GHGP and ISO to Merge Carbon Accounting Standards
The Greenhouse Gas Protocol and ISO plan to merge their corporate carbon accounting standards into one approach for reporting emissions.
A single set of rules for corporate emissions accounting is on the way. The Greenhouse Gas Protocol ( GHGP ) and the International Organization for Standardization ( ISO ) plan to merge their carbon accounting standards into one approach that companies can use to account for their emissions.
A team analysing corporate greenhouse gas emissions data in preparation for unified carbon reporting. AI generated picture.
The two organisations will publish a draft "co-branded corporate standard" for public consultation in the second quarter of next year. The plan builds on a strategic partnership the pair agreed last September.
The consolidation combines two of the most widely used carbon accounting frameworks into one. The statement said: "The consolidation brings together GHGP's Scope 1, Scope 2, Scope 3 and Actions and Market Instruments (AMI) standards with ISO's 14064-1 standard, providing integration and more efficient use by businesses and other users, and more meaningful stakeholder participation through a single coordinated public consultation process."
The statement also set out a wider benefit: "In addition to the technical synergies, the consolidation of the two most widely used carbon accounting standards will unlock greater investment to accelerate global decarbonisation."
Tim Mohin, chief executive of GHGP, described the step as progress towards global consistency. "A consolidated corporate standard represents a significant step toward integrating and harmonising greenhouse gas accounting across the world," he said. "For the organisations applying these standards to measure their greenhouse gas emissions, a single corporate standard will simplify reporting, reduce duplication, and provide greater consistency across markets and jurisdictions. This will in turn allow companies to spend more time reducing emissions."
The AMI workstream continues alongside the consolidation. The proposal sets out a "multi-statement" reporting approach that lets companies report three distinct components:
● Physical emissions from a company's own operations and value chains
● Market-based emissions tied to market instruments such as commodity certificates and mitigation-related contractual agreements
● A GHG impact statement covering the emissions impact of a company's actions and investment decisions using consequential methods
GHGP said early responses show strong backing. "Public feedback indicates strong support for this approach and its potential to provide a more complete and transparent picture of corporate climate actions, market instruments, and emissions outcomes," it said.
More on Markets
Nigeria's Carbon Framework Gains Traction Amid Regional Pricing Debates
African market participants are reassessing valuation standards as Nigeria establishes itself as a credible player in voluntary carbon markets.
Vietnam's forestry sector gains access to international carbon markets
New regulatory framework enables Vietnamese forests to participate in cross-border emissions trading and unlock previously unavailable revenue streams.
Sabah Positions Carbon Credits as Economic Opportunity Amid Governance Concerns
A Malaysian state assemblyman highlights the revenue potential of carbon markets while emphasizing the institutional requirements needed to capture this opportunity.