Evolving ESG strategies: what you need to know about the Greenhouse Gas Protocol and SBTi

The Greenhouse Gas Protocol, which sets standards for business and government to measure and manage climate-warming emissions, is currently under review. It is an influential framework for corporate carbon accounting strategies – a key part of renewables procurement. Understanding the changes to the Protocol’s scope 2 guidance is vital if companies want to keep up with standard changes and ensure impactful renewables procurement. Similarly, the Science Based Targets Initiative (SBTi), an important target-setting standard, has consulted on a draft of its revised Corporate Net-Zero Standard. This could add criteria to the standard including market, time, and spatial renewable energy procurement. Alongside this, the EU is looking more closely at carbon footprint methodologies. What will these changes mean for corporates? What are the advantages of different carbon accounting strategies and how can corporates adapt?