CLIMATE
ALIGNMENT
FOR INDUSTRY
CLIMATE
ALIGNMENT
FOR INDUSTRY
CLIMATE
ALIGNMENT
FOR INDUSTRY
Glossary
Expert Carbon Accounting for Future-Focused Businesses
Carbon Accounting is crucial for any business aiming to understand and reduce its environmental impact. To better understand the industry alongside its regulations, compliance and overall aspirations, we have created a glossary of terms that we hope will inform and support you to understand the who, what, and why’s that relate to Carbon accounting and decarbonisation.
Carbon Accounting
The quantification of greenhouse gas emissions, in alignment with the Greenhouse Gas Protocol standards.
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Greenhouse Gas Emissions (GHG)
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Science Based Targets Initiative (ISBTi)
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Carbon Credits
A "token" representing the avoidance or removal of GHG emissions, measured in tonnes of carbon dioxide equivalent.
Activity Based Method
The activity-based approach calculates the emissions based on the actual activities or processes in the value chain that contribute to your Scope 3 emissions.
Blue Carbon
Blue carbon is a concept within climate change mitigation that refers to biologically driven carbon fluxes and storage in marine systems that are amenable to management.
Carbon Capture
Carbon capture and storage involves capturing carbon dioxide at emission sources, such as power stations, then transporting and storing it underground.
Carbon Footprint
A measure of the amount of greenhouse gas released into the atmosphere as a result of the activities of the particular individual, organisation or community. Expressed in tones of carbon dioxide equivalent.
Carbon Neutral
Companies, processes and products become carbon neutral when they calculate their carbon emissions and compensate for what they have produced via carbon offsetting projects.
Carbon Sequestration
Companies, processes and products become carbon neutral when they calculate their carbon emissions and compensate for what they have produced via carbon offsetting projects.
Carbon Offsets/Offsetting
A trading mechanism that allows entities like governments, businesses or individuals to compensate for their greenhouse gas emissions emissions by supporting projects that reduce, remove or avoid emissions elsewhere.
Carbon Pricing
Carbon pricing curbs greenhouse gas emissions by placing a fee on emitting and/or offering an incentive for emitting less. The price signal shifts consumption and investment patterns, making economic development compatible with climate protection.
Circular Economy
A model of production and consumption which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing products as long as possible to reduce waste.
Climate Change Adaptation
Changes in processes, practices and structures to moderate damages or to benefit from opportunities associated with climate change.
Climate Change Mitigation
Interventions to reduce the release of greenhouse gas emissions into the atmosphere.
CO2e
CO2e is a standardised metric that estimates the total greenhouse gases emitted.
Compulsory Offset
The term used to refer to offset required under formal compliance framework e.g. the ICAO CORSIA framework.
CORSIA
Carbon Offsetting and Reduction Scheme for International Aviation. CORSIA is ICAO's carbon offset and carbon reduction scheme to lower CO2e emissions for international flights, to curb the aviation impact on climate change. It came into force in Oct 2016.
CRP
Carbon Reduction Plan is a declaration of the organisation's commitment to achieving net zero emissions, calculation of baseline emissions and planned activity to decarbonise
CSR
Carbon A Corporate social responsibility policy is a company's commitment to ethical practices, environmental protection, and community support Plan is a declaration of the organisation's commitment to achieving net zero emissions, calculation of baseline emissions and planned activity to decarbonise
Decarbonisation
Decarbonisation is s the process of reducing or eliminating human-made carbon emissions from the atmosphere.
DEV
Decentralised Environmental Verification is a carbon standard that uses open data carbon offsets for universal verification
EC3
EC3 is an Embodied Carbon in Construction Calculator is a tool that allows benchmarking, assessment and reductions in embodied carbon in construction.
Eligible Emissions Unit
This is the terminology used by the Technical Advisory Board of the ICAO CORSIA framework used to describe an offset which meets their standards.
