What's Hot

    How to Improve Employee Onboarding in 3 Ways

    May 31, 2023

    The New Land of Opportunity: 6 Reasons Why Professionals Migrate to Australia

    May 31, 2023

    How Data Science Consulting Can Help Your Business Reach New Heights

    May 30, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    ZainView
    Subscribe
    • Home
    • Business
      1. Real Estate
      2. View All

      The Use of Landscape in Korean Painting: an Overview

      May 17, 2023

      The Rise of Mixed-Use Developments in Commercial Real Estate

      May 15, 2023

      The Role of Restrictive Covenants in Commercial Real Estate Transactions

      May 12, 2023

      Can I Subdivide or Develop my Property?

      February 27, 2023

      How Data Science Consulting Can Help Your Business Reach New Heights

      May 30, 2023

      Age Calculator: Unlocking the Mystery of Your Age

      May 27, 2023

      How to Start Affiliate Marketing in 2023

      May 23, 2023

      Simple Solutions for Soundproofing Your Home or Business

      May 23, 2023
    • Arts
      1. Family
      2. Fashion
      3. Home Decor
      4. Style
      5. Makeup
      6. Wedding
      7. View All

      Top 11 Wedding Hairstyles for Brides & Bridesmaids: 2023 Edition

      January 25, 2023

      How to make your marriage divorce-proof

      November 12, 2022

      What To Consider When Looking for Senior Housing

      November 5, 2022

      How can you support your child’s academic development?

      October 5, 2022

      How to find the best urban clothing style for men

      May 30, 2023

      A GUIDE TO DIFFERENT TYPES OF WOMEN’S BOTTOMS AND HOW TO STYLE THEM

      May 24, 2023

      Let’s Hear it For the Drag Queens

      May 12, 2023

      Keeping Your Shopping Centre Pest-Free: Expert Pest Control Services

      April 24, 2023

      L-Shaped Sofas vs. Traditional Sofas: Which One is Right for You 

      May 26, 2023

      What situations are considered as plumbing emergencies?

      May 21, 2023

      Durable Floor Coatings: Long-Lasting Protection for Your Floors

      April 18, 2023

      How to Minimise Noise with Bathroom Renovations Near Me

      April 3, 2023

      What Encourages Someone to Support a Charitable Cause?

      April 25, 2023

      How to style linen clothing for a chic and comfortable look

      December 29, 2022

      HD lace wigs VS transparent lace wigs What’s the Difference

      December 28, 2022

      Why HD Lace Wigs are a Good Choice for People?

      December 15, 2022

      Exploring Unique Makeup Business Ideas for the Beauty Industry

      April 1, 2023

      Best Ways To Get Rid Of Paint Smell

      November 30, 2022

      6 Essentials for Aging Skin that Brighten Your Complexion

      November 15, 2022

      How to Create the Perfect Makeup Room

      March 15, 2022

      Top tips for planning the perfect wedding

      January 24, 2023

      How to Find Best Married Dating Sites for a perfect relation?

      September 30, 2022

      Everything You Need to Know About Selecting the Ideal Wedding dj Song

      September 10, 2022

      Wedding Themes Perfect for a Destination Wedding in Italy

      July 18, 2022

      How to find the best urban clothing style for men

      May 30, 2023

      L-Shaped Sofas vs. Traditional Sofas: Which One is Right for You 

      May 26, 2023

      Unveiling the Beauty Secret: What Are Facials?

      May 25, 2023

      A GUIDE TO DIFFERENT TYPES OF WOMEN’S BOTTOMS AND HOW TO STYLE THEM

      May 24, 2023
    • Entertainment
      1. Music
      2. Fun
      3. Celeb
      4. View All

      BDMusic35 – Bdmusic23 | Bangladeshi Popular Music website 2022

      April 7, 2023

      KannadaMasti | Kannada Songs Free Download Mp3 123musiq

      March 28, 2023

      11 Basic Chords That Guitar Players Should Know

      December 12, 2022

      Gift Ideas for Music Lovers

      August 18, 2022

      Why Do People LikeFun Personality Quizzes

      March 16, 2022

      Storing cash into UFABET account

      January 12, 2022

      What is the Function of a rechargeable Lighter ?

      October 2, 2021

      Have fun while remaining healthy in this pandemic – Coronavirus jokes

      October 2, 2021

      Packed with Nutrients that help Skin repair

      September 26, 2021

      Know the Enemy: what causes wrinkles?

