to rigorous certification exams that allow candidates to demonstrate mastery of the content, a robust training and online professional network that support this work have also been launched.

In the future, additional professional certifications that address other components of climate action planning will be developed under the City Climate Planner program.

For city climate planners, the City Climate Planner program is the only professional certification program that ensures qualified individuals can respond to the need for comprehensive local climate action, which includes GHG inventories, integrated climate planning efforts, policy development and meaningful systems to measure progress towards achieving climate change mitigation and adaptation goals.

RELEASE: Companies Can Now Credibly Report Emissions From Low-Carbon Electricity Purchases

lori@prometsource.com — Tue, 20 Jan 2015 18:03:06 +0000

RELEASE: Companies Can Now Credibly Report Emissions From Low-Carbon Electricity Purchases lori@prometsite.com Tue, 01/20/2015 - 18:03

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Press Release

03.28.2018

lori@prometsite.com

Title

RELEASE: Companies Can Now Credibly Report Emissions From Low-Carbon Electricity Purchases

Guidance helps companies increase demand for renewable energy

WASHINGTON (January 20, 2015)– Today the World Resources Institute unveiled new guidance for companies to measure emissions from purchased electricity. The first major update to the GHG Protocol Corporate Accounting and Reporting Standardresponds to the rapid growth of renewable energy and other major shifts in the electricity market. The GHG Protocol Scope 2 Guidance provides a consistent, transparent way for companies to show how different types of electricity purchases count toward their emissions targets, and will inform corporate decisions on what kind of energy should power their business.

“Currently, companies consume half of all electricity produced so any solution for reducing global emissions has to address the electricity sector,” said Mary Sotos, Associate, World Resources Institute and lead author. “This guidance will let companies know exactly how their energy choices count toward their emissions goals. By providing rigorous reporting methods, the Guidance gives a clear incentive for companies to demand low-carbon electricity.”

Four years in the making, the Scope 2 Guidance was developed in consultation with over 200 representatives from companies, electric utilities, government agencies, academics, industry associations and civil society groups in 23 countries. The report offers case studies of 12 companies that have already used the new guidance, including Mars, Facebook, Google, and EDF Energy. The U.S. Environmental Protection Agency has been part of the process and supports the new guidance.

“This guidance is a powerful tool to help corporations achieve ambitious, science-based climate targets,” said Kevin Rabinovitch, Global Sustainability Director, Mars Incorporated. “With the wide range of options for supplying renewable energy both on and offsite, this updated guidance is a welcome addition to the GHG Protocol that will accelerate progress. Case in point, this guidance helped Mars decide to create a 200 MW wind farm in the United States last year.”

Generation of electricity, steam, heating, and cooling accounts for 40 percent of global greenhouse gas (GHG) emissions. When companies purchase this electricity for their facilities, they report the emissions in the scope 2 category. Accurately accounting for scope 2 emissions is essential for companies to manage and reduce them, but recent changes in global energy markets have made this accounting increasingly complicated.

Companies now face many choices for low-carbon electricity supply, like power purchase agreements, electricity contracts, on-site versus off-site projects, and renewable energy certificates, all of which can vary by country. Until now, companies have not had standards that address whether and how emissions from these different instruments should be accounted for in their emissions reports. Companies depend on accurate emissions reports to develop GHG targets.

"Acting now on climate change is a must for all actors in society,” said Anna Gedda, Head of Sustainability, H&M. “With electricity use in our stores accounting for over 80% of our operations' GHG emissions, setting our 100% renewable electricity target and our science-based GHG reduction target would not have been possible without the clarity that this guidance provides. Now H&M, and every company, can transparently report its carbon footprint and determine the steps necessary to minimize it.”

Investment in renewable energy has expanded to $310 billion in 2014, compared to $60 billion a decade ago. But companies have lacked certainty on how to report emissions from the renewable energy they purchase and consume. This uncertainty has impeded corporate investment in, and demand for renewable energy. With the Scope 2 Guidance, companies can clearly understand how electricity purchases count towards emissions targets, informing both short and long-term investment decisions.

