Verification and Validation
Futurepast offers third-party verification and validation services in accordance with ISO 14064, Part 3, Specification with guidance for the verification and validation of greenhouse gas statements. Verification opinions may be issued at the reasonable level of assurance or at a limited level of assurance, depending upon the desired depth of inquiry and review. We verify the following types of greenhouse gas statements:
- Organizational inventories
- Product carbon footprints
- “SEC climate-related disclosures gap analysis”
Criteria for organizational inventories include the WRI/WBCSD GHG Protocol standards, ISO 14064 Part 1, and Specification with guidance at the organization level for quantification and reporting of greenhouse gas emissions and removals. Criteria for product carbon footprints include ISO 14067 and the WRI/WBCSD Product Life Cycle Accounting and Reporting Standard.
Supply Chain Verification
Futurepast performs as a second-party verifier when an organization engages us to verify the greenhouse gas emissions of an organization’s upstream suppliers or downstream logistics partners. Second-party verification engagements require the consent of the organization whose greenhouse gas statements will be verified.
Futurepast performs a first-party verification or validation when engaged by an organization to undertake an internal audit on the organization’s behalf. The scope of the verification is determined by the client and may include direct and indirect greenhouse gas emissions, product carbon footprints, and projected or forecast information.
Green Bonds and Green Loans
Futurepast offers third-party verification of green bonds and green loans issued or originated in accordance with the Green Bond Principles or the Green Loan Principles.
Climate Actions of Financial Institutions
Futurepast offers third-party verification of climate actions undertaken by financial institutions and financiers in conformity with ISO 14097, Framework including principles and requirements for assessing and reporting investments and financing activities related to climate change.
Why Choose Futurepast?
Futurepast is committed to providing impartial verification and validation services. Futurepast’s John Shideler helped write the International Standards used today for greenhouse gas verification and validation. He participated in writing the first edition of ISO 14064 Part 3, published in 2006, and in revising this document when it was reissued in 2019. He also helped write the first and second editions of ISO 14065 (2007 and 2013) and its third edition (2020): General principles and requirements for bodies validating and verifying environmental information. He was the convenor of the ISO working group that developed the four parts of ISO 14030 on green debt instruments and he participated in writing ISO 14097.
Verification and Validation Methodologies
Futurepast delivers greenhouse gas opinions in accordance with ISO 14064 Part 3, ISO/IEC 17029, Conformity Assessment—General principles and requirements for validation and verification bodies, and ISO 14065. Key elements of working with clients include formalizing an agreement on the following parameters of the engagement:
- Objectives and scope of the verification/validation services
- The criteria against which the greenhouse gas or other statements will be assessed
- Program requirements, as applicable
- Thresholds of materiality and, for verification, the level of assurance
- The type of engagement (verification, validation, mixed, agreed-upon procedures)
- The time frame for the planned verification or validation
Assured Data Make for Better Decision Making
Greenhouse gas emissions are the proximate cause of global warming and climate change. Governments around the world are setting targets for decarbonization of economies with impacts that will flow down to nearly every organization. As true as the business principle is that “you manage what you measure,” it is equally important that monitored data that inform significant business decisions be verified. Third-party assured data also provide company stakeholders with confidence that greenhouse gas emissions and removals information provided by management is reliable and accurate.