Many organizations are facing a challenge in their efforts to reduce greenhouse gas emissions. A major barrier is poor data quality. As a result, it is difficult to compare companies and make sound judgments about the accuracy of their carbon emissions. However, a new industry-wide Scope 3 measurement standard could be a game-changer.

The Value Change Initiative is a multi-stakeholder forum that brings together leading organizations and civil society actors. It aims to drive down Scope 3 emissions at scale and brings internationally recognized frameworks and best practices into the marketplace.

Taking into account scope 3 emissions is important for businesses because it identifies areas for collaboration and innovation. For example, companies should identify which products and services they offer that are particularly carbon intensive. This will enable them to develop more effective GHG reduction strategies. Those who choose to take this approach can also help to speed up the transition to a low-carbon economy.