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What methodology does Trace use?

Trace’s carbon accounting (aka carbon emissions calculation) methodology aligns to the standards outlined by the Greenhouse Gas Protocol (otherwise known as the ‘GHG Protocol’, ‘The Protocol’ or ‘GHGP’ for short).

The GHG Protocol is the leading international guideline for carbon accounting and forms the foundation for Trace’s methodology. The GHGP defines the scope of activities that must be included in a company’s carbon footprint and creates a standardised emissions measurement methodology. The GHGP guidelines were developed by the World Resources Institute (WRI) and World Business Council for Sustainable Development (WBCSD) in collaboration with governments, industry associations, NGOs, and corporations.

Trace applies the standards from the following documents

  1. Corporate Standard which including Scope 2 Guidance
  2. Corporate Value Chain (Scope 3) Standard 

The Corporate Standard is considered the “gold standard” for corporate emissions measurement around the world. The Protocol is the foundation for most global climate reporting standards, including the Taskforce for Climate-related Financial Disclosures (TCFD), which has been adopted by the International Sustainability Standards Board (ISSB), and the Science Based Targets Initiative.

“GHG emissions should be calculated in line with the GHG Protocol methodology to allow for aggregation and comparability across organizations and jurisdictions.” - TCFD

“Companies must follow the GHG Protocol Corporate Standard, Scope 2 Guidance, and Corporate Value Chain (Scope 3) Accounting and Reporting Standard.” - SBTi

The Protocol covers the following, which are summarised below according to Trace’s adoption:

  1. Principles of carbon accounting
  2. Boundary setting
  3. Calculation methodology by emissions category
  4. Emissions factors
  5. Emissions Time Period (‘Measurement Period’)

Carbon Accounting Principles

  1. RELEVANCE: Ensure the GHG inventory appropriately reflects the GHG emissions of the company and serves the decision-making needs of stakeholders
  2. COMPLETENESS: Account for and report on all GHG emission sources and activities within the chosen inventory boundary. Disclose and justify any specific exclusions. 
  3. CONSISTENCY: Use consistent methodologies to allow for meaningful comparisons of emissions over time. Transparently document any changes.
  4. TRANSPARENCY: Keep an audit trail. Disclose any relevant assumptions and make appropriate references to the accounting methodologies and data sources used. ‍
  5. ACCURACY: Ensure uncertainties are reduced as far as practical.

Find our more about our Methodology here.