Know your footprint and implement decarbonization strategies
Greenhouse Gas Consulting
Futurepast assists organization to identify and address strategic issues related to climate change, including direct and indirect impacts from the effects of climate change, regulatory risks, changes in consumer preferences, and reputational risk. We also assist organizations to decide what greenhouse gas information to disclose and how to disclose it. With increased consumer interest in greenhouse gas information and climate change mitigation, companies increasingly are asked to quantify greenhouse gas emissions applicable to particular products or services.
Greenhouse Gas Accounting
Futurepast assists organizations with internal and external reporting of greenhouse gas information for inventories and projects, and for calculating the carbon intensity of products (also called the “carbon footprint” of products). Futurepast helps organizations comply with greenhouse gas regulations at both the state and federal levels, as well as with the accounting of information intended for voluntary disclosure.
As of October 1, 2023, exporters of certain products to the European Union are obliged by the EU’s Carbon Border Adjustment Mechanism (CBAM) to begin reporting the volume of their imports and the embodied GHGs in those products as of Q4 2023. Affected exporters can rely on Futurepast to help them meet these reporting requirements.
SEC Climate-Related Disclosures Gap Analysis
Under a rule proposed in March 2022, registrants will be required to make annual climate-related disclosures under the Securities and Exchange Commission (SEC) Regulation S-K. The proposed regulation will require disclosures related to governance and greenhouse gas emissions (GHG). These disclosures will be subject to attestation by a qualified firm. The rule requires disclosures about governance and greenhouse gas emissions.
- The board of directors’ oversight of climate risks
- Management’s assessment of climate-related risks that are reasonably likely to have an impact on the registrant, the extent of these, how the registrant plans to address them, and associated financial impacts
- Whether the registrant has established an internal carbon price
- The resilience of the registrant’s business strategy considering future changes in climate-related risks
- Whether the registrant has adopted a transition plan and if yes, how the registrant plans to mitigate or adapt to any identified transition or physical risks
Greenhouse gas emissions
Registrants will disclose:
- Scope 1 and Scope 2 emissions
- Scope 3 emissions if these are material, or if the registrant has set a GHG target that includes Scope 3 emissions
- GHG intensity metrics
- Methodologies used to quantify GHG emissions
Impacts on Consolidated Financial Statements
The proposed rule also amends the SEC Regulation S-X. Registrants are required to disclose the financial impacts of expenditures to mitigate risks of severe weather events and other natural conditions.
Registrants will include an attestation report covering climate-related disclosures in their relevant filings. During a phase-in period, attestation engagements will be at the limited level of assurance. Subsequent attestation engagements will be performed at the reasonable level of assurance. They must also report expenditures related to transition strategies.
Futurepast assists organizations preparing to meet the proposed new requirements of SEC regulations S-K and S-X.
Greenhouse Gas Verification
Futurepast provides greenhouse gas verification services to satisfy an organization’s requirements for internal auditing of the greenhouse gas information and information systems. Our services are also available to organizations that wish to verify the greenhouse emissions information and management systems of their supply chain.
The Task Force on Climate-related Financial Disclosures has recommended that financial sector businesses increase their reporting on corporate governance, strategy, risk management and metrics and targets. Such reporting, carried out in conjunction with “scenario analysis” that forecasts business conditions under differing degrees of global warming, provides investors with information they need to make prudent decisions.
Futurepast supports businesses that engage in planning for a decarbonizing future that incorporates greenhouse gas emission reductions, adaptation to the effects of climate change, and demonstration that business strategies will deliver intended results. In addition to providing help with TCFD, Futurepast also offers assistance for organizations reporting on other platforms such as CDP and GRI.
Futurepast’s John Shideler has participated in the development of an International Standard, ISO 14097, Framework including principles and requirements for assessing and reporting investments and financing activities regarding climate change, published in May 2021.
Corporate sustainability reports highlight environmental and climate change information that is material to stakeholders. Greenhouse gas inventories include energy use and purchased electricity, and to an increasing degree, supply chain emissions. Climate change mitigation and adaptation strategies are also subjects that sustainability reports typically report on.
Futurepast’s president John Shideler convened the working group that revised ISO 14063, Environmental management—Environmental communication—Guidelines and examples. The second edition of this standard was published in 2020.
A Concerted Aviation Effort
Aircraft manufacturers and airline operators are also pursuing carbon emission reductions. Improvements in engine technology and operational changes will help reduce fuel burn. Expanded use of sustainable alternative fuels will further reduce CO2 emissions. Working together, the aviation sector can achieve carbon neutral growth from 2020.
