The meaning of CarbonTRACC

CarbonTRACC derives its name from a profound commitment to the principles that underpin our work in carbon (GHG) accounting. It offers comprehensive training programs in ISO 14064 GHG accounting and auditing standards. CarbonTRACC equips organisations with the knowledge and skills to measure, aswell as account for their internal, external, and supply chain GHG emissions.

CarbonTRACC operates in alignment with the ISO standards. In addition, it ensures credibility and authenticity in GHG accounting.  Therefore, it aids organisations in developing GHG emissions reduction projects. Morefore, overseeing GHG accounts and claims. Our dedication to the principles of Transparency, Relevancy, Accuracy, Completeness, and Consistency, encapsulated in the acronym TRACC. This drives our mission to combat climate change through ethical, credible, and pure GHG accounting practices.

What do we do?

1. CarbonTRACC offers detailed training programmes in ISO 14064 GHG accounting and auditing Standards.
2. Help organisations to measure, and account for their internal and external or supply chain GHG emissions.
3. Work with organisations to transparently, relevantly, accurately, consistently and completely identify and quantify their:

a. GHG emissions (Scope 1 and Scope 2).

b. Those GHG emissions which occur as a result of the organisation’s activities but which are emitted elsewhere . Usually, these are called Scope 3 GHG emissions. These are also known as “other indirect” or Supply Chain emissions.

We do this by conforming to ISO 14064-1:2018, which provides guidance and a methodology to ensure credibility and authenticity in GHG accounting.

4) Assist organisations to develop:

a. GHG emissions reductions projects, where the organisation reduces or avoids genear6ting GHG emissions or

b. CO2e GHG Removals Projects (this is where we actually removed a GHG from the atmosphere and store this for up to thousands of years. emissions.

We do this by conforming to ISO 14064-2:2019, which provides guidance and a methodology to ensure credibility and authenticity in GHG emission reductions or GFG Removals.

5) Help oversight organisations to audit GHG accounts or claims or assertions:

a. Assist inspection/audit bodies to examine and test GHG emissions (Scope 1, Scope 2 and Scope 3) by equipping them to carry out Verifications of the GHG accounts.

b. Aid inspection/audit bodies to examine and test GHG emissions reductions projects or CO2e GHG Removals Projects by equipping them to carry out the initial Validations of these projects and then to subsequently carry Verifications, typically annually.

This is done by conforming to ISO 14064-3:2019, which provides guidance and a methodology to ensure that we (and you) can test the credibility and authenticity in GHG emission reductions or GHG Removals.

What does it cover?

Our training covers the Greenhouse Gas Protocol (GHG P). In addition, audit and reporting organisations use this in mandatory GHG reporting programmes such as ETS schemes in the EU and the UK. In addition to GHG accounts in the Voluntary Carbon Markets (VCM).

These schemes and Standards (ISO, GHG Protocol, VCM, EU ETS, UK ETS and carbon tax schemes in multiple jurisdictions) all use and are led by a principled approach to GHG accounting and GHG audits.

These principles help organisations to

1. Help companies prepare a GHG inventory that represents a true and fair account of their emissions, through the use of standardized approaches and principles.
2.  Simplify and reduce the costs of compiling a GHG inventory.
3. Provide business with information that can be used to build an effective strategy to manage and reduce GHG emissions.
4. To provide information that facilitates participation in voluntary and mandatory GHG programmes.
5. Increase consistency and transparency in GHG accounting and reporting among various companies and GHG programmes.

These five points are good for business, because they reduce costs if their GHG inventory is capable of meeting different internal and external information requirements. For other stakeholders – for example those people studying the GHG performance of organisations, it improves the consistency,

transparency, and understandability of reported information, making it easier to track and compare progress over time.

A well-designed and maintained corporate GHG inventory can serve several business goals, such as :

a) Managing GHG risks and identifying reduction opportunities

b) Public reporting and participation in voluntary GHG programs

c) Participating in mandatory reporting programs

d) Recognition for early voluntary action.

e) Participating in GHG markets

In addition these principles are conformant with and promoted by programmes such as guidance’s and protocols produced by (for example) the:-

• International Aluminium Institute,
• International Council of Forest and Paper Associations
• WBCSD Cement Sustainability Initiative,
• International Iron and Steel Institute
• The International Petroleum Industry Environmental Conservation Association (IPIECA).
• American Petroleum Institute (API GHG Compendium)
• Many others.

However, what is common to all programmes and schemes are the principles of Transparency, Relevancy, Accuracy, Completeness and Consistency are prerequisites for GHG accounting which is authentic, ethical, credible and pure.

Carbon TRACC works in carbon (GHG) accounting in order to mitigate climate change and we adhere with passion to these principles which together are represented by the acronym TRACC – thus it is appropriate to identify ourselves by combining the field in which we work (carbon) with the principles which we follow (TRACC), hence CarbonTRACC.

The meaning of CarbonTRACC – what are the TRACC principles of Carbon TRACC?

TRANSPARENCY: Address all relevant issues in a factual and coherent manner, based on a clear audit trail. Disclose any relevant assumptions and make appropriate references to the accounting and

calculation methodologies and data sources used.

RELEVANCY: Ensure the GHG inventory appropriately reflects the GHG emissions of the company and serves the decision-making needs of users – both internal and external to the company or reporting organisation.

ACCURACY: Ensure that the quantification of GHG emissions is systematically neither over nor under actual emissions, as far as can be judged, and that uncertainties are reduced as far as practicable. Achieve sufficient accuracy to enable users to make decisions with reasonable assurance as to the integrity of the reported GHG information.

COMPLETENESS : Account for and report on all GHG emission sources and activities within the chosen inventory boundary. Disclose and justify any specific exclusions

CONSISTENCY: Use consistent methodologies to allow for meaningful comparisons of emissions over time. Transparently document any changes to the GHG data, GHG inventory boundary, quantification methods, or any other relevant factors in the time series.

You may also be interested in learning more about: Fergal Mee Founder and CEO at Carbon TRACC