The Greenhouse Gas Protocol (GHGP) and the International Organization for Standardization (ISO) will combine their carbon accounting standards into a single approach for companies to account for their emissions.
Professionals analysing corporate greenhouse gas emissions data in preparation for unified carbon reporting. AI generated picture.
The move builds on a strategic partnership the two organisations agreed last September. A draft "co-branded corporate standard" will open for public consultation in the second quarter of next year, GHGP said in a statement.
The single standard draws together the two most widely used frameworks for corporate carbon accounting. "The consolidation brings together GHGP's Scope 1, Scope 2, Scope 3 and Actions and Market Instruments (AMI) standards with ISO's 14064-1 standard, providing integration and more efficient use by businesses and other users, and more meaningful stakeholder participation through a single coordinated public consultation process," the statement said.
GHGP added: "In addition to the technical synergies, the consolidation of the two most widely used carbon accounting standards will unlock greater investment to accelerate global decarbonisation."
Read more: ISO opens consultation on first net zero standard
Tim Mohin, chief executive of GHGP, said: "A consolidated corporate standard represents a significant step toward integrating and harmonising greenhouse gas accounting across the world. For the organisations applying these standards to measure their greenhouse gas emissions, a single corporate standard will simplify reporting, reduce duplication, and provide greater consistency across markets and jurisdictions. This will in turn allow companies to spend more time reducing emissions."
Work continues on the AMI workstream as part of the plans to consolidate the corporate standard. The proposal introduces a "multi-statement" reporting approach, letting companies report three distinct components:
● Physical emissions from a company's own operations and value chains
● Market-based emissions tied to market instruments such as commodity certificates and mitigation-related contractual agreements
● A GHG impact statement covering the emissions impact of a company's actions and investment decisions using consequential methods
GHGP said public feedback shows strong backing for the approach. "Public feedback indicates strong support for this approach and its potential to provide a more complete and transparent picture of corporate climate actions, market instruments, and emissions outcomes," it said.
Read more: The new SBTi Corporate Net-Zero Standard: what it means for business
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