How can accurate carbon content data drive better decision-making? In February this year, we supported an influential workshop in Hamburg on “Carbon Content Measurement for Products, Organizations, and Aggregates.” Co-hosted by the International Monetary Fund, IFC - International Finance Corporation, Bank for International Settlements – BIS, Deutsche Bundesbank, Central Bank of Chile, and Blavatnik School of Government, University of Oxford, this event convened global experts to address the challenges of measuring carbon content across supply chains. We are delighted to share the new BIS / IFC report summarizing key findings from this workshop. Here are some highlights: 🔍 Reliable Data Empowers Action: High-quality carbon content data at the product, company, and sector levels is critical for informed decision-making by companies, investors, and policymakers. 🌐 Global Standards Are Essential: Current systems often miss the complexity of cross-border supply chains, underscoring the need for consistent and harmonized measurement methods. 💡 Innovative Approaches Hold Promise: Techniques like the E-liability approach can enhance the accuracy and transparency of emissions data, minimizing double-counting and fostering trust. The workshop reinforced the need for collaboration among industries, statisticians, and policymakers to close data gaps and establish a robust global carbon accounting framework. We are committed to advancing these efforts, driving impactful and data-informed climate action. #carbonaccounting #sustainability #climateleadership #eliability #netzero
Evidence-based decision-making to tackle climate change challenges requires a deeper understanding of the carbon content of economic activities. Hence, the demand for accurate and reliable quantitative information on the environmental impact of human behaviour is growing among companies, consumers, investors, financial institutions, and public authorities. According to the new report, "Empowering carbon accounting: from data to action" by the Irving Fisher Committee on Central Bank Statistics (IFC), current carbon emissions data are fragmented and lack global harmonisation. To address this, emissions must be measured across the entire supply chain, integrating company- and product-level data into a comprehensive statistical framework. This will enable a global carbon accounting system with accurate, verifiable data, supported by international collaboration. Central banks, through the IFC, along with official statisticians, play a crucial role in establishing the necessary infrastructure to better measure climate impacts. They foster collaboration and share best practices to address climate change effectively. Collaboration among all stakeholders, including the private sector, is essential for improving the quality and completeness of company-level reports and developing consistent carbon accounts for the global economy. Read the full report here: https://lnkd.in/ePu8DrwH