Going forward, CDP, The Climate Registry and other reporting programs will require thousands of companies to provide additional information about their scope 2 emissions using the new GHG Protocol guidance. In 2014, 86% of Fortune 500 companies responding to the CDP used the GHG Protocol.

“This guidance represents a critical evolution in corporate sustainability reporting. Investors and other stakeholders have been calling for companies to disclose more consistent, transparent data on their electricity emissions and renewable energy purchases. By using this guidance, companies reporting to CDP can now achieve this,” said Pedro Faria, Technical Director, CDP.

The Scope 2 Guidance has many practical applications:

Corporations can compare electricity procurement choices based on their emissions profile and set science-based GHG reduction targets;
Utilities can calculate and disclose accurate carbon footprint performance to customers; and
Industry associations can use the guidance to set sector targets and compare performance of different actors within a whole sector.

“The U.S. EPA welcomes the GHG Protocol Scope 2 Guidance, which will support organizations in reducing their carbon footprint and increase demand for renewable electricity,” said Matt Clouse, Director of Renewable Energy Policy and Programs, Energy Supply and Industry Branch, U.S. EPA Office of Air and Radiation.

In December 2014, lead author Mary Sotos earned a 2014 CRS Market Development Award for her work on the Scope 2 Guidance. In the coming weeks, GHG Protocol staff will present the Scope 2 Guidance at events in London, Brussels, and Washington, D.C.

For more information, visit http://ghgprotocol.org/scope_2_guidance

The World Resources Institute is a global research organization that turns big ideas into action at the nexus of environment, economic opportunity and human well-being. Our 450 experts and staff work with partners in more than 50 countries; we have offices in Brazil, China, Europe, India, Indonesia and the United States. www.wri.org

The Greenhouse Gas Protocol is a global collaboration led by WBCSD and WRI. It provides the foundation for sustainable climate strategies and more efficient, resilient and profitable organizations. GHG Protocol standards are the most widely used accounting tools to measure, manage and report on greenhouse gas emissions. www.ghgprotocol.org

RELEASE: Launch of First Global Standard to Measure Greenhouse Gas Emissions from Cities

lori@prometsource.com — Mon, 08 Dec 2014 05:21:18 +0000

RELEASE: Launch of First Global Standard to Measure Greenhouse Gas Emissions from Cities lori@prometsite.com Mon, 12/08/2014 - 05:21

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Press Release

06.02.2017

lori@prometsite.com

Title

RELEASE: Launch of First Global Standard to Measure Greenhouse Gas Emissions from Cities

Launch of First Global Standard to Measure Greenhouse Gas Emissions from Cities

WRI, C40 and ICLEI Establish First Common Standard to Measure and Report City Emissions

LIMA, PERU (December 8, 2014) — Today the World Resources Institute (WRI), C40 Cities Climate Leadership Group (C40) and ICLEI - Local Governments for Sustainability (ICLEI) launched the first widely endorsed standard for cities to measure and report their greenhouse gas (GHG) emissions at a COP20 event featuring mayors and officials from cities around the world. The Global Protocol for Community-Scale Greenhouse Gas Emission Inventories (GPC) uses a robust and clear framework to establish credible emissions accounting and reporting practices, thereby helping cities develop an emissions baseline, set mitigation goals, create more targeted climate action plans and track progress over time. By using the GPC, cities will also strengthen vertical integration of data reporting to other levels of government, and should gain improved access to local and international climate financing.

Cities are an integral part of the global effort to tackle climate change, but they have been lacking a consistent and transparent way to measure and report emissions – until now. Over 100 cities worldwide are now using beta versions of the GPC to measure their emissions, including 35 cities that piloted the standard over the last year. The 100 cities using GPC represent over 1.1 Gigatons of GHG emissions and are home to more than 170 million people, comparable to Brazil’s entire emissions and population.

“If we want to turn the tide against climate change, cities will need to lead the way. Compact and efficient cities can dramatically reduce emissions and will drive innovation and sustained economic growth,” said Dr. Andrew Steer, President & CEO, World Resources Institute. “Until recently there has been no consistent way to measure city-level emissions. Now, that has changed. We now have a common international standard to inform strategies to cut emissions and create better, more livable cities.”

