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GHG Emissions Reporting Handbook Summary

Core Content

This handbook provides an overview of greenhouse gas (GHG) emissions reporting, emphasizing its importance in the evolving financial and regulatory landscape. It serves as a guide for finance professionals to understand the principles and practices of GHG emissions measurement and reporting, grounded in the Greenhouse Gas Protocol (GHGP).

Main GHGs Tracked

The following are the seven main greenhouse gases (GHGs) tracked under the GHGP:

• Carbon dioxide (CO₂): Predominant sources include combustion of fossil fuels, forest clearing, and cement production.
• Methane (CH₄): Sources include agricultural processes, animal digestion, waste decomposition, and fossil fuel distribution.
• Nitrous oxide (N₂O): Sources include nitrogen-fixing crops and synthetic/manure fertilizers.
• Sulphur hexafluoride (SF₆): Primarily used in the electric power industry for high-voltage equipment.
• Nitrogen trifluoride (NF₃): Released during semiconductor and electronic manufacturing.
• Hydrofluorocarbons (HFCs): Used in air conditioning, refrigeration, and aerosol propellants.
• Perfluorocarbons (PFCs): Emitted during aluminum and semiconductor production.

Key Concepts

Emissions Scopes

• Scope 1: Direct emissions from sources owned or controlled by the entity (e.g., boilers, vehicles).
• Scope 2: Indirect emissions from purchased electricity, steam, heat, and cooling.
• Scope 3: Indirect emissions from activities in the entity's value chain (e.g., transportation of fuels, use of sold products).

Scope 3 is further divided into 15 categories, which are detailed in the handbook.

Emissions Measurement

GHG emissions are measured in tonnes of carbon dioxide equivalent (tCO₂e), which allows for the comparison of different gases based on their Global Warming Potential (GWP). The calculation formula used is:

tCO₂e = Activity data × Emission factor × GWP Multiplier

Emissions Reporting

The GHGP is the foundation for GHG emissions reporting and is referenced by regulatory bodies such as the International Sustainability Standards Board (ISSB), the European Financial Reporting Advisory Group (EFRAG), and the SEC in their proposed climate-related disclosure standards.

Reporting Landscape

These standards require entities to report all seven GHGs identified in the Kyoto Protocol, with some flexibility for additional gases if significant.

Role of GHGP

The GHGP is a widely used international framework that provides standards and guidance for measuring, reporting, and managing GHG emissions. It helps entities identify emission hotspots and supports global efforts to reduce emissions. Key documents include:

• Corporate Standard: Provides requirements for GHG inventories.
• Scope 2 Guidance: Standardized guidance for measuring emissions from purchased electricity.
• Scope 3 Standard: Methodology for assessing value chain emissions.
• Technical Guidance for Scope 3 Emissions: Detailed methods for calculating Scope 3 emissions.
• Required Greenhouse Gases in Inventories: Defines which GHGs must be included in inventories.
• Mitigation Goal Standard: Guidelines for national and subnational GHG reduction goals.

Emissions Tracking and Reduction Targets

Entities are encouraged to:

• Define a base year for emissions tracking.
• Set reduction targets aligned with climate goals like net-zero or carbon neutrality.
• Implement an emissions reduction plan to minimize gross emissions.
• Purchase offset credits for residual emissions not eliminated, based on GHG project accounting.

Organizations Involved in Emissions Measurement

• CDP: Carbon Disclosure Project
• EPA: Environmental Protection Agency
• GHGP: Greenhouse Gas Protocol
• IPCC: Intergovernmental Panel on Climate Change
• PCAF: Partnership for Carbon Accounting Financials
• SBTi: Science Based Targets initiative
• UNFCCC: United Nations Framework Convention on Climate Change
• WRI: World Resources Institute
• WBCSD: World Business Council for Sustainable Development

Key Terminology

• tCO₂e: Tonnes of carbon dioxide equivalent
• kWh: Kilowatt hour (unit of electricity)
• mt: Metric tonne (equivalent to 1,000 kg)
• MWh: Megawatt hour (unit of electricity)
• EEIO: Environmentally-extended input-output
• GWP: Global Warming Potential
• EAC: Energy Attribute Certificate
• GO: Guarantee of Origin
• PPA: Power Purchase Agreement
• REC: Renewable Energy Certificate
• T&D: Transmission and Distribution

Summary of Key Steps in Emissions Reporting

1. Define the organizational boundary – Determine the reporting entity and its control approach.
2. Classify sources of emissions – Identify and categorize emissions into scopes 1, 2, and 3.
3. Calculate emissions – Use activity data, emission factors, and GWP multipliers.
4. Track emissions – Develop a base year and set reduction targets.
5. Report emissions – Present data according to the chosen standard (Corporate Standard or Scope 3 Standard).

Conclusion

The GHGP is a critical tool in the climate reporting ecosystem, guiding entities in measuring and reporting their GHG emissions. Its principles are increasingly shaping regulatory requirements, and understanding these fundamentals is essential for finance professionals involved in sustainability reporting.