      September 26, 2021

      Maintaining Your skin

      September 26, 2021

      Beauty Has social lmplications

      September 26, 2021

      From Local to Global: How Fakaza is Revolutionizing the Music Industry

      April 18, 2023

      BDMusic35 – Bdmusic23 | Bangladeshi Popular Music website 2022

      April 7, 2023

      The Legality of Guitar Tablature: A Controversial Debate

      April 7, 2023

      Nikki Roumel Biography, Wiki, Age, Height, Weight, Net Worth & More

      April 5, 2023
    • Lifestyle
      1. Relations
      2. Fitness
      3. Food
      Featured
      Food

      The Mixologist’s Toolbox: Must-Have Equipment for Creating Signature Cocktails

      By Trevor James.cMay 24, 2023
      Recent

      The Mixologist’s Toolbox: Must-Have Equipment for Creating Signature Cocktails

      May 24, 2023

      What You Need to Do to Prepare Yourself for a Great Date Night

      May 15, 2023

      Flawless Foundations: Finding the Perfect Match for Your Skin Type

      May 12, 2023
    • Pets World
      1. Pets
      2. Grooming
      3. View All

      A Guide to Feline Nutrition: What Cats Need

      April 20, 2023

      Dog Treats Online: Why Do You Need Them?

      April 15, 2023

      Understanding Mirtazapine Transdermal: A Breakthrough Treatment for Cats with Depression

      March 6, 2023

      Puppy Diet: What to Feed Your Puppy and What to Avoid

      February 28, 2023

      Bloom and Groom: 5 Flowers to Have in Your Garden

      October 2, 2021

      How to Make Your Hairstyle Last Longer with Easy Application of Hair Setting Spray

      September 26, 2021

      The Best Skincare Trends of 2021

      September 26, 2021

      Frequently Asked Questions About Lash Extensions

      September 26, 2021

      A Guide to Feline Nutrition: What Cats Need

      April 20, 2023

      Unleashing Unconditional Love: The Extraordinary Bond Between Dogs and Humans

      April 17, 2023

      Dog Treats Online: Why Do You Need Them?

      April 15, 2023

      Meet Nala Cat: The Instagram Star With a Ton oF Fo – Tymoff

      April 7, 2023
    • Tech

      Industrial Cleaning: Specialized Services for Industrial Facilities, Warehouses, and Manufacturing Plants in Adelaide

      May 30, 2023

      Identifying and Resolving Sewer Problems

      April 27, 2023

      The Advantages of Solar Surveillance Trailer

      April 25, 2023

      Cloud Computing: 5 Ways the Cloud Is Changing the Way We Work

      April 24, 2023

      Getting Started with MLOps: Tools, Technologies, and Best Practices for Machine Learning Deployment

      April 17, 2023
    • World
      1. News
      2. Hotels
      3. Interior
      4. Picks
      5. Travel
      Featured
      All Others

      The Rising Star of “Loranocarter+””New York””” Art Scene

      By iron_manApril 7, 2023
      Recent

      The Rising Star of “Loranocarter+””New York””” Art Scene

      April 7, 2023

      How to Find a Wawa Near Me

      May 5, 2022

      Top  Office Rental Market In The Asia Pacific 2021

      January 15, 2022
    ZainView
    Home»Business»Company Leaders Face Scope 3 Reporting Challenges

    Company Leaders Face Scope 3 Reporting Challenges

    Trevor James.cBy Trevor James.cMarch 22, 2023No Comments4 Mins Read
    Share
    Facebook Twitter Reddit Pinterest Email

    In light of the Securities Exchange Commission’s (SEC) proposed rule changes in March 2022, many mid-size and large companies face new greenhouse gas (GHG) reporting requirements. Businesses will have to account for their carbon footprints in three categories: emissions they produce, Scope 1; those they emit indirectly by what they purchase in energy from others, Scope 2; and GHGs, which entities outside the firms’ control but within their supply chain like vendors or suppliers make.

    The task daunts many executives. In a 2022 Reuters Insight Sustainability Survey conducted among 516 international respondents between August and October, 79% said they were somewhat or very concerned with their Scope 3 emissions.  Many multinational businesses have faced reporting requirements since 2022, yet requirements are becoming more stringent with each iteration.

    How Can Companies Improve?

    Chief Information Officers (CIOs) and Sustainability Officers (CSOs) are facing problems with data quality, management, and transparency. The right supply chain management software can help them address all three issues. Scope 3 reporting represents an essential data set because, for many companies, those emissions over which they have so little control may represent as much as 80% to 95% of their organization’s carbon footprint.

    The first problem many corporate officers face is data quality. Engaging with vendors and suppliers should provide the highest quality data for Scope 3 reporting. Yet, as businesses gear up to understand their GHG emissions, some have inadequate histories or records to account for their production. In those cases, with the supplier’s cooperation, there are three possible ways to tackle the challenge.

    The first method involves sending a comprehensive survey to vendors, asking them for detailed information about their GHG emissions. As mentioned, data obtained this way is valid only if the vendor knows and tracks their carbon footprint. Maintaining the database becomes extremely resource intensive if a company has hundreds or thousands of vendors.

    The second technique calculates emissions based on vendors’ procurement spending. Even using online algorithms, this calculation lacks accuracy because it doesn’t account for variations or efforts toward reducing GHGs. Critics widely pan this method because of inaccuracy.

