Dipo Olowookere
The earth is warming up faster than any other moment in the past, and it is time to rethink our strategies for cooling it down. During the 2015 Paris Climate Conference (COP21), countries committed to limiting further global warming by cutting down greenhouse (GHG) emissions.
Corporates have a bigger role in addressing global warming, and their leadership needs to understand the GHG protocol to help them measure and manage their emissions.
So, how well do you know the GHG protocol? Here is a deeper look, outlining the scopes of GHG emissions and the main standards that you should know about.
What is the GHG Protocol?
Greenhouse Gas Protocol is an organization that was created in 1998 through a partnership between World Business Council for Sustainable Development and World Resources Institute. The protocol was developed to help companies cut down their emissions by setting standards for them. As we are going to see shortly, the GHG protocol provides standards, tools, and training for companies and governments on the best ways to manage emissions.
The protocol operates closely with industry associations, governments, businesses, and NGOs, to create standardized frameworks for emission reduction and reporting to stakeholders. Notably, these standards have evolved over time to cater to the complex problem of global warming.
For example, the standards do not just help companies to cut down their carbon footprint from within but also the entire value chain.
GHG protocol is used by a wide range of companies, and your company is also likely to fit well. Nine out of ten Fortune 500 Companies reporting to CDP use the GHG Protocol. To apply the protocol in your company, make sure to get the right ESG reporting framework and expertise from Diginex.com.
GHG Protocol: The Three Scope Emissions
One of the things that make the GHG protocol famous is its emission classifications. The protocol classifies them into three:
- Scope One: These are emissions that result from the internal operations of a company.
- Scope Two: These emissions are generated through the consumption of purchased steam, heat, cooling, and electricity.
- Scope Three: These are indirect emissions, mainly resulting from the extended supply chain. Note that these emissions must include both downstream and upstream operations.
We must indicate that measuring Scope 3 emissions and to some extent, Scope 2 Emissions is not a simple task. This is why you should consider working with experts at Diginex.com.
GHG Protocol Standards
Here are the main GHG protocols and who they are prepared for:
- Corporate Standard: This protocol is meant for organizations preparing corporate-level GHG emissions inventory. The lovely thing about this standard is that it not only helps companies cut down emissions but also comes in handy, helping them increase transparency.
- GHG Protocol for Cities: Cities are major carbon emission sources, contributing about 75% of all GHG emissions per year. This standard is used to provide for a consistent and transparent measure of GHG emissions in urban areas/ cities. Furthermore, it allows for benchmarking via comparable data.
- Mitigation Goal Standard: Unlike the first two standards above, the mitigation standard is used for developing national and subnational mitigation objectives. It was created to help follow policies and actions set for cutting down GHG emissions.
- Product Standard: With this standard, you are able to look at the entire lifecycle of a selected product. Then, you can notice where more emissions are taking place and then identify opportunities for cutting down emissions.
- Corporate Value Chain Standard: This standard sets out the guidance for companies to evaluate their GHG in their entire value chain. It is very useful for helping companies look at the emissions outside of their operations or walls.
As you can see, GHG protocol is an important pillar in ESG sustainability reporting. To apply it correctly, you need to ensure that the right process is followed, from company review to report generation. It can be pretty challenging, and the best way to get it right is by working with experts. Visit Diginex.com now to learn more about GHG protocol, its application, and optimizing the associated benefits.