Embodied Emissions
Also known as "embodied carbon", these are the greenhouse gas emissions associated with creating, building, maintaining and disposing of a product, service organisation or process.
EPD
EPD is an environmental product declaration is a document which transparently communicates the environmental performance or impact of any product or material.
ESG
Environmental, Social and Governance is a set of standards measuring a business's impact on society, the environment, and how transparent and accountable it is.
ESM
As part of an ISO, an Environmental Management System provides a structured approach to the planning and implementation of environment protection procedures.
EU ETS
European Union Emissions Trading system.
Greenhouse Gas Emissions (GHG)
Emissions from natural or human activities that intensify the greenhouse effect and contribute to climate change.
Greenhouse Gas Protocol
A protocol that provides accounting standards, guidance, tools and training for businesses and government to measure and manage GHG emissions.
Greenwashing
Greenwashing is the process of conveying a false impression or misleading information about how a company's products or services are environmentally perceived.
ICAO
International Civil Aviation Organisation.
IPCC
The Intergovernmental Panel on Climate Change (IPCC) is a scientific organisation that assesses climate change and provides information to governments and policymakers.
ISO 14001
ISO 14001 is an internationally recognized standard for designing and implementing an environmental management system (EMS) for businesses.
Kyoto Protocol
The Kyoto Protocol sets binding emissions reduction targets for 37 industrialised countries and economies in transition and the EU. It entered into force on 16 Feb 2005. 192 Parties have ratified the treaty to date.
Life Cycle Assessment
A Life Cycle Assessment (LCA) calculates the environmental impact of products or services throughout their entire lifecycle.
Net Zero
A state where the release and removal of greenhouse gas emissions are in balance over a given period.
NHS Evergreen
The Evergreen Sustainable Supplier Assessment is an online tool for. suppliers to engage with the NHS on their sustainability journey and align with NHS net zero.
Offset
Carbon offsetting is a process that involves reducing or removing carbon dioxide or other greenhouse gas emissions from the atmosphere to compensate for emissions made elsewhere.
Paris Agreement
The Paris Agreement is an international treaty that aims to limit global warming to below 2°C above pre-industrial levels, and ideally to 1.5°C. It came into effect in November 2016.
PPN 06/21
PPN 06/21 is a UK Government Procurement Policy Notice (PPN) which has established criteria which organisations must comply with when supplying into government departments.
ROI
Return on investment (ROI) is a performance measure used to evaluate the efficiency of an investment or compare the efficiency of several investments.
RTD Ratings
Vörs preferred offset supplier.
SAF
Sustainable Aviation Fuel. SAF is an alternative fuel made from non-petroleum feedstocks that reduce emissions from air transportation.
Science Based Targets Initiative (SBTi)
The SBTi is a corporate action NGO. It develops standards for setting science-based targets for companies and financial institutions and also validates science-based targets to ensure their alignment with the Paris Agreement to limit global warming to 1.5 degrees Celsius.
Scope 1 Emissions
Direct greenhouse gas emissions that occur from sources owned or controlled by the reporting organisation.
Scope 2 Emissions
Indirect emissions associated with the generation of electricity, heating/cooling, or steam purchased by the reporting organisation for their own consumption.
Scope 3 Emissions
Indirect emissions associated with the reporting organisation's value chain. These can be either upstream or downstream from the organisation and are things that be influenced but not directly controlled.
Spend Based Method
The spend-based method is a carbon accounting method that estimates greenhouse gas emissions by multiplying the cost of a purchased good or service by an emission factor.
UKZCBS
The UK Net Zero Carbon Buildings Standard is an initiative designed to address the need for operational and upfront carbon reduction within the built environment sector.
Voluntary Offset
The term used to refer to an offset acquired voluntarily, free from any compliance requirements.
Carbon Credits
A "token" representing the avoidance or removal of GHG emissions, measured in tonnes of carbon dioxide equivalent.