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Press release
24 Nov. 2023
|
London, GB
EY supports initiative to drive progress toward corporate accountability for science-based climate targets
- EY co-authors report to identify challenges and leading practices for climate measurement and reporting
- Climate disclosures becoming more of a priority for regulators and climate organizations
Amid intensifying global climate change, the EY teams have been supporting the Science Based Targets initiative (SBTi) to develop a new report that helps organizations better understand the technical challenges associated with the measurement and reporting of progress toward science-based climate targets.
The objective of the report is to provide a set of foundations for the SBTi’s work to enhance its criteria and guidance on measurement, reporting and verification. Together, the EY and SBTi teams have consulted a wide range of stakeholders to understand the key factors in making measurement and reporting accurate, credible, and efficient. This was accomplished by mapping and identifying science-based climate target types and dependencies; establishing key areas that lack clear guidance or common practice; and exploring the current state, challenges, and potential leading practices in relation to the key areas.
The key factors to support better reporting and measurement include:
- Addressing structural and methodological changes: Significant changes over the course of the target period are commonplace and can impact the emissions disclosed by companies.
- Examining additional metrics: Leading indicators beyond greenhouse gas (GHG) emissions, such as financial metrics and transition plans, can provide a more accurate picture of target progress.
- Assuring target-related data: Third-party assurance of data underlying progress toward targets can increase stakeholder confidence in disclosed information.
The co-authored research paper – Landscape Analysis of Measurement, Reporting, and Verification (MRV) of Science-based Targets – recognizes and details the ongoing challenges in relation to climate reporting and offers insight on the increased importance of measuring and reporting science-based climate targets for regulators, climate organizations and companies themselves.
Ben Taylor, EY Global Strategy and Markets Leader, Climate Change and Sustainability Services, says:
“The SBTi plays a vital role in fostering transparency, accountability, and credibility in setting science-based climate targets, and it remains of utmost importance that as powerful agents of change, companies take responsibility to act. Standardized guidance on measuring and reporting on these targets is critical if we are to stay within a 1.5 °C scenario. I am delighted that EY professionals have the opportunity to work with the SBTi, through the EY organization’s leading Climate Change and Sustainability Services. The EY organization is committed to continuing to work with companies, governments, and society to help shape a better and more sustainable working world.”
To read the full report, please visit: Landscape Analysis of Measurement, Reporting and Verification of Science Based Targets (PDF)
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