Samfundsansvar

US tilsyn er på vej med lovpligtig information om klimaaftryk: Er informationen troværdig?

Morten W. Langer

onsdag 06. oktober 2021 kl. 19:49

Uddrag fra memorandum fra US advokatfirma – læs det hele her

Just how reliable are those carbon footprints that many large companies have been publishing in their sustainability reports? Even putting aside concerns about greenwashing, what about those nebulous Scope 3 GHG emissions? As we all know, the SEC is now is the midst of developing a proposal for mandatory climate-related disclosure. (See, e.g., this PubCo post and this PubCo post.) The WSJ reports that “[o]ne problem facing regulators and companies: Some of the most important and widely used data is hard to both measure and verify.” According to an academic cited in the article, the “measurement, target-setting, and management of Scope 3 is a mess….There is a wide range of uncertainty in Scope 3 emissions measurement…to the point that numbers can be absurdly off.”

SideBar

According to the EPA, “Scope 1 emissions are direct greenhouse (GHG) emissions that occur from sources that are controlled or owned by an organization (e.g., emissions associated with fuel combustion in boilers, furnaces, vehicles). Scope 2 emissions are indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling. Although scope 2 emissions physically occur at the facility where they are generated, they are accounted for in an organization’s GHG inventory because they are a result of the organization’s energy use.”

The EPA defines Scope 3 emissions as emissions that “are the result of activities from assets not owned or controlled by the reporting organization, but that the organization indirectly impacts in its value chain. Scope 3 emissions include all sources not within an organization’s scope 1 and 2 boundary. The scope 3 emissions for one organization are the scope 1 and 2 emissions of another organization. Scope 3 emissions, also referred to as value chain emissions, often represent the majority of an organization’s total GHG emissions….Scope 3 emissions fall within 15 categories, though not every category will be relevant to all organizations. Scope 3 emission sources include emissions both upstream and downstream of the organization’s activities.”

 

In one example described by the WSJ, a company was able to cut its GHG emissions in half in just a few years—“with a wave of a calculator.” The change came as the company “doubled down on driving accuracy” in its calculations, revising its Scope 3 emissions, which accounted for 97% of its total emissions for the year. The company’s original report published several years before indicated that its estimates might be off “by as much as 50 percent.” In another instance identified by the WSJ, Scope 3 data relied in part on outdated numbers, using data from three or four years prior to the fiscal year of the report. (The company responded that the outdated numbers were not material to the total footprint and that it had updated other categories of emissions that accounted for an aggregate of 99% of the Scope 3 total emissions.)

One way that the SEC might address the issue of reliability is to require some type of assurance through an independent audit or attestation. The SEC’s request for public comment on climate disclosure requested views on how climate disclosures should be enforced or assessed and, if there were an audit or assurance process or requirement, what organizations should perform those tasks. In remarks this year to the Center for American Progress, then-Acting SEC Chair Allison Herren Lee indicated that verification of climate and other ESG disclosures, including potentially auditor attestation of sustainability reporting, was under consideration.

In her view, symmetry around ESG and financial reporting, such as through attestation, should be the “ultimate goal.” (See this PubCo post.) SEC Commissioner Elad Roisman, on the other hand, contended that companies may not be in a position to make some types of climate disclosure with much precision. He cited as an example the difficulty of obtaining reliable information about Scope 3 GHG emissions, which depends on the company’s “gathering information from sources wholly outside the company’s control, both upstream and downstream from its organizational activities.” Companies may not be in a position to disclose that type of information with much precision. As a result, he expressed concern about requiring verification through an audit or an attestation. (See this post.)

Del på facebook
Del på twitter
Del på linkedin
Del på email
Del på print

[postviewcount]

Jobannoncer

Heimstaden residential real estate company – Are you our new Head of Valuation?
Ringkjøbing Landbobank søger erhvervsrådgiver til Viborg
Analytisk økonom til udvikling, overvågning og regulering af elmarkederne
To Controllere til Nature Energy
Ambitiøs medarbejder til Vejdirektoratets budgetenhed
Dansk Energi søger økonom til at arbejde med den grønne omstilling
Head of Group Finance til DLF Seeds A/S
Økonom til tilsynet med SIFI-banker
Finanstilsynet søger Økonom til Økonomisk Sekretariat I Finanstilsynet
Bygningsstyrelsen søger økonom med IT-flair og interesse for at arbejde med økonomistyring i en kompleks økonomistruktur
Vi søger yderligere en produktionsmedarbejder til hovedkontoret i Ringkjøbing Landbobank
Finanstilsynet søger vicekontorchef til tilsyn med banker
Vil du være med til at styrke forbrugerbeskyttelsen?
Plesner søger økonom til Team EU & Competition
Controller til økonomistyring og administration af grønne puljer
Energinet A/S søger afdelingsleder for forretningsstøtte & udvikling
Fjernvarmens analysecenter, Grøn Energi, søger to konsulenter til analyser af grøn omstilling
Konsulenter og Managers til EY’s Financial Accounting Advisory Services-afdeling
Ringkjøbing Landbobank søger erhvervsrådgiver til Herning
Økonom til regulering til fordel for den grønne omstilling
Energinet søger forretningsudvikler med fokus på innovationsprocesser
Nordjyske Bank søger en erfaren privatrådgiver til Sæby
Forsyningstilsynet søger stærke økonomer til udviklingen af ny økonomisk regulering af energivirksomheder

Mere fra ØU Samfundsansvar

Seneste nyt

Langers skarpe

af Morten W. Langer
af Morten W. Langer
Seneste indlæg

Mest læste

Få dit daglige nyhedsoverblik i din indbakke

Seneste rapporter fra eksterne rådgivere

Dybdegående og original 
journalistik siden 1994

Økonomisk Ugebrev har i mere end 25 år leveret indsigtsfuld og dagsordensættende journalistik og analyser til læserne og den brede offentlighed. 

Vi tager ansvar for vores indhold og er tilmeldt:

OM ØU

Log ind

KONTAKT

Telefonisk henvendelse: 70 23 40 10
Telefonerne er åbne alle hverdage fra: 10-15
Salgschef: Sidsel Bogh

Skriv til os på: kontakt@ugebrev.dk.
Vi bestræber os på at besvare henvendelser indenfor 24 timer.

Økonomisk Ugebrev A/S
CVR-nr.: 31760623
Forbindelsesvej 12, 2. tv
2100 København Ø

Log ind

Har du ikke allerede en bruger? Opret dig her.

Analyse af og prognoser for Fixed Income (statsrenter)

Direkte adgang til opdaterede analyser fra toneangivende finanshuse:

Goldman Sachs

Fidelity

Danske Bank

Morgan Stanley

ABN Amro

Jyske Bank

UBS

SEB

Natixis

Handelsbanken

Merril Lynch 

Analyse og prognoser for kort rente, samt for centralbankernes politikker

Links:

RBC

Capital Economics

Yardeni – Central Bank Balance Sheet 

Investing.com: FED Watch Monitor Tool

Nordea

Scotiabank

 

Log ind

[iteras-paywall-login paywallid="qwerty123"]