Ensuring transparency and trust: the vital role of data verification
2 minute read
Verification of Greenhouse Gas (GHG) emission inventories is crucial for businesses that are aiming to achieve Net-Zero emission reduction targets responsibly and transparently. Third-party verification based on the ISO 14064 standard is a widely recognized approach and offers numerous benefits. These benefits include the following:
Enhanced credibility: Independent verification enhances the credibility of the reported emissions data, instilling trust among stakeholders, customers, investors, and regulators.
Assured compliance: Verification ensures that the company's emissions reporting adheres to internationally accepted standards such as the GHG Protocol Corporate Accounting and Reporting Standard, helping to meet regulatory requirements and aligning with best practice.
Improved data quality: The verification process involves a comprehensive review of data collection and calculation methods, highlighting improvements which once enacted, can result in enhanced data accuracy and quality.
Informed decision making: Reliable emissions data allows companies to make informed decisions about setting emissions reduction targets, implementing sustainability initiatives, and resource allocation.
Better stewardship: Verified emissions data sets companies apart and showcases leadership in environmental responsibility, attracting stakeholders with a shared vision.
Alignment with global goals: Verification demonstrates dedication to supporting global climate goals, including the Paris Agreement, by taking measurable steps to accurately monitor, report and reduce GHG emissions.
Inventory completeness: Going beyond Scopes 1 and 2 and verifying Scope 3 emissions is critical. Scope 3 arises from outside the organizational boundary, and in most cases entails the majority of an organizations’ emissions inventory. This comprehensive approach signifies the company's commitment to addressing the environmental impact of its entire value chain.
adm Group has reached a significant milestone by obtaining the ISO 14064 certificate for its 2022 GHG emissions inventory through third-party verification provided by TÜV Rheinland.
This is not just a one-off achievement; it marks the beginning of a journey towards continuous improvement in data quality, transparency, and environmental performance. Through our continued partnership with Anthesis, we plan to enhance our data collection methodologies to ensure accurate and reliable emissions reporting. Annual reviews and regular updates will help minimize gaps and errors in our data.
We are dedicated to enhancing our GHG emissions data collection and reporting mechanisms for reliable decision-making. This is in line with the objective of our Carbon Reduction Strategy to achieve Net-Zero emissions by 2040. Through collective efforts and a steadfast commitment to sustainability, we aim to pave the way forward, from Purpose to Impact.