The GHGP Standards are the most commonly used measurement standards worldwide for corporate reporting of GHG emissions. They are referenced in many reporting regulations and standards including IFRS® Sustainability Disclosure Standards and European Sustainability Reporting Standards (ESRS).
Updates to the GHGP Standards are taking place over five years to modernise and strengthen the standards. Several consultations are planned to address different standards.1
For companies, the proposed GHGP updates to Scope 2 guidance would mean more precise reporting of electricity use and emissions that would reflect when and where power is actually generated and consumed. This may require companies to adjust their energy procurement, and emissions accounting and reporting practices.
In practical terms, energy attribute certificates (EACs2) purchased by companies to manage their market-based emissions may no longer qualify under these revised requirements and new types of certificates would need to become available.