Inventory methods that cities have used to date vary significantly, raising questions around data quality, and limiting the ability to aggregate local and subnational GHG emissions data. With the GPC, however, cities are required to measure and report a comprehensive inventory of GHG emissions following the same accounting principles established by the 2006 IPCC Guidelines for National Greenhouse Gas Inventories.

The GPC also underpins the global Compact of Mayors, the world’s largest cooperative effort among cities to reduce GHG emissions, track progress and prepare for the impacts of climate change. The Compact – endorsed by preeminent global city networks – has adopted the GPC as part of its core activities to raise the level of ambition and quality of city GHG inventory reporting. Using GPC, cities can report emissions through the carbonn Climate Registry, the Compact’s designated central repository, as well as through existing city reporting platforms such as CDP.

“The Compact of Mayors that we launched at the UN Climate Summit is drawing attention to the powerful work cities are doing to confront climate change and helping them build on their progress," said Michael R. Bloomberg, the UN Secretary General's Special Envoy for Cities and Climate Change and C40 Board Chair. "The GPC’s standardized system for measuring and reporting emissions is a critical component of the Compact. It will help cities see what climate strategies are working, better target their resources, and hold themselves accountable for results. The more cities take part in the Compact and adopt the GPC, the greater impact it will have."

“Building a greenhouse gas emissions inventory enables city leaders to manage their emissions reduction efforts, allocate resources and develop comprehensive climate action plans,” said C40 Chair, Rio de Janeiro Mayor Eduardo Paes. “With the launch of the GPC, cities now have a consistent, transparent and internationally recognized approach to measuring and reporting citywide emissions, allowing for credible comparison and aggregation across timescales and geographies. I strongly encourage other cities around the world to join the Compact of Mayors and take up this new standard as a key step in the global fight against climate change.”

Gino Van Begin , Secretary General, ICLEI said: "As a global city network we support local governments with practical technical guidance and conduct climate advocacy on their behalf in various international forums. We do this to guide their local climate action and achieve ambitious goals. This new Protocol is one of the most strategic documents released this year to support cities and towns across the globe. We hope all local governments will use the GPC and report according to this new standard.”

WRI, C40 and ICLEI – with the support of the World Bank, UN-HABITAT, and UNEP – jointly developed the GPC over the last three years following the GHG Protocol standard development process. The process included engagement with 29 advisory committee members, more than 200 stakeholders, pilots in 35 cities, and workshops in Beijing, Sao Paulo, Jakarta, London, New Delhi and Dar es Salaam.

Real-world experiences from pilot cities informed the first full GPC released today, including:

Guangzhou, China , is using the GPC to analyze its greenhouse gas emissions trends and design a roadmap towards emission peak. WRI China provides training and technical advice to Guangzhou to apply the GPC.
Johannesburg, South Africa , conducted its first ever city-wide GHG inventory using the GPC to establish a 2007 baseline. Total greenhouse gas emissions were estimated at 26.5 million tons of CO2 emissions, 71% of which were from electricity use. Johannesburg is now using this evidence to create a detailed climate action plan.
Rajkot, India and seven other Indian cities - home to almost 11 million people - set up their very first GHG inventories using beta versions of the GPC. The GPC guidance has helped Rajkot (one of the GPC pilot cities) plan and implement actions to achieve its 14% CO2 emissions reduction target by 2016 (based on 2011 base year).
Rio de Janeiro, Brazil, conducted GHG inventories for 2005 and 2012 as part of the GPC pilot program. With these results, Rio implemented a series of low-carbon transport, waste management, forestry, and energy efficiency projects. So far, these actions have avoided 378,000 tons of CO₂ emissions.
Wellington City, New Zealand , participated in the GPC pilot program to develop a GHG inventory for the Wellington Region (including Wellington City and seven other cities) as part of its new climate change action plan to lower GHG emissions by 30% by 2030 and 80% by 2050 (from 2001 levels).