For information about Futurepast’s services in the aviation sector, please call 888-358-9047 (toll-free in the US and Canada) and speak with a Futurepast consultant today.
Seven Ways and Means You Can Reduce Carbon
Define Your Carbon Strategy
Your organization is assessing its carbon risks and opportunities. Management wants to minimize the impacts of direct threats from climate change, new regulatory requirements, changing market preferences, and chart a course toward a less carbon-intense future. You need a carbon strategy.
Futurepast can facilitate planning and decision-making within an organization to reduce carbon emissions, mitigate impacts from climate change, assess strategic opportunities, and respond to changing market preferences.
Quantify Your Organization’s Carbon Emissions
Management wants information about its GHG emissions at the organizational level or at the facility level to help implement its carbon strategy. You need a greenhouse gas inventory.
Establishing a GHG inventory helps your organization in the following ways:
- Aggregates information from the source or unit level to facility and organizational levels to facilitate management analysis and review
- Permits comparisons of energy use and carbon intensity among similar operating units
- Provides information for mandatory reporting to the US EPA under the Clean Air Act Part 98
- Informs disclosure to such agencies as the Securities and Exchange Commission or through such means as corporate sustainability reports.
Futurepast can help you develop an energy use profile and greenhouse gas inventory at the facility or corporate level.
Develop a GHG Emission Reduction Project
You are developing a forestry, landfill gas, or livestock manure management project. You want help planning and implementing the project, selecting a verification body, and selling your offset credits. You need carbon offset project assistance.
Futurepast can help your organization manage its carbon offset project by ensuring that all applicable project requirements are understood, monitored, complied with and documented.
Calculate Your Product’s Carbon Footprint
Your customers, whether end-users or manufacturing or distribution partners, want to know the quantity of GHG emissions that are associated with your product or service. You need a carbon footprint. A carbon footprint expresses the mass of GHGs that can be allocated to a product unit or service, usually in grams per unit. Carbon footprint information is used for strategic planning purposes, for achieving compliance with international legal requirements or with customer information requests, and for marketing your products. Carbon footprint information represents a form of environmental claim and is created using a modified life cycle assessment methodology. Carbon footprint claims should be reviewed for compliance with Federal Trade Commission laws and regulations.
Futurepast can assist your organization with life cycle assessments and the formulation of environmental product declarations and other environmental claims.
You have established an energy use profile and GHG inventory for your organization but want assurance that the quantification is accurate. You need verification of your greenhouse gas emissions. Verification is performed by a greenhouse gas verifier who audits both the processes by which your GHG emissions have been quantified and the results of those processes. Futurepast delivers a Verification Statement which expresses our opinion concerning the conformity of the inventory to applicable accounting rules and the accuracy of the inventory amounts, which typically are consolidated across units or facilities and expressed in metric tons of carbon dioxide equivalent (CO2-e).
Futurepast can verify your greenhouse gas emissions in accordance with ISO 14064 Part 3, Greenhouse gases—Specification with guidance for the validation and verification of greenhouse gas assertions, as well as any other applicable reporting and verification criteria.
Comply with Mandatory GHG Emissions Reporting Requirements
You are subject to the US Environmental Protection Agency’s mandatory reporting of GHG emissions under the Clean Air Act and one or more state or provincial programs. You want help quantifying your emissions, analyzing your fuel use, or developing a monitoring plan that meets the requirements of 40 CFR Part 98 of the Clean Air Act and the applicable requirements of relevant states or provinces. You need greenhouse gas regulatory compliance assistance.
Futurepast can help you comply with 40 CFR Part 98 of the Clean Air Act of the United States, and with additional state and provincial legal requirements.
Devise a Management System to Support Your GHG Information Needs
You want to make counting carbon easier and more efficient. You know your organization and your supply chain have a lot of useful information to help you count carbon, but you’re finding the information hard to locate and organize. You want to optimize the management system you currently have and to integrate your carbon counting requirements into your information systems and support processes. You need management system consulting services.
Futurepast can help you enhance your management system to ensure reliable and reproducible reporting of energy use and greenhouse gas emissions.
 The Task force on Climate-related Financial Disclosures was created in 2015 by the Financial Stability Board of the Group of 20 industrialized nations. It published its final report in 2016. By July 2019 more than 800 companies and other organizations had expressed support for TCFD’s recommendations.