Source: Scope 3 Standard
The financial sector, for example, is rapidly evolving to become more environmentally-friendly and an integral part of that is looking at the impact of investments, which would fall under Scope 3. More and more organisations are moving away from coal mining and/or coal-fired power plants, and more capital is being invested in greener activities to support companies innovating with the climate crisis at the forefront of their minds.
In addition, new regulations about sustainable finance are being introduced alongside a growing consumer appetite for understanding where their money is going (in investments like a pension). All of this means financial institutions are under pressure to communicate and disclose their ESG strategies with complete transparency. According to Gartner, 85% of investors considered ESG factors in their investments in 2020 and media mentions of ESG data grew by 303% in the same year. Understanding and managing on Scope 3 is now not just a ‘nice to have’, it’s critical for business.
How Do You Manage Scope 3 Emissions?
Scope 3 is notoriously difficult to track and monitor, but it’s a crucial part of getting a holistic view of your environmental impact and understanding the steps you can take to reduce it. Not only can reporting help you spot areas for improvement for the planet, it can also open up new opportunities and transform your business to a Net Zero future.
Our advisory team can guide you through the process, helping you gain better knowledge of Scopes 1, 2 and 3. Our ESG Advisory Roadmap will take you through step by step, starting with the basics and helping you build up knowledge before developing process and low-carbon strategies that are designed to improve your performance.
Alongside our expert team our technology platform, Sustainion, gathers the data you need to measure your impact. From collating key information around regulation and compliance to tailored frameworks that give you complete visibility over your supply chain, it’s a flexible solution that will support your growing business.