The Importance of Scope 3 Reporting

MyCarbon, who spoke at the Cash Sustainability Forum™, has recently teamed up with Santander Bank to explain about Scope 3 reporting of greenhouse gas emissions for small and medium size enterprises (SMEs).

According to the latest Net-Zero Tracker report from the MSCI Sustainability Institute, as of October 2024, nearly 75% of companies listed outside the US report their Scope 1 or Scope 2 emissions, emissions caused directly or indirectly by the organisation.

Scope 3 emissions are those that occur in a company’s value chain, but are not directly owned or controlled by the company. Within the European Union, Scope 3 reporting for companies with more than 250 employees and a turnover of more than €50 million became mandatory when the Corporate Sustainability Reporting Directive (CSRD) came into effect in 2023.