In an era marked by environmental concerns and the pressing need for sustainability in business, organizations are increasingly recognizing the importance of transparently managing greenhouse gas (GHG) emissions through robust measurement, reporting and reduction. Worldwide, not only are customers and investors demanding more transparent GHG management, but regulators are making it a requirement.
How pre-verification enables effective GHG management
As part of an effective GHG management strategy, pre-verification, also known as “verification readiness,” to standards such as ISO 14064-3is a proactive measure that organizations can use to evaluate the accuracy and reliability of their emissions data before reporting them. Pre-verification itself involves engaging an external party to evaluate the data collection process, methodologies, and calculations to identify non-conformities with prevailing reporting standards.
Making a modest investment in pre-verification upfront can yield substantial rewards down the line, including:
Improved controls and processes
Pinpointing and addressing areas for improvement around reporting rules, controls and processes enables organizations to minimize their risk of errors.
Early error detection
Identifying data gaps and errors at an early stage lets organizations rectify issues before they're incorporated into reports. This proactive approach minimizes the risk of submitting incorrect information, protecting the organization's reputation and credibility.
Integrating pre-verification into reporting processes demonstrates an organization's commitment to accurate and transparent sustainability practices. This, in turn, boosts stakeholder confidence in the reported data and the company's dedication to its environmental responsibilities.
Integrating pre-verification into reporting processes may facilitate an organization’s achievement of preferred verification outcomes (i.e. an unmodified verification opinion).
Instituting a pre-verification engagement can help organizations establish a culture of improvement and continuous learning around the importance of environmental, social and governance (ESG) data quality.
The UL Solutions process
Pre-verification is equivalent to approximately one-third of the effort of a full engagement. Performed by the domain experts on the UL Solutions ESG Advisory and Assurance Team, this verification readiness process takes only five to 10 days to complete and includes:
- Evaluating GHG data and their controls
- Highlighting conformity gaps and deficiencies
- Identify standards and best practice guidelines for customer resolution of conformity gaps and deficiencies
Organizations that partner with UL Solutions can leverage our ESG Advisory and Assurance Team's deep expertise in GHG reporting and verification services, our 22 years of measuring and reporting carbon data experience, and the UL 360 Reporting Software.