    Using product life cycle assessment (LCA) data to calculate emissions constitutes the third and potentially most accurate approach because it quantifies an item’s materials, energy, and waste discharge and their impacts over the life of the process, product,  The International Organization for Standardization (ISO) governs the methods for applying these calculations.

    LCA is the most accurate and flexible technique, but it may require the most internal resources to build and maintain the database. Still, using environmental, social, and governance (ESG) software optimized for supply chain management could optimize costs. 

    Why Are Accuracy and Accountability So Important?

    Scope 3 reporting remains somewhat controversial in the US, perhaps because the US pulled out of the Paris Accord (PA) in January 2017, returning to the pact in January 2021. Yet, several US-based companies have already joined the UK and several EU nations in Scope 3 reporting because they are part of supply chains that require their participation to keep their customers.

    Importantly, major international financial institutions back the PA’s requirements. As investors, they evaluate compliance as one criterion of whether businesses are reasonable financial risks. So even without regulatory enforcement, large corporations face economic incentives to comply.

    As mentioned above, Scope 3 emissions constitute the majority of most firms’ output. To make tangible headway toward net zero carbon goals, companies must accurately identify, quantify, and reduce those GHGs.

    Accurate reporting allows businesses to evaluate their carbon footprints and realistically design plans for reduction.  However, accuracy and transparency may also save companies from a public relations nightmare. Scope 3 inaccuracies may lead to accusations of “greenwashing,” defined as a company making unsubstantiated claims that its products or processes are environmentally sound to deceive customers or investors. 

    To that end, advocates for Scope 3 reporting have adamantly called for standardization in terminology and calculations. Those seemingly minor differences can cause glaringly divergent results in calculations, leaving firms inadvertently open to charges of greenwashing.

    The Financial Stability Board (FSB) created the Task Force on Climate-Related Financial Disclosures (TCFD). That entity has worked with the International Sustainability Standards Board (ISSB), created by the International Financial Reporting Standards (IFRS) trustees, to standardize terminology and methods. 

    Share. Facebook Twitter Pinterest LinkedIn Reddit Email
    Previous ArticleThree Essential Tips to Create a Captivating Book Cover
    Next Article Can I Upgrade My Dedicated Server Plan in the Future?
    Trevor James.c

    Related Posts

    How Data Science Consulting Can Help Your Business Reach New Heights

    May 30, 2023

    Age Calculator: Unlocking the Mystery of Your Age

    May 27, 2023

    How to Start Affiliate Marketing in 2023

    May 23, 2023

    Simple Solutions for Soundproofing Your Home or Business

    May 23, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    You must be logged in to post a comment.

    Top Posts

    What Is BMI, How Can I Calculate My BMI?

    March 1, 2023

    Men’s Essentials You Should Spend More Money On

    November 5, 2022

     Python: Everything a Beginner Needs to Know

    June 22, 2022
    Categories
    • All Others
    • Animal
    • App
    • Arts & Culture
    • Auto
    • Beauty
    • Blog
    • Business
    • Celeb
    • Celebrity
    • Education
    • Electric Motorbike
    • Entertainment
    • Family
    • Fashion
    • Finance
    • Fitness
    • Food
    • Fun
    • Gadget
    • Gambiling
    • Games
    • General
    • Grooming
    • Health
    • Home Decor
    • Hotels
    • Insurance
    • Interior
    • Law
    • Lifestyle
    • Makeup
    • Management
    • Marketing
    • Movies
    • Music
    • News
    • Pets
    • Pets World
    • Picks
    • Real Estate
    • Relations
    • Seo
    • Social media
    • Sports
    • Statistics
    • Style
    • Tech
    • Tips and Guide
    • Trade
    • Travel
    • Web Design
    • Website
    • Wedding
    • World
    Our Picks

    How Data Science Consulting Can Help Your Business Reach New Heights

    May 30, 2023

    How to find the best urban clothing style for men

    May 30, 2023

    Age Calculator: Unlocking the Mystery of Your Age

    May 27, 2023

    Zainview.com is Get The Latest Online News At One Place like bendix king 18049-0002 synchro transmitter, Arts & Culture, Fashion, Lifestyle, Pets World, Technology, Travel and Fitness and health news here.

    Connect with us:

    Email: [email protected]

    Facebook Twitter Instagram Pinterest YouTube
    Top Insights

    The New Land of Opportunity: 6 Reasons Why Professionals Migrate to Australia

    May 31, 2023

    How Data Science Consulting Can Help Your Business Reach New Heights

    May 30, 2023

    How to find the best urban clothing style for men

    May 30, 2023
    Links:スーパーコピー 優良サイト 口コミ,スーパーコピー時計N級品,ロレックス スーパーコピー販売
    © Copyright 2021, All Rights Reserved
    • Home
    • Privacy Policy
    • Contact us

    Type above and press Enter to search. Press Esc to cancel.