Global Expert Panel Formed To Build Financial-Grade Carbon Accounting Framework

KUALA LUMPUR, Oct 30 (Bernama) -- Carbon Measures and the International Chamber of Commerce (ICC) have announced the formation of an independent expert panel to design a global carbon emissions accounting system modelled on financial accounting principles.

In a statement, Carbon Measures said this move aimed at standardising how businesses measure, verify, and report carbon emissions worldwide.

The Technical Expert Panel on Carbon Accounting will be composed of experts from academia, financial accounting, industry and civil society to define the principles, scope, and applications of a transparent and verifiable emissions framework. The goal—to ensure every tonne of carbon is counted once and attributed correctly throughout the value chain.

Co-chaired by Carbon Measures Chief Executive Officer, Amy Brachio, and University of Oxford’s Blavatnik School of Government, Professor of Business and Public Policy, and Director of the Transformational Leadership Fellowship, Karthik Ramanna, the panel will be supported by S&P Global Commodity Insights as an independent knowledge partner.

ICC will soon issue a global call for experts and advisory board members to join the initiative. Brachio said the system aims to “unleash market forces” by improving transparency and enabling policymakers to create better-aligned carbon regulations.

Meanwhile, ICC Deputy Secretary-General, Andrew Wilson noted that with its network of 45 million businesses in 170 countries, ICC is well positioned to drive adoption across borders.

Ramanna compared the effort to the creation of GAAP for financial reporting nearly a century ago, saying the same level of rigour is now needed for supply-chain emissions accounting to help markets accelerate decarbonisation.

The panel’s agenda includes assessing existing carbon accounting methods, drafting guiding principles, proposing standard-setting frameworks, and developing implementation roadmaps to improve data quality, governance, and global alignment.

-- BERNAMA