KPMG GHG Emissions Reporting Handbook – Dec 2024
Prime time for the GHG Protocol
The GHG Protocol has gone from obscurity in the world of financial reporting to having its moment in the spotlight.
The Protocol is the foundation leveraged by both IFRS® Sustainability Disclosure Standards and European Sustainability Reporting Standards for reporting GHG emissions. And in the US, thousands of companies are set to report in accordance with the GHG Protocol under the California climate laws.
With this level of adoption – in addition to widespread voluntary reporting – comes increased scrutiny and pressure on the words in the standards. Originally inspired by financial reporting concepts, the Protocol now finds itself lagging today’s accounting concepts.
Timely then that the Protocol has embarked on an ambitious project to update its standards with the International Sustainability Standards Board, and other financial reporting stakeholders, monitoring carefully. Exposure drafts on a variety of issues are expected in 2025 and we encourage all finance professionals to think carefully about the proposals and their application for corporate reporting. Your voice counts!
In the meantime, we hope this handbook helps to provide you with a foundational understanding of GHG emissions reporting. Anchored in the Protocol. Your GHG 101.
Christina Abbott and Julie Santoro
Department of Professional Practice, Sustainability Reporting, KPMG U.S.