The United Nations Environment Programme Emissions Gap Report explains that although 2020 emissions were lower than in 2019 due to COVID-19 and related responses, greenhouse gas (GHG) concentrations continue to rise, with the immediate drop in emissions expected to have minimal impact on climate change long term.
On the other hand, the extraordinary scale of COVID-19 economic recovery measures set to usher in a low-carbon transition that can create the systemic changes needed for sustainable emissions reductions. Many governments are adopting regulations to incentivize decarbonization.
With sustainable emissions reductions possible in most sectors, how can corporations better track and report on their own emissions to comply with current and imminent regulations?
The answer for many could be using a regulatory compliance solution or software that eases the journey to decarbonization.
This article explores the benefits of emissions reporting compliance solutions - going beyond carbon inventories to automated emissions tracking that facilitates next-generation reporting. A GHG reporting compliance solution that meets your corporation's needs can save time, foster cross-team collaboration, and provide error-proof reporting—enhanced reporting that more and more investors have an appetite for when it comes to considering a corporation's carbon strategy.
Intelligent carbon inventories
To gain a true and accurate calculation of your corporation's emissions, it's essential to aid collaboration from many areas of the business, with Operations, R&D, Finance, Sustainability, and Investor Relations all playing a part. What tools exist to make this process easy and support calculating your internal carbon price and other emissions data that you need to report on to remain compliant (and avoid hefty penalties?)
Regulatory compliance solutions have the potential to provide dynamic carbon inventories for your corporation, with intuitive and easy-to-use interfaces and automation for data input, resulting in much more accurate and complete emissions calculations.
With software that includes Scope 1, 2, and 3, you'll be able to perform automatic uploads of utility data and other essential resource data that are necessary for collecting better carbon inventories.
Automated forms and workflows can improve the internal process and lead to much more efficient inventories with accurate calculations when it comes to your corporation's carbon output.
Better emissions reporting
What emissions do you need to report to comply with current regulations?
Regulatory compliance solutions can come with an emissions factor database out of the box - including Environmental Protection Agency (EPA,) Intergovernmental Panel on Climate Change (IPCC,) the Greenhouse Gas (GHG) Protocol, and more.
Cutting-edge compliance solutions also allow for customization so your corporation can set its own emissions targets and goals. With methodological guidance, you'll be able to draw upon transparent and auditable emissions calculations for better and more straightforward reporting.
Even in the unprecedented times we found ourselves in, operating through a global pandemic, accountable carbon strategies remain a top priority for many corporations. If you are looking for guidance on better managing your carbon emissions through the COVID-19 pandemic, see our recent blog on the topic.
Going beyond emissions inventories and reporting
An industry-leading regulatory compliance solution provides additional services that can position your corporation at the forefront of emissions reporting with framework insights and business intelligence to enhance your business model while ensuring you remain compliant with the most up-to-date regulations.
With sorting, filtering, and aggregation functionality, you'll be better able to analyze your emissions data and gain a clear understanding of how different areas of the business contribute. You'll be able to quickly identify trends and patterns and compare emissions sources and resource consumption, in many cases, with just a few clicks of the mouse.
With the power to project emissions based on historical activity data, you'll be able to understand the impact in real-time as growth and changes to your corporation occur. You'll have the ability to pull in forecasts from external and internal models and compare multiple scenarios at once.
Corporations that are looking to stand out as decarbonization leaders in their industry can benefit from dynamic scenario assessment tools and carbon pricing modules. Not all regulatory compliance solutions are able to provide the same tools and features. Look for software that does more than the standard emissions inventory to take your environmental reporting to the next level.
Automate data collections and calculations
Help bring your carbon strategy directly into your business model with a regulatory compliance solution that's simple and easy to use.
SINAI's technology allows you to automate all of the necessary data connections and emissions calculations that are also easily accessible from a central online location. Our scenario and mitigation modeling can help your corporation compare and contrast marginal abatement costs of mitigation options across your multiple areas of business.
Are you interested in what's possible beyond carbon inventories for your corporation? Reach out for a demo of our software today and see for yourself how regulatory compliance solutions can lead to better emissions and environmental reporting more widely.