Greenhouse Gas Protocol (GHG Protocol)’s Post

📝Between November 2022 and March 2023, the GHG Protocol conducted four #surveys targeting #feedback on the #Corporate #Standard, Scope 2 Guidance, Scope 3 Standard, and market-based accounting approaches. 📑In March 2024, a draft version of the Scope 3 Survey Draft Summary Report and Proposal Summary was released, followed by a review period for survey participants to provide further #comments. 📑After reviewing all submitted feedback, the GHG Protocol Secretariat has now published the #final versions of the Scope 3 Survey Summary Report and Proposal Summary. ℹ️ For detailed insights and findings, access the summaries here: https://lnkd.in/dve6mqWh. #GHGProtocol #summuryreport #proposal #carbonaccounting #emissions #GHG

The GHG Protocol has released its final Scope 3 survey response summary and proposal summary. These documents consolidate feedback on the Scope 3 Standard and Scope 3 Technical Guidance to inform future updates. Some notable proposal themes include:  🔹Phasing out the spend-based method, requiring more primary and supplier-specific data for accurate Scope 3 calculations.  🔹Clarifying minimum boundary requirements across Scope 3 categories, and making Scope 3 emissions reporting mandatory for Corporate Standard compliance. 🔹Introducing accounting guidance for biogenic emissions and removals, including alignment with upcoming Land Sector and Removals Guidance.    👉 Read the Scope 3 proposal summary: https://lnkd.in/g5uRWP4v   👉 Read the Scope 3 survey response summary: https://lnkd.in/gVvhAvpY #Scope3 #CarbonAccounting #CorporateSustainability

The GHG Protocol released the results of their latest Scope 3 Survey. I was delighted to read the following: "⁠A few proposal submitters articulated that there may arise “more and more creative market instruments” as “companies seek to reduce their CO2e emissions in their own processes and boundaries as well as in [their] value chain[s]”. They recommended that the GHG Protocol remain abreast of innovative mechanisms, instruments, and/or methods that are developed, and to specify whether they are in line with the GHG Protocol standards and guidance." There definitely is a big need for more pragmatic and impactful market instruments. Without decent carrots 🥕 there simply is no economic viability for H2, P2X, CCUS and other expensive solutions. Carbon3 is one such system I recommend exploring. #GHG #ESG #Sustainability #P2X #CCUS #Hydrogen #H2

Come join our webinar Oct 3rd to learn more about the key findings from our recent survey on market-based accounting approaches: https://lnkd.in/gccJbQrs

GHG Protocol has Released Scope 3 Survey Draft Summary Report and Proposal Summary Between November 2022 and March 2023, GHG Protocol invited interested stakeholders to provide feedback via four surveys on the Corporate Standard, the Scope 2 Guidance, the Scope 3 Standard, and market-based accounting approaches.    GHG Protocol has received 354 responses till now to the Scope 3 Survey.

There is a new GHG Protocol Newsletter update: May 2024 Corporate Suite of Standards Technical Working Groups Formation Update: • GHG Protocol is forming a Steering Committee and an Independent Standards Board (ISB). 🤝 🌏 • The ISB will approve the Technical Working Groups’ (TWG) Terms of Reference and membership. 👨💻 👩💻 New Blog: • The IFRS S2 standard requires companies to measure GHG emissions per GHG Protocol. 📜 • This collaboration aims to standardize corporate GHG reporting globally. 🖇 🌐 The International Sustainability Standards Board(ISSB) issued the IFRS S2 standard in 2023, requiring companies to measure GHG emissions in accordance with the GHG Protocol. This collaboration between GHG Protocol and ISSB aims to standardize GHG reporting globally, ensuring transparency and meeting the needs of investors and financial markets. Click the link to learn more about the roles of GHG Protocol and ISSB in advancing consistent and comparable corporate GHG accounting practices. https://lnkd.in/eq5NGP2v

