Data laggards need help to fix supply chain emissions accounting

illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:

🗞️ Driving the news: Major companies should help their supply chain entities improve data collection for more accurate Scope 3 emissions accounting, according to Singapore Post Ltd.
• Chief Sustainability Officer Michelle Lee emphasized the importance of data at the Bloomberg Sustainable Business Summit in Singapore

🔭 The context: Scope 3 emissions, which represent about 75% of a sector's total carbon pollution, are challenging to calculate due to varied accounting methods and verification approaches
• Singapore Post aims to reach net zero by 2050 and is developing a comprehensive Scope 3 emissions inventory

🌍 Why it matters for the planet: Reliable emissions data is crucial for effective reduction strategies
• Assisting smaller suppliers in improving their data capabilities can enhance overall transparency and help achieve broader climate goals

⏭️ What's next: Companies should support their suppliers by providing tools and resources for better data collection rather than shifting away from those unable to provide detailed emissions data immediately

💬 One quote: “With supply chains, you can’t control directly what they do, whether they even give you the data.” — Michelle Lee, Chief Sustainability Officer, Singapore Post Ltd.

📈 One stat: Scope 3 emissions account for about 75% of a sector's total carbon pollution, according to CDP

Click for more news covering the latest on sustainable finance