How should business approach carbon neutrality?
Do we fully understand our carbon footprint and carbon reduction strategy?
To pursue carbon neutrality, it is imperative to gain a deeper understanding of the existing footprint first — and to establish plans to reduce.
“Do you have a good handle on your own carbon footprint? Do you know the numbers and the story of what makes up those numbers,” notes Chris Walker from Ernst & Young.
“Some firms do this quite arbitrarily, so you need to know how accurately you can defend these numbers and why the boundaries you’ve set are what they are.”
This highlights the importance of setting up a robust greenhouse gas accounting and reporting system, which can better support any economic impact study relating to the costs of going carbon neutral.
It is crucial for firms to ensure that their processes for measuring and accounting for carbon use are robust, standards-based and well implemented.
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