Going forward, WRI, C40, and ICLEI will organize workshops in cities around the world to train city staff on how to most effectively utilize the GPC to achieve their climate goals. This program will be supported by the World Bank. Additionally, the WRI Ross Center for Sustainable Cities will use the GPC to help implement low-carbon solutions on the ground in cities. The Urban-LEDS project will support the first cities in emerging economy countries to submit GPC compliant reporting.

For more information visit http://ghgprotocol.org/city-accounting.

The World Resources Institute is a global research organization that spans more than 50 countries, with offices in the United States, China , India , Brazil , and more . Our more than 450 experts and staff work closely with leaders to turn big ideas into action to sustain our natural resources—the foundation of economic opportunity and human well-being. www.wri.org

The C40 Cities Climate Leadership Group (C40) is a network of large and engaged cities from around the world committed to implementing meaningful and sustainable climate-related actions locally that will help address climate change globally. C40 was established in 2005 and expanded via a partnership in 2006 with President William J. Clinton’s Climate Initiative (CCI). The current chair of the C40 is Rio de Janeiro Mayor Eduardo Paes; the three-term Mayor of New York City Michael R. Bloomberg serves as President of the Board. www.c40.org/

ICLEI-Local Governments for Sustainability (ICLEI) is the world’s leading network of over 1,000 cities, towns and metropolises committed to building a sustainable future. We help our Members to make their cities sustainable, low-carbon, resilient, biodiverse, resource-efficient, healthy and happy, with a green economy and smart infrastructure –impacting over 20% of the global population in 88 countries. www.iclei.org/

The Greenhouse Gas Protocol is a global collaboration led by WBCSD and WRI. It provides the foundation for sustainable climate strategies and more efficient, resilient and profitable organizations. GHG Protocol standards are the most widely used accounting tools to measure, manage and report on greenhouse gas emissions. www.ghgprotocol.org

Photo: Flickr/World Bank Photo Collection

RELEASE: First Ever Agriculture Guidance Empowers Companies to Measure and Manage Emissions

JWinslow — Thu, 29 May 2014 15:02:34 +0000

RELEASE: First Ever Agriculture Guidance Empowers Companies to Measure and Manage Emissions JWinslow@wri.org Thu, 05/29/2014 - 15:02

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Press Release

03.28.2017

JWinslow@wri.org

Title

RELEASE: First Ever Agriculture Guidance Empowers Companies to Measure and Manage Emissions

PRESS RELEASE - May 29, 2014

SÃO PAOLO//WASHINGTON (May 29, 2014) – The World Resources Institute unveiled the first ever Agricultural Guidance to help companies measure, manage, and report greenhouse gas emissions from the agriculture sector, including farming, livestock, and land use change. The agriculture sector is responsible for 17 percent of global GHG emissions, including land use change. However, 75 percent of agricultural producers targeted by CDP do not report their emissions.

“The agriculture sector is one of the most important areas when it comes to greenhouse emissions, accounting for nearly one-fifth of global total,” said Dr. Andrew Steer, President and CEO, WRI. “We are no longer driving blind when it comes to these emissions. Now, agricultural companies can better measure and manage their emissions, enabling them to feed the world and improve livelihoods for farmers. In agriculture-rich countries, like Brazil, this guidance will be a boon to businesses looking for smart strategies to drive sustainable food production.”

Unlike industrial sectors, agricultural emissions are strongly influenced by environmental conditions, such as soil moisture content and temperature. For this reason, it has been difficult to separate man-made effects from natural ones and to obtain accurate emissions data. There have also been large uncertainties when calculating changes in carbon emissions due to land use and land-use change, which made agricultural activities even harder to measure.

“Until now, the absence of a globally accepted methodology hindered GHG reporting in the agricultural sector,” said Dr. Stephen Russell, Senior Associate, WRI, lead author of the Agriculture Guidance. “The new guidance will help ensure greater consistency and confidence in GHG inventory practices for agricultural companies, as well as more effective reduction strategies.” Developed by the GHG Protocol, the Agricultural Guidance is the first globally harmonized framework for businesses, providing them with a comprehensive view of their agricultural emissions. The guidance will drive critical management activities including identifying emissions reduction opportunities, setting reduction targets, and reporting to stakeholders. Because reducing emissions can help increase farm productivity and reduce the costs of farm inputs, the guidance offers a way to contribute to more sustainable economic growth.

