Mitigating climate change by tracking and reducing carbon emissions from multiple scopes

{"version":"0.3.0","atoms":[],"cards":[],"markups":[["a",["href","https:\/\/newclimate.org\/wp-content\/uploads\/2022\/02\/CorporateClimateResponsibilityMonitor2022.pdf","target","_new"]],["sub"],["a",["href","https:\/\/www.worldgbc.org\/sites\/default\/files\/NZCB%20Commitment%20FAQs.docx.pdf","target","_new"]],["a",["href","https:\/\/ghgprotocol.org\/","target","_new"]],["a",["href","https:\/\/www.epa.gov\/climateleadership\/scope-1-and-scope-2-inventory-guidance","target","_new"]],["a",["href","https:\/\/www.epa.gov\/climateleadership\/scope-3-inventory-guidance","target","_new"]],["a",["href","https:\/\/www.carbontrust.com\/news-and-events\/insights\/make-business-sense-of-scope-3","target","_new"]],["a",["href","https:\/\/www.sec.gov\/files\/33-11042-fact-sheet.pdf","target","_new"]],["b"],["a",["href","https:\/\/sciencebasedtargets.org\/news\/more-than-1000-companies-commit-to-science-based-emissions-reductions-in-line-with-1-5-c-climate-ambition","target","_new"]],["a",["href","https:\/\/www.kingspan.com\/group\/commitments\/planet-passionate","target","_new"]],["a",["href","https:\/\/www.kingspan.com\/group\/news-insights\/kingspan-news\/kingspan-commits-to-ambitious-new-science-based-ta","target","_new"]],["i"],["a",["href","https:\/\/viewer.ipaper.io\/kingspan\/pp-report-2022\/planet-passionate-report-2021\/","target","_new"]],["em"]],"sections":[[1,"h2",[[0,[],0,"Companies around the world are recognizing the need to reduce their greenhouse gas emissions. AIA partner Kingspan explains the three targeted areas of emissions reduction."]]],[1,"p",[[0,[],0,"The clock is ticking on climate change. According to the NewClimate Institute, limiting global temperature rise to 1.5\u00b0C means that the world must achieve a "],[0,[0],1,"45%"],[0,[],0," reduction in global CO"],[0,[1],1,"2"],[0,[],0," emissions versus 2010 levels by 2030."]]],[1,"p",[[0,[],0,"This is especially critical in the growing construction sector, which is "],[0,[2],1,"globally responsible"],[0,[],0," for 36% of energy consumption, 38% of energy-related carbon emissions, and 50% of resource consumption."]]],[1,"p",[[0,[],0,"Responding to the urgency of the climate crisis, companies are increasingly working to be part of the solution by pledging to reduce their greenhouse gas (GHG) emissions as close to zero as possible. Going net zero requires companies to track and reduce Scope 1, 2, and 3 GHG emissions, which are part of a global standardized framework to help companies measure and manage these emissions. "]]],[1,"p",[[0,[],0,"Setting clear goals for accelerating reductions in these emissions and committing to robust, science-based targets play a critical role in transitioning to a low-carbon economy and staving off the devastating impact of climate change."]]],[1,"h3",[[0,[],0,"GHG reduction framework"]]],[1,"p",[[0,[],0,"Set by the "],[0,[3],1,"Greenhouse Gas Protocol"],[0,[],0,", the emissions management framework serves as an international standard for corporate accounting and reporting of GHG emissions, which are categorized into Scope 1, 2, and 3 based on the emitting source. "]]],[1,"p",[[0,[4],1,"Scope 1 emissions"],[0,[],0," are direct GHG emissions that occur from sources that are controlled or owned by an organization. Sources of these emissions include boilers, company vehicles, furnaces, and manufacturing or industrial processes. "]]],[1,"p",[[0,[4],1,"Scope 2 emissions"],[0,[],0," are caused by an organization\u2019s consumption of electricity. Indirect in nature, these GHG emissions are associated with the purchase of electricity, steam, heat, or cooling and are generated whenever organizations heat and cool buildings, light offices and factory floors, and power electric fleets."]]],[1,"p",[[0,[],0,"Harder to measure and manage, "],[0,[5],1,"Scope 3 emissions"],[0,[],0,", also referred to as \u201cvalue chain emissions,\u201d often represent the majority of an organization\u2019s total GHG emissions. Occurring from sources that are not controlled, owned, or directly influenced by a company, Scope 3 emissions include 15 different categories, including business travel, employee commutes, investments, and transportation and distribution. These indirect emissions, which extend up and down a company\u2019s value chain, can account for up to "],[0,[6],1,"90%"],[0,[],0," of an organization\u2019s total carbon impact, according to the Carbon Trust. "]]],[1,"p",[[0,[],0,"Tracking and reporting these emissions might soon become a requirement for public companies under "],[0,[7],1,"a proposed rule"],[0,[],0," introduced by the U.S. Securities and Exchange Commission (SEC) in March. Developed in response to investor demand for more transparency around how GHG emissions impact company operations and financial results, the draft rule requires public companies to disclose Scope 1 and Scope 2 emissions. Scope 3 GHG emissions would be required for all companies, except smaller reporting companies, if they are material or included in any emissions targets the company has set."]]],[1,"p",[[0,[],0,"As emissions reporting requirements evolve, it is increasingly important for companies to align their Scope 1, 2, and 3 emission reduction targets with climate science. Science Based Targets Initiative"],[0,[8],1," "],[0,[],0,"(SBTi), the global body that defines, promotes, and approves science-based target setting, enables businesses to set emissions reduction targets in line with climate science. These independently validated emissions targets have recently tightened with the SBTi "],[0,[9],1,"announcing"],[0,[],0," last year that the organization will only accept corporate 1.5\u00b0C-aligned targets that started in June 2022. More than "],[0,[9],1,"1,000"],[0,[],0," companies have signed on to meet this target as part of a \u201cglobal campaign to rapidly scale corporate climate ambition.\u201d"]]],[1,"h3",[[0,[],0,"Kingspan\u2019s GHG reduction goals"]]],[1,"p",[[0,[],0,"Kingspan is one of these companies that have signed on. The transition to net zero is the focus of Kingspan\u2019s "],[0,[10],1,"Planet Passionate"],[0,[],0," sustainability initiative. Underpinned by a verified SBTi, the company is working to decarbonize at the pace and scale required to limit global warming to 1.5\u00b0C. Last year, Kingspan committed to "],[0,[11],1,"reducing"],[0,[],0," absolute Scope 1 and 2 GHG emissions by 42% by 2030 from a 2020 base year. Kingspan has also pledged a 90% absolute reduction in Scope 3 value chain GHG emissions downstream within the same time frame. "]]],[1,"p",[[0,[],0,"The company is making strides on its plan. Kingspan\u2019s 2021 Planet Passionate Report revealed that the company achieved a 4.3% reduction in Scope 1 and 2 GHG emissions and a 29% reduction in carbon intensity year-over-year."]]],[1,"p",[[0,[12],0,"To learn more about how Kingspan is delivering on climate goals, view the full version of the 2021 Planet Passionate Report "],[0,[13],1,"here"],[0,[],1,"."]]],[1,"p",[[0,[14],1,"AIA does not sponsor or endorse any enterprise, whether \npublic or private, operated for profit. Further, no AIA officer, \ndirector, committee member, or employee, or any of its component \norganizations in his or her official capacity, is permitted to approve, \nsponsor, endorse, or do anything that may be deemed or construed to be \nan approval, sponsorship, or endorsement of any material of construction\n or any method or manner of handling, using, distributing, or dealing in\n any material or product."]]]]}