Policy Context

CRC, GHG, ROCs, SPC, … The carbon accounting world is not short of initials and acronyms. What is lacking is clarity and consistency. Over the last decade Best Foot Forward has helped many organisations to navigate the maze of policies and guidance.

There is general scientific consensus that humanity is living beyond its means. Nowhere is this more apparent than in our use of fossil fuels which, when burned, produce carbon dioxide – a potent greenhouse gas.

Countries the world over are adopting initiatives, voluntary measures and statutory legislation aimed at encouraging and enforcing carbon reductions. Some of these operate internationally, such as the Kyoto Protocol, others are national, sectoral or even local (for example, applying only to a particular city).

The most common carbon reporting standards and guidelines relevant to organisations include the Greenhouse Gas Protocol, PAS 2050, ISO 14064 and the Shadow Price of Carbon.

Green House Gas Protocol

We are invited consultants on planned extensions to the GHG Protocol to cover products and supply chains.

The Greenhouse Gas Protocol is the most widely used international accounting standard for businesses and other organisations. Developed by the World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD) in collaboration with more than 350 leading businesses, it is the basis for nearly every GHG standard and program in the world.

PAS 2050

We are expert advisors to the Carbon Trust on the development of PAS 2050, and approved suppliers for The Carbon Reduction Label scheme.

Currently in draft form, this ‘publicly available specification’ (known as PAS 2050) is under development in the UK by the British Standards Institute, Defra and the Carbon Trust. Its goal is to provide a consistent framework for assessing the full life cycle greenhouse gas emissions of goods and services. PAS 2050 is currently due for publication in Autumn 2008.

ISO 14064-1

We have helped many of our clients to undertake a footprint analysis of their organisation, and meet the requirements of BS ISO 14064-1.

Published in 2006, BS ISO 14064-1 details principles and requirements for designing, developing, managing and reporting organisation or company-level greenhouse gas inventories. It covers boundary-setting, quantification methods and management issues. It also includes guidance on quality control, reporting, auditing and verification.

Shadow Price of Carbon

We already have experience of applying the Shadow Price of Carbon to our carbon metrics to support our clients’ projects appraisals.

Arising from the Stern Review, the shadow price of carbon is a mechanism put forward by the UK Government to embed the environmental cost of carbon into policy and investment decisions. Although only introduced in late 2007, the idea is gaining traction amongs businesses keen to integrate carbon emissions data into their bottom line accounting.