Greenhouse Gas Protocol is partnering with UNEP Finance Initiative to develop guidance for the financial sector to account for greenhouse gas (GHG) emissions associated with lending and investment portfolios. This guidance will serve as a supplement to the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard.
As the world transitions to a low-carbon economy, the financial sector will need to better understand its exposure to greenhouse gas emissions. Currently, most banks only measure emissions from their own operations, which are much smaller than those associated with their lending and investing activities. Over the past ten years more than a dozen assessment methodologies have been developed by financial institutions and advocacy groups, however, the level of reporting remains low. One reason is the lack of an internationally accepted accounting method tailored to the needs and characteristics of the financial sector. This guidance from GHG Protocol and UNEP FI will directly address this gap.
The GHG Protocol Financial Sector Guidance will create a robust, harmonized approach to GHG accounting in the financial sector, which will facilitate greater transparency and a better-informed dialogue among all interested stakeholders.
The launch of this initiative follows an extensive, eight-month scoping exercise that affirmed the need for this guidance. The GHG Protocol Financial Sector Guidance will be developed over the next two years through an inclusive, multi-stakeholder process. The guidance will be a supplement to the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard, and will also build on the relevant methodologies that already exist.
First Advisory Committee Meeting
We held the first Advisory Committee meeting on October 9-10, 2013 in New York City. A summary of the outcomes of this meeting is available to download below.
To join the mailing list and receive project updates, including the call for participation in the Technical Working Groups, please complete the form at the bottom of this page.
Call for Technical Working Group Participants
UNEP FI and GHG Protocol invite interested stakeholders to participate in a technical working group for the development of a financial sector GHG accounting guidance and carbon asset risk guidance. Please see the Terms of Reference for details about the Technical Working Group process and a link to Survey Monkey where you can express your interest in participation.
Members and organizations willing to participate in the process will benefit by:
- Exchanging experience with a selected group of specialists about the challenges and opportunities related to GHG accounting for lending and investment portfolios and assessing carbon asset risk
- Having the opportunity to be involved in shaping guidance that will become the de-facto method to account for emissions from lending and investment portfolios and managing carbon asset risk globally
- Receiving recognition in the published guidance
If you are interested in participating in a technical working group (TWG), please complete the survey by December 17. The survey should take no more than 5 minutes to complete. We plan to launch the Technical Working Group process in January, 2014.
|SocialFunds||November 7, 2013|
|E&E News (paywall)||November 1, 2013|
|The Guardian||October 29, 2013|
|Wall Street Journal||October 29, 2013|
|2° Investing Initiative||July 2013|
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