(English Version) Scope 3 O.Y.E(Open Your Eyes)

Hello.
This is Morningzettelkasten.

 

Have you heard of a tool called "My Climate Future"? This tool, provided by Climateanalytics, allows you to visualise how many more extreme weather events you will experience in your lifetime due to climate change, depending on the year you were born and where you live.

 

Climateanalytics - Tools - Climate impacts and risks - My climate future

 

When were you born?

 

I looked at the physical risk of climate change by year of birth and the results were surprising. In the East Asia and Pacific region and under the highest ambition of the Paris Agreement (1.5℃), those born in 2002 are 13 times more likely to experience heatwaves (compared to 4.4 times for those born in 1970), and under the worst warming scenario, high warming (3. Under the worst-case warming scenario (3.5°C), a person born in 2002 would be 19.3 times more likely to experience a heatwaves event (compared to 5.2 times for a person born in 1970), and the risk of physical risk (heatwaves) for a person born in 2002 could be 48 per cent higher under the 3.5°C scenario than under the 1.5°C scenario.

 

My Climate Future - Born in 2002

 

My Climate Future - Born in 1970

 

The risks of climate change are our story and the story of humanity. It's time for a revolutionary shift in values that will allow us to stop climate change and rewrite human history so that no one is disadvantaged by where or when they were born.

 

The process of reaching the Paris Agreement in 2015 was not easy, but one of the factors that made it possible, in my opinion, was that it laid the foundation for a global consensus by not only putting the facts out there so that we know the risks we face, but also making them accessible to everyone.

 

Since the Paris Agreement, humanity has been working to control Scope 1 and Scope 2 (direct and indirect) emissions from companies, not only through national emission reduction targets, but also by giving companies credits and requiring them to disclose their emission reduction performance in order to hold them more accountable for reducing their greenhouse gas emissions.

 

Why is accounting for scope 3 emissions important?

 

As I've expanded from EHS to ESG, I've seen first-hand how many organisations are striving to gain a reputation for "sustainability", and more recently the title of ESG disclosure has become a hot topic in the industry, with climate disclosure, and in particular the calculation of GHG emissions, becoming a hot topic.

 

The scope of GHG emissions to be disclosed now extends beyond corporate boundaries and across the value chain, and while the SEC's recent finalisation of climate disclosure in the US excluded disclosure of Scope 3 emissions from its original proposal, both the EU Sustainability Reporting Standard (ESRS) and the IFRS Sustainability Disclosure Standard include Scope 3 emissions, making it more important than ever to be prepared.

 

www.conference-board.org/publications/sustainability-reporting-frameworks

 

A company's impacts, risks and opportunities related to greenhouse gas emissions and climate change depend not only on its direct operations, but also on upstream and downstream impacts. A complete GHG inventory that includes Scope 3 emissions in addition to Scope 1&2 is essential for companies to understand and manage their climate-related impacts, risks and opportunities. Scope 3 emissions represent a significant opportunity for strategic engagement and management, as companies can make or influence the selection of suppliers and other value chain partners, as well as key decisions related to material inputs, investments, product types and design.

 

 

In addition, Scope 3 emissions are often the largest source of emissions for a company. Scope 3 emissions can account for more than 90% of a company's Scope 1, 2 and 3 emissions, and Scope 3 emissions include information on a company's most significant impacts, such as supply chain emissions from the production of materials a company purchases (e.g. outsourced manufacturing) and emissions from the products it manufactures and sells (e.g. emissions from transportation and distribution).

 

Decarbonization 101: What Carbon Emissions Are Part Of Your Footprint? Source: visualcapitalist.com

 

Disclosure of Scope 3 emissions is becoming increasingly common. This is evidenced by the thousands of companies that participate in reporting through global disclosure platforms such as CDP and the Science-Based Targets Initiative (SBTi).

 

In the same way that we look at nutritional information when buying food and choose products with better nutritional content in the same category, we can look forward to a future where Scope 1, 2 and 3 emissions disclosures become more commonplace. This will enable ordinary consumers to easily understand the information and make their own judgements about climate risk and impact.

 

 

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