Scope 3 emissions often contributes a major portion to the company’s total greenhouse gas emissions. However, for many Indian companies, measuring and tracking these emissions across the value chain can be intimidating since it accounts for many broader factors across its value chain, leading to viewing Scope 3 as a risk rather than an opportunity.
Why Scope 3 Emissions matter more than ever?
In today’s rapidly evolving climate action landscape in India, companies must prepare for emerging regulations, simultaneously building climate resilience. Ignoring Scope 3 emissions could leave companies vulnerable to future liabilities from its value chain and missed opportunities for in-terms of economic benefits as well as showcasing their sustainability leadership.
Getting Started: When, Where & How to Report Scope 3 Emissions seamlessly?
Start Early: Once Scope 1 and Scope 2 emissions are identified, immediately begin identifying relevant Scope 3 categories through a simple materiality assessment or screening process.
Prioritize High-Impact Categories: Focus on major contributors, such as Category 1: Purchased Goods and Services, which is often the largest emissions source for most companies.
Use Available Data: Start with categories where credible data is easily accessible, like Category 6: Business Travel or Category 3: Fuel- and Energy-related activities (not included in Scope 1 or Scope 2)
Initial Baseline: Implement the spend-based method for a preliminary calculation, then refine with more accurate activity-based data as you gather more information.
Evolve Reporting Practices: Begin with partial Scope 3 reporting and gradually expand as data quality and accuracy improve. Engaging with suppliers to understand their Scope 1 and 2 emissions can significantly enhance the reporting company’s Scope 3 emissions accuracy.
Convert Risks into Opportunities
By integrating Scope 3 emissions monitoring into daily operations, Indian companies can transform potential risks from its value chain into strategic opportunities through supplier engagements, positioning themselves ahead of regulatory changes.
Ready to explore how Scope 3 emissions impact your company? Contact us for a free consultation and sector-specific guidance. You may also write to us at info@conserveconsultants.com or WhatsApp at +9190030 97071. Visit https://lnkd.in/dThYxcG2
GRESB CII Godrej Green Business Centre Greenhouse Gas Protocol (GHG Protocol) ISO 14064 / GHG protocol Carbon Management
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