GHG Protocol to develop carbon guidelines for the finance sector
Submitted by: Amanda Botes, Wednesday, October 31, 2012
The Greenhouse Gas (GHG) Protocol has announced that it will be developing a guideline document, in partnership with UNEP Finance Initiative, to specifically assist institutions in the financial sector to record their greenhouse gas emissions. The bulk of emissions from financial institutions and portfolio investors relate to their investments which is a scope three emission.
The already published GHG Protocol corporate value chain (scope three) guideline provides high level guidance on recording emissions from investments. Since then “we have indication from the financial sector that additional guidance on accounting for investments would be helpful to facilitate use of the standard.” says Cynthia Cummis, Manager of the GHG Protocol product and value chain initiative at the World Resources Institute.
“We see great potential benefit if accounting and reporting for investments by the financial sector becomes standard business practice so we are prioritizing the development of guidance for this sector” says Cummis. The GHG Protocol financial sector guidance for corporate value chain accounting is targeted primarily at private sector financial institutions, public financial institutions and portfolio investors. The guideline document will help to develop a standard methodology for reporting on investment emissions using methodologies that already exist.
In order to produce the guideline document the GHG Protocol will conduct an online survey which will be distributed to a wide range of stakeholders. The survey will help to understand the needs of the stakeholders and establish the scope of the new guidance document. Following the survey a workshop event will be held for key stakeholders. To receive updates about the project and to receive the survey join the financial sector guidance mailing list.
The final version of the GHG Protocol financial sector guidance is expected to be released in the second half of 2014.
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