Accurate measurement and management of ESG data such as greenhouse gas (GHG) emissions, is crucial if a company wants to avoid greenwashing, improve profit levels and transition to Net Zero. To ensure transparency and credibility in reporting, several international standards have been developed.

Among these, ISAE 3000, ISO 14064, and ISO 14067 provide systematic frameworks for assessing, validating, and verifying greenhouse gas emissions.

ISAE 3000

ISAE 3000 is a standard that is part of the International Standards on Assurance Engagements series and is not specific to GHG emissions. Instead, it offers a generic framework for providing assurance over a wide range of subject matters, including GHG emissions data.

ISO 14064 / ISO 14067

ISO 14064 and ISO 14067 was developed by the International Organisation for Standardization (ISO) and comprises a trilogy of standards – ISO 14064-1, ISO 14064-2, and ISO 14067, each designed to address specific aspects of GHG emissions assessment.

To generate financial grade data, an ESG data reporting partner must adhere to all of these standards. Omnevue is therefore committed to reporting CO2e and ESG data in line with this framework.

Together the standards ensure:

1. Professional Scepticism: ISAE 3000 emphasises the need for auditors to maintain a sceptical mindset, questioning the validity of information. This is crucial when verifying GHG emissions data, ensuring that reported figures are accurate and not subject to bias or manipulation.

2. Ethical Behaviour: Both ISAE 3000 and the ISO standards stress the importance of ethical behaviour. Ensuring that GHG emissions data is reported honestly and transparently aligns with the ethical principles promoted by these standards.

3. Professional Judgement: ISAE 3000 encourages auditors to exercise professional judgement when evaluating the reasonableness of estimates and assumptions. In GHG emissions assessments, this is vital, as many calculations involve complex methodologies and data extrapolation.

4. Documentation: Both sets of standards require comprehensive documentation of processes, methodologies, and audit procedures. This ensures transparency and traceability in GHG emissions assessments.

Omnevue’s ESG reporting meets International Accounting Standards and certifies a business’ non-financial data to ISAE 3000 and the ISO 14064 standards, along with ISO 14067. This creates a powerful and transparent framework for assessing, validating, and verifying a business’ non-financial data, ultimately generating financial grade ESG data that can help a business grow and increase profit.

The result? Financial grade ESG data that everyone can trust. Investors, customers and lenders.

Each standard explained

ISO 14064 Standards

ISO 14064 comprises a trilogy of standards – ISO 14064-1, ISO 14064-2, and ISO 14067, each designed to address specific aspects of GHG emissions assessment.

• ISO 14064-1: Organisation focussed

This provides guidance on establishing organisational boundaries, setting GHG emissions baselines, and monitoring performance. It enables organisations to identify, quantify, and report their GHG emissions with a high degree of accuracy.

• ISO 14064-2: Project focussed

This provides a framework to quantify and report GHG emissions reductions or removals. It outlines methodologies for calculating emission reductions and promotes the use of consistent and reliable data in project-based emissions assessments.

• ISO 14067: Product-centric focussed

This addresses GHG emissions associated with products throughout their life cycle. It provides a foundation for calculating the carbon footprint of products and encourages organisations to reduce emissions associated with their products.

ISAE 3000 Standard

ISAE 3000 emphasises the need for professional scepticism, ethical behaviour, and the application of professional judgement when conducting assurance engagements. It provides a structured approach for assessing the reliability of information, which can be applied to GHG emissions data as well.

How the standards work together

At the initial level, ISO 14064-1, ISO 14064-2, and ISO 14067 lay down the processes and requirements for assessing GHG emissions, whether at the organisational, project, or product level. These standards create the foundation by specifying methodologies, data requirements, and reporting procedures.

ISAE 3000 complements this foundation by providing a systematic framework for the validation and verification of GHG emissions data. The assurance principles outlined in ISAE 3000 can be applied to evaluate the reliability of the data collected and reported under ISO 14064 and ISO 14067.

With new ESG disclosure regulation arriving in 2024, the need for quality financial grade ESG data has never been more pressing. That means a business needs to be working with a data reporting partner, such as Omnevue, that adheres to the ISAE 3000, ISO 14064 and ISO 14067 standards.