Persefoni, a leader in climate management and accounting platform solutions, has unveiled its latest offering, the Scope 3 Data Exchange.
This innovative module aims to revolutionize the way companies engage with their suppliers to collect accurate Scope 3 emissions data and gain valuable insights into supplier climate targets. With increasing regulatory demands for supply chain emissions disclosure, Persefoni’s new solution is set to address the challenges faced by companies in reporting their value chain climate data.
Persefoni’s Scope 3 Data Exchange comes at a crucial time when organizations worldwide are grappling with the need to report on their value chain emissions. As regulatory reporting standards tighten, including the IFRS Foundation’s upcoming climate and sustainability reporting standards, which incorporate Scope 3 reporting from 2024, companies must proactively gather and disclose comprehensive climate data.
Surprisingly, a recent study by CDP revealed that nearly half of companies have yet to report any Scope 3 information, highlighting the urgency and importance of Persefoni’s new offering.
CDP’s study shed light on the challenges hindering Scope 3 reporting. Limited data transparency and traceability, along with low data quality and granularity, pose significant obstacles. Companies also face a lack of automated tools for data extraction and limited influence over most Scope 3 categories, compounded by a changing regulatory environment. Recognizing these hurdles, Persefoni identified the need for a more efficient and accurate approach to Scope 3 emissions calculation and reporting.
In response to these challenges, Persefoni explained, “The companies that are calculating their Scope 3 emissions often rely on sending spreadsheets and surveys to suppliers and manually transferring data. Both of these approaches are slow and prone to error. Because of these challenges, companies often resort to less accurate spend-based calculations for Scope 3 emissions.”
The Scope 3 Data Exchange module offers a range of key features designed to transform emissions reporting and facilitate better supplier engagement. Companies can now send auditable data requests to suppliers, using customizable request forms to collect information such as supplier emissions, allocation methods, percentage breakdowns, supplier revenue, and climate targets. Moreover, the module provides a centralized hub to track and manage all supplier requests, streamlining the process and ensuring data accuracy.
Persefoni’s new offering has garnered attention across social media platforms. In a recent post, Persefoni emphasized their commitment to bridging the data gap with suppliers, enabling companies to collect actual emissions data from any supplier, irrespective of their use of Persefoni’s platform. By moving away from spend-based estimates, organizations can gain a holistic view of emissions throughout their supply chain, fostering collaboration with suppliers to achieve sustainability goals.
As the demand for accurate and comprehensive climate reporting intensifies, Persefoni’s Scope 3 Data Exchange marks a significant step forward in driving sustainable practices and creating a more transparent value chain. This partnership between Persefoni and suppliers promises to revolutionize emissions reporting and enable organizations to achieve their sustainability objectives effectively.
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