As the world grapples with the intensifying effects of climate change, meaningful measurement and reporting are imperative to meeting climate goals and managing risk. Greenleaf is supporting the efforts of proven, innovative technologies to accelerate the efficacy of climate data in forecasting, reporting, and mitigating the effects of climate change, including:
The Open Footprint Forum (OFP Forum) - a cross-industry initiative to develop an open source data standard for GHG and other emissions data.
Earth Knowledge - a global planetary intelligence platform that informs climate and natural capital risks so that corporations, investors, and governments can act to protect their interests and report accordingly.
These organizations will be joined by corporate leaders across industries in Chicago on November 9 at the Open Footprint Forum’s US stakeholder workshop to align on data standards for carbon accounting across the value chain.
Increasingly, investors are looking at environmental, social, and governance factors in their decision. A recent report by PWC forecasts ESG related investments to comprise 21.5% of all assets under management, at a value of $33.9tn, by 2026. According to PWC, 60% of institutional investors have attributed higher performance yields to ESG investing. Firms looking to remain competitive in the capital markets will need to attend to carbon measurement and management to meet the needs of investors.
A multitude of frameworks, methodologies, and standards have been developed to help organizations and countries measure and manage greenhouse gas emissions as they seek to meet voluntary emissions targets or prepare for compliance with forthcoming climate related disclosure rules.
The emissions footprint of any actor in the global economy is by nature interrelated with many others across the value chain, and multinational corporations will increasingly need to comply with multiple emissions and climate related reporting requirements. An array of software applications have been designed to support the tracking of emissions data, but information is not recorded consistently. The lack of a common data architecture makes it difficult to communicate across systems, business units, vendors, and share data with customers, investors and regulators.
A cross industry collaboration for GHG emissions data
The Open Footprint Forum (OFP Forum) is a cross-industry initiative to develop an open source data standard for GHG and other emissions data. The OFP data standard is designed to make it easier for organizations to measure, report, and manage their emissions with a common standard for capturing and sharing data that may be adopted across the GHG ecosystem.
A new white paper describes the work of the OFP Forum, and the regulatory, technology, and operational context that supports the need for an open data standard. Implementation of regulations such as the EU Corporate Sustainability Reporting Directive and the US SEC climate disclosure rules, amongst others, are driving the need for broad collaboration on GHG data management.
In addition to the compliance mandate, an open data standard can build broad market value, unlocking innovation in much the same way that standards like 5G did so for telecommunications. Data standards support existing applications, reporting frameworks and methodologies while providing a foundation for the development of new solutions.
Greenleaf is working with OFP Forum to bring corporate sustainability and IT leaders together in Chicago (Nov 9) and Munich (Nov. 15) to vet the OFP data standard’s suitability across industries. Those gathered will have the opportunity to learn about the standard and directly influence its development. Representatives from all sectors are invited to participate in the workshop and to join the Forum. Find more information on the workshop and register your interest in participating here.
Putting the pieces together on climate related reporting and action
Greenleaf supports the development of sound standards for measurement, reporting, and action on climate change. While initiatives like the Open Footprint Forum are bringing harmony to the fragmented world of carbon accounting, we work with leading platforms like Earth Knowledge that are enabling organizations to predict, report, and act on risks associated with a changing climate. As organizations and governments attend to their GHG emissions, they must also assess the impacts of a changing climate on their operations and the ecosystems on which they depend. Greenleaf connects Earth Knowledge with corporations and investors to monitor and manage climate risk.
Earth Knowledge provides organizations with insights into global climate related risks to physical assets, biodiversity, and natural capital. Its climate and nature risk data compliments GHG emissions data to provide a full picture of an organization’s contributions to climate change along with the risks it is likely to face under moderate to severe emission scenarios. For example, they advised Eaton Corporation on its emissions and climate risk as part of a comprehensive sustainability report in accordance with the Task Force on Climate-related Financial Disclosures. Eaton’s climate related physical risk reporting was supported by the Earth Knowledge ForeSight planetary intelligence platform.
The 2023 IPCC Synthesis Report has re-affirmed the dire need for action as adverse effects of climate change continue to unfold throughout the world, calling for immediate and significant action to avoid the worst impacts. Greenleaf is proud to work with the Open Footprint Forum, Earth Knowledge and other partners to develop robust climate measurement and reporting, which is essential to ensuring that mitigation actions are effective and progress is made towards ambitious targets.
Contact Ben Bezark to discuss your climate-related reporting and risk management challenges, or for more information on the Open Footprint Forum and Earth Knowledge.