The repercussions of climate change are a reality and industry needs to take proactive and responsible steps to reduce their greenhouse gas (GHG) emissions.
In addition, there are either mandatory or voluntary reasons to calculate and report your carbon footprint, as well as Carbon Tax that is applicable in certain countries.
There is increasing public awareness of the potentially life-threatening repercussions if global average temperatures rise above acceptable thresholds and, in many cases, investors and stakeholders now seek how organizations are managing their GHGs and associated climate change risks.
Calculating and managing your carbon footprint is the first step in managing your GHG related risks. However, calculating a carbon footprint becomes tricky when direct (Scope 1) and indirect (Scope 2 and 3) emissions need to be taken into consideration. There is also a variety of calculating guidelines using different emission factors and formula that needs to be considered.
Benefits of measuring your carbon footprint:
- Identify carbon and energy sources
- Identify energy and carbon reduction opportunities
- Understand your carbon footprint
- Identify carbon offset solutions
- Report to mandatory or voluntary guidance publications
- Communicate green credentials and intentions with shareholders, customers and staff
- Disclose emissions to your corporate customers who may already have a regulatory reporting requirement, both local and international
- Demonstrate environmental stewardship
- Voluntary adoption provides first-mover advantage in non-regulated environments and improves market credibility