🌍 Latest Update: IASB Takes Action on Climate-Related Reporting 🌍 In a significant move towards better transparency and accountability, the International Accounting Standards Board (IASB) has embarked on a ground-breaking project titled "Climate-related and Other Uncertainties in the Financial Statements." What is the aim? Basically, it’s to enhance how the financial statements communicate vital information about the climate-related risks and uncertainties. 📚 Educational Resources: The IASB will be developing educational materials and articles to help companies improve their reporting on climate-related and other uncertainties. 🔍 Addressing Concerns: The IASB has taken heed of stakeholders' concerns, including inconsistent application of IFRS Accounting Standards and insufficient disclosures about climate-related risks. They'll be researching the root causes of these concerns and taking the required actions. 🤝 Collaboration: The IASB is working closely with the International Sustainability Standards Board (ISSB) to ensure alignment and synergy in their efforts to enhance financial reporting. 💬 Consultation: The IASB plans to consult with the IFRS Interpretations Committee (IFRIC) to address specific matters related to climate-related risk reporting. 📊 Illustrative Examples: Expect illustrative examples from the IASB that will make it easier for companies to implement these reporting requirements effectively. 📈 Narrow-Scope Standards: The IASB is exploring potential narrow-scope standard-setting in relation to disclosures about estimates. 🤝 Complementary Efforts: This initiative complements the work of the ISSB, ensuring that both general-purpose financial reporting and sustainability standards are harmonized for a more comprehensive financial landscape. Entities / businesses will be looking forward to the further updates on this vital project as the IASB takes concrete steps to revolutionize climate-related reporting in financial statements. It’s only together that can drive positive change and foster greater transparency in the corporate financial reporting. 🌟 #FinancialReporting #ClimateAction #Transparency #SustainabilityReporting For more details, please refer to https://lnkd.in/dEKmccRj

📊 Insights Alert: Impact of New Company Size Limits on CSRD Reporting 🌍 Exciting developments in the regulatory landscape! The EU Commission's 2024 work programme, unveiled on October 17, 2023, includes a game-changing update to the Accounting Directive/CSRD. The focus? Revising the criteria defining micro, small, medium, and large companies or groups. 💡 Key Changes: Micro Companies: New limits set at €450,000 for balance sheet and €900,000 for net turnover. Medium vs. Large Companies: Distinction now made at €25,000,000 for balance sheet and €50,000,000 for net turnover. 📈 Impact Analysis: Approximately 250,000 additional companies, constituting a 4.5% surge, will be classified as micro-companies. Notably, a 14% reduction in the large company category (approximately 11,600 companies) is anticipated, shifting them into the medium-sized bracket due to the new limits. However, it's crucial to note that companies exceeding the thresholds but having over 250 employees will still be considered large companies if two out of three conditions are met. 🔍 Why It Matters: These shifts redefine the reporting landscape under CSRD and EU taxonomy. Companies need to align their reporting practices with these updated size criteria to ensure compliance and accurate financial representation. Let's stay updated and adapt swiftly to navigate the evolving regulatory currents! 💼✨ #RegulatoryUpdates #FinancialReporting #CSRD #EUtaxonomy #EUCommission #BusinessInsights 📊🌱

Join our online webinar next week: Market-based Accounting for Scope 3 on May 21 between 14-15. This webinar is part of a Nordic Discussion Series zooming in on three sensitive climate topics and will be hosted by the Nordic networks. In recent years market-based accounting methods have been proposed, for example, for aviation fuels, agricultural commodities, and freight transport. These proposals aim to extend the type of market-based accounting used for scope 2 emissions, to also cover scope 3 emissions. Market-based mechanisms might help in situations where direct engagement with suppliers or full traceability of the supply chain is not possible and could be a way to support the development of lower emission solutions. However, market-based methods come with uncertainties about their efficacy and concerns around credibility. Learn more about the Series and the different sensitve climate topics and sign up for the webinar here: https://lnkd.in/eT2HRY3u

Beyond the GAAP No. 183 - December 2023 The IASB work plan alone suggests that this new year will be a busy one on the accounting front. But the biggest new development in 2024 will be initial application of the European Sustainability Reporting Standards (ESRS), for the first companies falling within the scope of the Corporate Sustainability Reporting Directive (CSRD) – i.e. large undertakings that are public-interest entities and that have more than 500 employees, as per the Accounting Directive. 📌 Read more here: https://lnkd.in/gyr26HU3 ✔️About our IFRS services: https://lnkd.in/gVwgWkQA ✔️Subscribe to our Newsletter at: https://bit.ly/3vD3JpT #Mazars #MazarsinVietnam #MazarsVietnam #newsletter