Shipping heavyweights join bid to standardise emissions tracking
A new global coalition named Carbon Measures has officially launched, uniting major businesses across various industries to create a more precise carbon accounting framework. This initiative aims to drive market-based solutions that reduce emissions at the lowest possible cost. With founding members including prominent companies from shipping, ports, and energy sectors, the coalition seeks to enhance transparency in emissions tracking and inform better policy decisions.
Innovative Framework for Emission Tracking
Carbon Measures is dedicated to developing a ledger-based carbon accounting system that addresses existing information gaps and eliminates double counting. By leveraging scientific principles and financial accounting methods, the coalition aims to provide businesses with the tools needed to accurately track emissions throughout the global economy. This enhanced framework will not only help companies differentiate their products but also empower governments to make informed policy choices.
The coalition’s founding members include notable names such as Mitsui OSK Lines, ADNOC, ExxonMobil, and the Port of Rotterdam. Together, they advocate for policies that foster innovation and competition in the market. They believe that establishing product-level carbon intensity standards, based on verifiable data, can incentivize businesses to invest in low-carbon production methods.
Carbon Measures plans to focus on key industrial products, including electricity, fuel, steel, concrete, and chemicals, which are integral to most supply chains and contribute significantly to global emissions. By setting carbon intensity standards for these products, the coalition hopes to create a marketplace that rewards sustainable practices.
Leadership and Vision for the Future
Amy Brachio has been appointed as the CEO of Carbon Measures, bringing nearly three decades of experience from Ernst & Young. Brachio emphasized the importance of accurate data in making informed decisions regarding emissions reduction. She noted that the current reliance on estimates and voluntary commitments is insufficient for driving meaningful market action.
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Brachio stated, “Carbon Measures wants to create a system that will unleash markets and competition, unlocking investment and accelerating the pace of emissions reduction.” This vision aligns with the coalition’s goal of fostering enduring change in the fight against climate change.
Darren Woods, Chairman and CEO of ExxonMobil, echoed this sentiment, highlighting the necessity of a standard carbon emissions accounting methodology. He remarked, “If you can’t measure it, you can’t manage it,” underscoring the coalition’s mission to establish a reliable framework for tracking emissions. With the support of diverse companies, including Banco Santander, BASF, and Mitsubishi Heavy Industries, Carbon Measures aims to mobilize market forces to meet the dual challenge of rising energy demand and decreasing emissions.