“With no standards in this area, companies have struggled to account for their agricultural emissions, irrespective of whether they are agricultural producers themselves or companies with agricultural supply chains. We need to raise awareness of the significant emissions that arise within this sector,” said Nigel Topping, Executive Director, CDP. “The new GHG Protocol Agricultural Guidance is the standardized methodology companies have been seeking and we expect many more agricultural companies to report their emissions using this guidance. Greater disclosure from agricultural companies is a critical first step in addressing this issue; as only through understanding where emissions arise can these companies start to reduce emissions.”

The Agricultural Guidance was developed over a two-year, global consultation process involving over 100 experts from multi-national companies, family farms, government agencies, academia, and NGOs. The guidance has been road tested by leading agribusinesses in Brazil and is expected to stimulate emissions management practices across their extensive supply chains. The road test companies included: Bunge, the largest Brazilian agribusiness exporter; AMAGGI, one of the world’s largest soy and corn producers; JBS, the world’s largest animal protein processing company; and Marfrig, one of the world’s top meat producers and beef processors.

“To AMAGGI, the GHG Protocol Agriculture Guidance is an important tool to measure emissions specific to the agricultural sector, bringing more transparency and quality to the calculation of those emissions,” said Juliana Lopes, Director of Sustainability, AMAGGI. “For Brazil, which is one of the main producers of grains in the world, it is fundamental to have this tool. And that is why AMAGGI pioneered the use of the GHG Protocol Agriculture Guidance and has already published its emissions inventory in 2013 incorporating new sources of emissions uncovered during the pilot program.”

In addition to the Agricultural Guidance, the GHG Protocol is launching an emissions calculation tool specifically for Brazilian companies. Brazil is the world’s fifth largest GHG emitter, largely due to emissions from agriculture (35 percent) and land use change in the Amazon and Cerrado (22 percent). Well over 90 percent of deforestation emissions in Brazil are caused by agriculture. The Brazilian Emissions Calculation Tool provides specific instructions to calculate emissions from the highest-emitting subsectors in Brazil, including cattle ranching, soy, and sugar cane production, as well as land use change. The tool was developed through a collaboration among WRI, Embrapa (Brazilian Agricultural Research Corporation), and Unicamp (State University of Campinas).

“As deforestation in the Amazon has been reduced, GHG emissions in agriculture have taken a more important role in Brazil’s national inventory. Agriculture is now responsible for one-third of Brazil’s GHG emissions, which can be reversed, but the first step is to know how much is being emitted,” said Professor Eduardo Assad, Senior Researcher from Embrapa, the Brazilian’s government agricultural research Institute. “Soya, corn, rice, beans, sugar cane and livestock producers are now able to use WRI's tool to measure the CO2 emitted for each product. This is an important step for certification of Brazilian commodities, so our products can be more competitive and gain an environmental label. The world is going in this direction and it is a great opportunity to be able to have the first GHG Protocol of Agriculture in the world.”

“Brazil is a major commodities exporter and these new tools will support companies and businesses that are taking action to reduce their GHG emissions,” said Rachel Biderman, Director, WRI Brasil. “As the world moves toward sustainable food production, this guidance will help companies to be more competitive and drive greater innovation in the market.”

The Agriculture Guidance is a supplement to the GHG Protocol Corporate Accounting and Reporting Standard, the leading international standard for corporate GHG inventories, which was created by WRI and the World Business Council for Sustainable Development (WBCSD).

The new guidance and tool are available at: ghgprotocol.org.

