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Climate reporting today and in the future Linda Runesson Analyst Mandag Morgen Agenda • About Mandag Morgen and KlimaGevinst • Why is it important to establish an emissions inventory and report on climate? • What is good climate reporting? What should be included in an emissions inventory? • Climate reporting in the future Mandag Morgen An independent Think Tank • Weekly newsletter • Arena • Projects Target group and readers: Management and decision makers in public and private sector www.mandagmorgen.no KlimaGevinst / Climate benefit • 14 major international companies in Norway have joined forces in a new partnership with far-reaching ambitions to combat climate change. The project will strive to make Norwegian businesses front runners in developing a low carbon community. Other Mandag Morgen projects Agenda • About Mandag Morgen and KlimaGevinst • Why is it important to establish an emissions inventory and report on climate? • What is good climate reporting? What should be included in an emissions inventory? • Climate reporting in the future Squaring up to Reality • Emissions of greenhouse gases must be cut by 50% by 2050 • IPCC 4th Report: Climate change happening faster • IPCC scientists: 50% is not enough: “Climate Target not Radical Enough” • “If humanity wishes to preserve a planet similar to that on which civilization developed and to which life on Earth is adapted, paleoclimate evidence and ongoing climate change suggest that CO2 will need to be reduced from its current 385 ppm to at most 350 ppm.” – James Hansen/Nasa Goddard Institute for Space Studies Winners and Loosers in a Low Carbon Economy Why Should Companies Establish a GHG Inventory? • Public reporting and participation in voluntary GHG programs • Managing GHG risks and identifying reduction opportunities • Participating in mandatory reporting programs • Participating in GHG markets • Recognition for early voluntary action CSR and Climate Reporting • Increasing expectation that CSR should include information about the business implications of climate change • New indicator (EC2) in the GRI G3 Sustainability Reporting Guidelines : – “Financial implications and other risks and opportunities for organization’s activities due to climate change” Why Should Business Report on Climate? • Demands from: – Investors • Carbon Disclosure Project – Customers • Public image • Procurement demands – Regulators – Employees Demands from Investors • “There will be a large creation and re-distribution of shareholder value in the transition to a low carbon economy – there will be winners and losers at sector level, and within sectors at company level. The winners are more likely to be those businesses that take the time to understand and address this complex area.” Tom Delay, Chief Executive, The Carbon Trust, “Climate Change and Shareholder Value” March, 2006 Carbon Disclosure Project ”But regarding action, Nordic companies fall down,especially in terms of operating reduction targets. ….indicating that companies need to take the vital next step and convert their awareness of climate change into concret emissions reducing actions.” Demands from Customers • Public image • New business opportunities • Procurement demands To what extent do Norwegian companies have ambitions to combat climate change? Source: TrygVesta Business Opportunities? How much more would customers willing to pay for climate labeled food? 45 40 35 30 25 20 15 10 5 0 0 % mer 10 % mer 20 %mer 30 % mer vet ej Source: KRAV Sverige Agenda • About Mandag Morgen and KlimaGevinst • Why is it important to establish an emissions inventory and report on climate? • What is good climate reporting? What should be included in an emissions inventory? • Climate reporting in the future What is Good Climate Reporting? • More than an emissions inventory – – – – – Disclosure of GHG emissions Carbon management strategy Carbon risk exposure Strategic carbon opportunities Improvment trend Emissions Inventory – How is it Done? • Greenhouse Gas Protocol – Developed by World Resource Institute and World Business Council for Sustainable Development – Set of practices that companies can use to account for, and report on, their GHG emissions – The first edition published in September 2001 – Serves as the foundation for other standards and programmes (ISO 14064-I, GRI) Three Scopes in the GHG Protocol Source: Mandag Morgen Tree Scopes in The GHG Protocol • Scope 1 encompasses a company's direct GHG emissions, whether from on-site energy production or other industrial activities. Employee travel with company vehicle. • Scope 2 accounts for energy that is purchased from off-site (primarily electricity, but can also include energy like steam). • Scope 3 is much broader and can include anything from the employees travel to work, to "upstream" emissions embedded in products purchased or processed by the firm, to “downstream” emissions associated with transporting and disposing of products sold by the firm. From Guidelines to Practical Use • • • • • Limitation of the organizational entity Limitation of the scope of the value chain What GHG gases should be included? Measuring units? Level of precision What Should be Measured in Scope 3? • Focus on where the impact is big – IKEA found out that their customers travel to the IKEA-stores represented 56% of the total emissions in the inventory – Swiss Re found out business travel stands for 43% of the company’s emissions – Other companies may for example find out that it would make a big difference if they choose suppliers with lower emissions, or focus on redusing the energy use related to product use In Norway: One out of four measure emissions? - 51% say their emissions inventories are verified by a third party Does your company measure your greenhouse gas emissions? Source: Zapera/Mandag Morgen The international picture • Does your company ”measure and/or reduce your carbon footprint?” – – – – – – 6% in China 36% in Germany 36% in the US 36% in India 47% in Japan 55% in the UK Source: Accenture Agenda • About Mandag Morgen and KlimaGevinst • Why is it important to establish an emissions inventory and report on climate? • What is good climate reporting? What should be included in an emissions inventory? • Climate reporting in the future Emissions Inventory in The Future • Scope 3 and supply chain impact in increasingly in focus • Techniques for quantifying emissions associated with certain elements of the supply chain are still evolving • New guidelines from GHG protocol is being developed Climate Reporting in the Future? • “In the future I expect a company’s carbon statement to be as prominent as its financial statement. That’s because investors are increasingly demanding reliable information about a company’s global carbon footprint, as well what it’s doing to reduce its CO2 emissions. Proper financial reporting is a no-brainer. Carbon reporting must be the same” - UK Environment and Climate Change Minister Ian Pearson KlimaGevinst seminars Date Feb 4 Carbon scenarios 2020 Mar 10 Renewable energy Apr 22 Carbon management and reporting Jun 10 Energy efficiency Sep 3 GHG capture and storage Oct 7 Adjusting to climate change More information: www.klimagevinst.no Thank you! Linda Runesson [email protected]