To: The Stakeholders of UL Solutions Inc.:
Apex Companies, LLC (Apex) was engaged to conduct an independent verification of the greenhouse gas (GHG) emissions reported by UL Solutions Inc. (UL Solutions) for the period stated below. This verification opinion declaration applies to the related information included within the scope of work described below.
The determination of the GHG emissions is the sole responsibility of UL Solutions, and UL Solutions is responsible for the preparation and fair presentation of the GHG emissions statement in accordance with the criteria. Apex’s sole responsibility was to provide independent verification on the accuracy of the GHG emissions reported, and on the underlying systems and processes used to collect, analyze and review the information. Apex is responsible for expressing an opinion on the GHG emissions statement based on the verification. Verification activities applied in a limited level of assurance verification are less extensive in nature, timing and extent than in a reasonable level of assurance verification.
Boundaries of the reporting company GHG emissions covered by the verification:
- Operational Control
- Global Operations
Types of GHGs: CO2, N2O, CH4, HFC, PFC, SF6, NF3
GHG Emissions Statement:
- Scope 1: 29,902 metric tons of CO2 equivalent
- Scope 2 (Location-Based): 44,202 metric tons of CO2 equivalent
- Scope 2 (Market-Based): 34,901 metric tons of CO2 equivalent
- Scope 3:
- Category 1 - Purchased Goods & Services: 67,770 metric tons of CO2 equivalent
- Category 2 - Capital Goods: 21,867 metric tons of CO2 equivalent
- Category 3 - Fuel and Energy-Related Activities: 17,822 metric tons of CO2 equivalent
- Category 6 - Business Travel: 9,579 metric tons of CO2 equivalent
- Category 7 - Employee Commute: 10,463 metric tons of CO2 equivalent
Data and information supporting the Scope 1, Scope 2, and Scope 3 GHG emissions statement were generally historical in nature but were in some cases estimated.
Period covered by GHG emissions verification:
- January 1, 2022 to December 31, 2022
GHG Reporting Protocols against which verification was conducted:
- World Resources Institute (WRI)/World Business Council for Sustainable Development (WBCSD) Greenhouse Gas Protocol, Corporate Accounting and Reporting Standard, Revised Edition (Scope 1 and 2) and the GHG Protocol Scope 2 Guidance, an amendment to the GHG Protocol Corporate Standard
- WRI/WBCSD Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Scope 3)
GHG Verification Protocols used to conduct the verification:
- ISO 14064-3 Second Edition 2019-04: Greenhouse gases - Part 3: Specification with guidance for the verification and validation of greenhouse gas statements
Level of Assurance and Qualifications:
- This verification used a materiality threshold of ±5% for aggregate errors in sampled data for each of the above indicators.
GHG Verification Methodology:
Evidence-gathering procedures included but were not limited to:
- Interviews with relevant personnel of UL Solutions;
- Review of documentary evidence produced by UL Solutions;
- Review of UL Solutions data and information systems and methodology for collection, aggregation, analysis and review of information used to determine GHG emissions; and
- Audit of sample of data used by UL Solutions to determine GHG emissions.
Based on the process and procedures conducted, there is no evidence that the GHG emissions statement shown above:
- are not materially correct and are not a fair representation of the GHG emissions data and information; and
- has not been prepared in accordance with the WRI/WBCSD GHG Protocol Corporate Accounting and Reporting Standard (Scope 1 and 2).
- has not been prepared in accordance with the WRI/WBCSD Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting.
It is our opinion that UL Solutions has established appropriate systems for the collection, aggregation and analysis of quantitative data for determination of these GHG emissions for the stated period and boundaries.
Statement of independence, impartiality and competence
Apex is an independent professional services company that specializes in Health, Safety, Social and Environmental management services, including assurance, with over 30 years history in providing these services.
No member of the verification team has a business relationship with UL Solutions, its Directors or Managers beyond that required of this assignment. We conducted this verification independently and to our knowledge there has been no conflict of interest.
Apex has implemented a Code of Ethics across the business to maintain high ethical standards among staff in their day-to-day business activities.
The verification team has extensive experience in conducting assurance over environmental, social, ethical and health and safety information, systems and processes, has over 20 years combined experience in this field and an excellent understanding of Apex’s standard methodology for the verification of greenhouse gas emissions data.
Mary E. Armstrong-Friberg, Lead Verifier ESG Program Manager
Apex Companies, LLC
John Rohde, Technical Reviewer Principal Consultant
Apex Companies, LLC
October 13, 2023
This verification opinion declaration, including the opinion expressed herein, is provided to UL Solutions Inc. and is solely for the benefit of UL Solutions Inc. in accordance with the terms of our agreement. We consent to the release of this statement by you to the public or other organizations but without accepting or assuming any responsibility or liability on our part to any other party who may have access to this declaration.