Overview of Scope 3 reporting frameworks/snapshot of the Scope 3 “market landscape”
There are numerous different methods available when it comes to tracking and reporting your Scope 3 emissions, far too many for us to mention all of them here. We encourage you to make your own research when deciding which framework is best for your situation (read more: Reporting Scope 3 emissions: Key frameworks and standards (carbonchain.com), but we can provide a quick overview on some of the most trusted methods currently:
SBTi – Standing for Science Based Targets initiative, SBTi drives ambitious climate action in the private sector by enabling organizations to set science-based emissions reduction targets. 4000+ companies worldwide trust SBTi to provide a clear path to reduce emissions in line with the Paris Agreement goals.
(Learn more: Ambitious corporate climate action – Science Based Targets)
CDP – A non-profit organization that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts. Around 750 investors, with US$136 trillion in assets, and 340+ large purchasers with over US$6.4 trillion in procurement spend are requesting thousands of companies disclose their environmental data through CDP.
(Learn more: Why disclose as a company – CDP)
GHG Protocol – The Greenhouse Gas Protocol standards and guidance enable companies to measure, manage, and report greenhouse gas emissions from their operations and value chains. In 2016, at least 92% of Fortune 500 companies responding to CDP used GHG Protocol directly or indirectly through a program based on GHG Protocol.
(Learn more: Companies and Organizations | GHG Protocol)
Scope 3 standards and reporting frameworks:
SustainCERT is engaging with key market actors to align documentation
A note on removals
A company on the pathway to net-zero must prioritize decarbonization and reducing emissions first, instead of immediately jumping to carbon removals.
(Source: Beyond Science-based Targets_A Blueprint for Corporate Action on Climate and Nature (WWF, 2020))
After a company reduces everything it can through emissions reductions, it may have residual and/or hard-to-abate emissions toward the end of its journey to Net-zero. The SBTi Net-zero guidance recommends that these emissions be neutralized through carbon dioxide removals (CDR) that can be secured for 100+ years.