RELEASE: New Guidance Will Help Financial Institutions Measure Emissions from Lending and Investment Portfolios

JWinslow — Tue, 29 Oct 2013 19:09:37 +0000

RELEASE: New Guidance Will Help Financial Institutions Measure Emissions from Lending and Investment Portfolios JWinslow@wri.org Tue, 10/29/2013 - 19:09

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Press Release

06.12.2017

JWinslow@wri.org

Title

RELEASE: New Guidance Will Help Financial Institutions Measure Emissions from Lending and Investment Portfolios

GENEVA, WASHINGTON (October 29, 2013) – Many financial institutionsmeasure and report their own greenhouse gas emissions, but the real impact is in their value chains. In 2013, only six percent of financial companies in the FTSE Global 500 reported any emissions associated with lending and investment portfolios to CDP. To address this gap, the Greenhouse Gas Protocol (GHG Protocol) and the United Nations Environment Programme Finance Initiative (UNEP FI) have begun developing guidance to help financial intermediaries assess the emissions from their lending and investments portfolios.

“As the world transitions to a low-carbon economy, the financial sector will need to better understand its exposure to GHG emissions,” said Cynthia Cummis, Deputy Director of GHG Protocol at the World Resources Institute. “Currently, most banks only measure emissions from their own operations, which are much smaller than those associated with their lending and investing activities. Financial institutions need a standardized, credible method to measure, understand and report the full breadth of their impacts.”

In October, UNEP FI and WRI hosted the first Advisory Committee meeting on the Greenhouse Gas Protocol Financial Sector Guidance to begin the guidance development process. The guidance will be a supplement to GHG Protocol’s Corporate Value Chain (Scope 3) Standard.

Even though the direct GHG emissions of financial intermediaries are relatively small, the sector has an important role to play in the shift to a low-carbon economy by acting as market makers, capital providers and advisers. Over the past 10 years, more than a dozen GHG assessment methodologies have been developed by financial institutions and advocacy groups. However, the level of reporting remains low. One reason is the lack of an internationally harmonized accounting method tailored to the needs and characteristics of financial intermediaries. Practitioners have also identified a set of technical challenges and barriers that have kept the sector from systematically accounting for and reporting on emissions from their lending and investment activities, which this guidance will also seek to address.

“There is a clear, long-term interest from various stakeholders in assessing the emissions associated with lending and investment portfolios,” said Kaj Jensen, Bank of America Executive Director, Global Environmental Policy. “Bank of America annually reports on the emissions attributed to its most carbon-intense business portfolio. However, the dynamics are complex and no standardized assessment tool currently exists. Introducing this credible, internationally harmonized approach is a crucial step in getting the industry and our stakeholders what they need.”

The launch of this initiative follows an extensive, eight-month scoping exercise that reaffirmed the need for this guidance. The GHG Protocol Financial Sector Guidance will be developed over the next two years through an inclusive, multi-stakeholder process. In addition to leadership from UNEP FI and GHG Protocol, the Advisory Committee includes representatives from 2° Investing Initiative, Allianz Group, Asset Owners Disclosure Project, Banamex, Bank of America, Carbon Tracker Initiative, CDP, EY, Investors Group on Climate Change, HSBC, International Finance Corporation (IFC), Local Government Super, London School of Business and Finance, Pax World, Prudential Investment Management, PwC, Wells Fargo, RBS, State Street, WWF US, UniCredit, and YES Bank. Citi has also made an early commitment to Chair a Technical Working Group.

“While goods and services of all types are increasingly subject to standards and regulation requiring appropriate client information and transparency on environmental and social issues, there is often limited or no information on the sustainability impacts of financial products and services,” said Yuki Yasui, Acting Head of UNEP Finance Initiative. “Without such information, responsible financial institutions receive no benefit, and differentiation between sustainable and non-sustainable financial products and services by end users remains difficult. This project is a critical step in addressing this shortcoming.”

The Advisory Committee, GHG Protocol and UNEP FI have now finalized the governance structure and key technical issues to be covered in the guidance. The Advisory Committee has also recommended that the business case for using the guidance, beyond providing transparency for stakeholders, should be further developed. The next step, to be completed by the end of 2013, is to recruit experts to join the Technical Working Groups and begin the process of drafting the guidance.

For more information on this project, go to the Financial Sector Guidance webpage. For a printable version of the press release, click here.

Contact: Lauren Zelin, WRI, +1202-729-7736, kzelin@wri.org
John Dombkins, UNEP FI, Tel: +41 22 917 8134 / Mobile: +41 79 953 2758, john.dombkins@unep.org

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