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DESCRIPTION: Last year marked a global shift in corporations adopting low-carbon and net-zero pledges as experts at the United Nations Climate Change Conference , COP26, declared that the climate crisis is at a critical inflection point. SOURCE: Antea Group. C commitment and 7,126 companies have joined the Race to Zero.
The targets used are those of the GreenhouseGasProtocol, the international emissions accounting tool which separates emissions into Scopes 1, 2 and 3, ranging from direct emissions from owned sources through to indirect emissions throughout a company’s value chain. .
The greenhousegasprotocol has been around for many years and sets out a detailed process (more than 700 pages) for measuring corporate carbon footprints. With the slow pace of standards development, companies are facing uncertainty about what information to collect.
A breakthrough happened about 18 months ago at the COP26 climate summit in Glasgow when the IFRS Foundation agreed to form the ISSB and establish a single sustainability reporting framework. Created in 2000, the IFRS is a non-profit foundation that has become the global standard-setter for accounting principles.
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