Why carbon emissions reports need handling with care. . . | opinion
email rounding up the latestAn ExxonMobil refinery in the UK. The oil major says that use of its products created 530 Mt of greenhouse gas emissions in 2021 © Daniel Leal/AFP via Getty Images
But smaller investors, and especially civil society, should not assume that this means all is well with GHG reporting. On the contrary, corporate emissions data cannot always be taken at face value. Too often, companies’ reporting gives a misleading sense of how much progress has been made towards a net zero target.
The situation is far worse with Scope 3 emissions, which come from all parts of the value chain outside the company’s boundaries, while Scope 2 emissions, from purchased energy, lie somewhere in between.that I am carrying out with four fellow academics: Matthew Brander at the University of Edinburgh; Andreas Hoepner and Tushar Saini at University College Dublin; and Joeri Rogelj at Imperial.
Though these RECs rarely correspond to the actual physical electricity supplied to the companies purchasing them, the assumption is that, in buying them, companies will incentivise providers to produce more renewable energy. But that assumption is wrong: research indicates that REC purchases are unlikely to lead to additional renewable energy production.
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