REDUCING EMISSIONS & DEMONSTRATING TRANSPARENCY TO ACHIEVE NET ZERO TARGETS
The Race to Zero Campaign
Many organizations are aiming to decarbonize the economy by 2050 as part of the UN's "Race to Zero" campaign, the largest alliance of local governments, businesses, and investors. Others are aiming for net zero emissions in a more ambitious timeframe, such as 2030, or even net negative emissions targets.
Accounting for Emissions Across the Value Chain
Companies aiming for full decarbonization must start by eliminating or reducing greenhouse gas emissions throughout their value chain. This means they must account for direct GHG (greenhouse gas) emissions from owned or controlled sources (Scope 1), indirect GHG emissions from the generation of purchased energy (Scope 2), and all other indirect greenhouse gas emissions that occur in their value chain (Scope 3), such as emissions from the production of raw materials, transportation, and the use and end-of-life phases of their products and services.
Ensuring Credibility and Compliance
A comprehensive assessment of the entire value chain contributes to a company's credibility when it comes to communicating "net zero" goals. It is also important for companies to have their data, assessments, methodologies, and management systems conducted and externally audited according to national or international standards to ensure that they comply with national and international guidelines and legislations. This serves as a basis to demonstrate the effectiveness and accuracy of the strategies to stakeholders and wider parties.
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