Carbon Accounting Timeline

1994 – UNFCCC (United Nations Framework Convention on Climate Change)

A first step toward sustainable development, worldwide government is involved in global warming research and GHG emissions reduction. 198 nations have ratified this pact and are attempting to prevent human intervention in the climate system. The result of this framework is the Conference of Parties (COP), which brings together world leaders annually to deliberate on environmental challenges and climate change. This is first United Nations body assigned to support the worldwide effort to combat the challenges posed by climate change.

1997 – KYOTO PROTOCOL

An international agreement known as the Kyoto Protocol aims to reduce greenhouse gas emissions to lessen the effect of climate change. Adopted in Kyoto, Japan on December 11, 1997, it went into effect on February 16, 2005. It was the binded agreement for the 37 developed countries. This agreement was put in place to address the developed world’s contribution to greenhouse gas emissions, they have to measure and report these GHG emissions as per the limits set for the emissions. Developed countries will help developing countries in technical and financial areas since they lack the technical and financial stability to reduce greenhouse gas emissions.

2000-CARBON DISCLOSURE PROJECT (CDP)

A global non-profit organization called CDP, originally the Carbon Disclosure Project, runs a disclosure platform that helps businesses, states, municipalities, and other entities quantify and control their environmental effects. Organizations are encouraged by CDP to publish details about their environmental performance, such as water use, carbon emissions, and climate change plans. The intention is to give consumers, politicians, and investors clear, consistent information so they can decide wisely on opportunities and dangers associated with climate change.

2001 – GHG PROTOCOL

Following the Kyoto Protocol, industrialized nations’ businesses accepted its conditions, but there was no common format for reporting greenhouse gas emissions. Government and corporate leaders use the Greenhouse Gas Protocol (GHG Protocol) extensively as an international accounting instrument to comprehend, measure, and control greenhouse gas (GHG) emissions. Businesses and governments can measure and report their emissions using this standardized framework, which makes it simpler to compare performance, set reduction targets, and put emission reduction plans into action.

2006 – ISO 14064

The International Organisation for Standardisation (ISO) created ISO 14064, a set of global standards that offers a framework for greenhouse gas (GHG) accounting and verification. The ISO 14000 series covers environmental management aspects, of which the ISO 14064 standard is a component. The measurement, tracking, reporting, and verification of greenhouse gas emissions and removals are the main areas of attention for ISO 14064.

2015 – PARIS AGREEMENT

A historic worldwide agreement known as the Paris Agreement seeks to combat climate change by fostering international collaboration in the fight against its effects and limiting global warming. On December 12, 2015, it was approved during the United Nations Framework Convention on Climate Change (UNFCCC) 21st Conference of the Parties (COP 21) in Paris, France. Officially, on November 4, 2016, the agreement came into being. According to this agreement, all participating countries will establish national inventories to limit greenhouse gas emissions.

2017 – Task Force on Climate-related Financial Disclosures (TCFD)

The Task Force on Climate-related Financial Disclosures is referred to as TCFD. It was created as a framework to give businesses instructions on how to disclose information regarding the financial risks and possibilities associated with climate change. An international agency that keeps an eye on and offers suggestions about the global financial system, the Financial Stability Board (FSB), created the TCFD in December 2015.

2019 – Science-Based Targets Initiative (SBTi)

An alliance of groups called SBTi, or Science-Based Targets initiative, works to support and encourage businesses to establish and meet science-based goals for cutting greenhouse gas (GHG) emissions. Together with assistance from other organizations, the World Resources Institute (WRI), the World Wide Fund for Nature (WWF), the United Nations Global Compact (UNGC), and CDP (previously the Carbon Disclosure Project) are partners in this endeavor.

Sources of GHG Emission

Impacts of GHG Accounting

Air Quality

Fossil fuel combustion releases pollutants in form of particles and gases, leading to smog and poor air quality. As per WHO-Outdoor air pollution contributes to millions of premature deaths annually. It causes respiratory problems, cardiovascular diseases, increased mortality rates, and higher lung cancer risk from exposure to fine particulate matter (PM2.5).

Ocean Acidification

Industrial and anthropogenic activities emit Carbon dioxide, oceans are biggest sink of the carbon dioxide. This higher concentration of CO₂ causing the ocean to observe 30% and become more acidic. Ocean acidity has increased by 20% since the Industrial Revolution harming corals’ ability to build skeletons, impacting marine life’s growth, reproduction, and survival, including the-forming organisms.

Biodiversity Change

Climate change heightens species extinction risks, threatening 1 million species due to change in the temperature and weather patterns. It necessitates species movement to suitable climates, altering communities and potentially disrupting dependencies. Under high emissions, 50% of land-based species could lose range by 2100, disrupting ecological interactions and impacting ecosystem stability.

Climate Change

Climate change, driven by increased greenhouse gas emissions, has raised global CO₂ levels to 415 ppm, the highest in two million years. This has caused a 1.1-degree Celsius temperature rise, resulting in melting of glaciers, rising sea levels, and more frequent extreme weather events. Climate change is a broad term related to the huge impacts of the global warming on the various aspects of the environment.

Ecosystem Disruption

These emissions alter ecological zones and phenology, disrupting ecosystems. Climate change influences biological activities including flowering, migration, and hibernation, causing early spring occurrences in many locations (IPCC). Ecosystems disruptions and biodiversity loss are the interconnected events occuring due to the GHG emissions.

Sea Level Rise

Melting of glaciers and ice sheets, along with thermal expansion of seawater, have caused a 20cm rise in global sea levels since the late 19th century. Coastal areas are under risk due to rising sea levels. With projections of a 0.28 to 0.77 meter rise by 2100. In order to avoid the risk , Indonesia relocated its capital due to the increasing sea level in numerous places.