A group of financial, energy and industrial companies has announced the launch of Carbon Measures, a new coalition aimed at developing a more accurate and consistent accounting system for tracking carbon emissions at the company and product levels, as well as carbon intensity standards for key industrial products. This is reported by ESGtoday.
The new carbon accounting coalition includes ADNOC, Air Liquide, Banco Santander, BASF, Bayer, CF Industries, EQT Corporation, ExxonMobil, EY, BlackRock's Global Infrastructure Partners (GIP), Honeywell, Linde, Mitsubishi Heavy Industries, Mitsui & Co., Mitsui OSK Lines, Ltd., NextEra Energy, Nucor, the Port of Rotterdam and Vale, and additional companies will be announced.
The new coalition will be led by former EY CEO Amy Brachio, who has been appointed CEO of Carbon Measures.
According to a statement released by the new coalition, Carbon Measures will use reliable scientific evidence and financial accounting principles to help create an accounting-based carbon accounting system to address the challenges of existing systems, including accuracy, double counting, and information gaps. At the same time, the new system aims to help companies differentiate their products and allow governments to make more informed policy decisions.
Focusing on the new carbon accounting system, the coalition said it would also prioritize the development of carbon intensity standards for key industrial products that form the backbone of most supply chains, such as electricity, fuels, steel, concrete, and chemicals.
