Greenhouse gas (GHG) verification is the engagement of an independent third-party practitioner by an organization to provide verification of their greenhouse gas statement using standards such as ISO 14064-3. The engagement is intended to enhance stakeholder confidence in the organization’s conformance to a set of defined criteria for the evaluation, measurement and reporting of GHG emissions.
As defined by the ISO 14064-3 standard, engagements can be conducted at two levels, reasonable and limited assurance:
- Reasonable assurance engagements, where the nature and extent of the verification activities have been designed to provide a high but not absolute level of assurance on historical data and information.
- Limited assurance engagements, where the nature and extent of the verification activities have been designed to provide a reduced level of assurance on historical data and information.
Under ISO 14064-3, UL Solutions delivers verification engagements in seven phases.
Why should your company verify greenhouse gas statements?
2022 was a remarkable year for the growth of GHG verification requirements. Companies around the world observed significant regulatory requirements being implemented or proposed, enhancements to corporate purchasing requirements, and sustained investor disclosure scoring requirements.
2023 looks to be equally remarkable with the anticipated publication of the International Sustainability Standards Board (ISSB), reporting standards elevating the importance and therefore expected quality controls of environmental, social and governance (ESG) data, such as GHG emissions.
How to get started with GHG Verification?
Verification of GHG statements requires the engagement of an independent third-party and expert practitioner that, in accordance with ISO 14064-3, exercises their skills, experience and judgment to form an assessment which is documented in a verification statement.
To form this opinion, practitioners follow a risk-based approach that incorporates an investigation of the inherent and control risks of the GHG management system and the collection and analysis of qualitative data, quantitative data, and support evidence.
Engaging UL Solutions as your verification provider
Our team of expert practitioners is ready to engage with you and support your GHG verification needs. Submit a contact us form at the top of the page, or visit UL.com/GHGV to learn more. One of our lead verifiers will contact you regarding next steps.
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