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Sustainability glossary

In this sustainability glossary, we’ll take you through common terminology and organisations that you may encounter in measuring and managing corporate and financed emissions – and tips on where to find more information. 

Australian Carbon Credit Units (ACCUs) 

Australian Carbon Credit Units (ACCUs) are a financial instrument awarded by the Australian Government Clean Energy Regulator through the Emissions Reduction Fund.  

ACCUs are awarded to eligible energy efficiency, renewable energy generation and carbon sequestration projects that result in a reduction of greenhouse gas emissions.  

Each ACCU issued represents one tonne of carbon dioxide equivalent (tCO2e) stored or avoided by a project.  

Learn more in our carbon offsets guide.   

Asia Investor Group on Climate Change (AIGCC)  

The Asia Investor Group on Climate Change (AIGCC) is an initiative to create awareness and encourage action among Asia’s asset owners and financial institutions about the risks and opportunities associated with climate change and low carbon investing.  

 Assets Under Management (AUM)   

Assets Under Management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients.  

AUM definitions and formulas vary by company. In the calculation of AUM, some financial institutions include bank deposits, mutual funds, and cash in their calculations.  

Asian Venture Capital Journal (AVCJ)  

The Asian Venture Capital Journal (AVCJ) has been the leading source of information on private equity and venture capital activities in Asia since its establishment in 1987.  

B Corp Certification  

B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.  

Climate Active  

Climate Active is a partnership between the Australian Government and Australian businesses to drive voluntary climate action. 

Climate Active represents Australia’s collective effort to measure, reduce, and offset carbon emissions to lessen our negative impact on the environment.  

Climate Active certification  

For an entity to be Climate Active certified it must meet the requirements of the Climate Active Carbon Neutral Standard.   

 Broadly, to achieve certification, the entity must measure emissions, reduce these where possible, offset remaining emissions and then publicly report on the achievement.  

 Carbon Disclosure Project (CDP)  

The Carbon Disclosure Project (CDP) is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.  

Ceres  

Ceres is a non-profit organisation working with capital market leaders to solve the world’s greatest sustainability challenges. The Ceres Investor Network includes more than 220 institutional investors managing more than $60 trillion in assets.  

Ceres is the US body of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.  

Climate Action 100+  

Climate Action 100+ is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.   

Climate Action 100+ is delivered by five investor networks: 

Carbon dioxide equivalents (CO2e)  

Carbon dioxide equivalents, abbreviated as CO2e, refers to carbon dioxide and its equivalent other greenhouse gases, as defined by the Greenhouse Gas Protocol.   

These are:  

  • Carbon dioxide (CO2)  
  • Methane (CH4)  
  • Nitrous oxide (N2O)  
  • Hydrofluorocarbons (HFCs)  
  • Perfluorocarbons (PFCs)  
  • Sulphur hexafluoride (SF6)    

Carbon dioxide is the most prevalent greenhouse gas. However, it is not as potent as others and does not hold as much warming potential.  

Metric tonnes of carbon dioxide equivalent (tCO2e) is the standard measure used to quantify greenhouse gas emissions and takes into account the varying levels of global warming potential among different gases. 

Collections  

Collections provide a useful method of organising assets in Pathzero Navigator for analysis. 

Conference of Parties (COP) 

The Conference of Parties, known as COP, is the decision-making body responsible for monitoring and reviewing the implementation of the United Nations Framework Convention on Climate Change.  

Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA)   

The Carbon Offsetting and Reduction Scheme for International Aviation is a carbon offset and carbon reduction scheme to lower CO₂ emissions for international flights, to curb the impact of aviation on climate change.  

Climate Reserve Tonnes (CRT)  

The Climate Action Reserve (CAR) is a US-based voluntary offsets program whose projects are implemented within North America. 

CAR establishes standards for quantifying and verifying greenhouse gas emissions reduction projects, provides oversight to independent third-party verification bodies, and issues and tracks carbon credits, called Climate Reserve Tonnes (CRTs).  

Learn more in our carbon offsets guide.   

Corporate Social Responsibility (CSR)  

The concept of Corporate Social Responsibility (CSR) is generally understood to mean that corporations have a degree of responsibility not only for the economic consequences of their activities, but also for the social and environmental implications.  

This is sometimes referred to as a ‘triple bottom line’ approach that considers the economic, social and environmental aspects of corporate activity.  

Source: Australian Human Rights Commission 

Environmentally extended input-output (EEIO)  

Environmentally extended input-output (EEIO) is used in environmental accounting as a tool that calculates greenhouse gas emissions from the upstream supply chain activities of different economic sectors per region using industry averages.  

Emissions boundary  

Establishing a greenhouse gas emissions boundary is a critical step for organisations to effectively measure and manage their greenhouse gas emissions.   

The Greenhouse Gas Protocol approach provides a standardised framework for establishing a greenhouse gas emissions boundary that can be used by organisations of all types and sizes. 

Environmental, social, and governance (ESG) 

Environmental, social, and governance (ESG) criteria are used by investors use to screen potential investments.  

  • Environmental: Factors pertaining to the natural world.  
  • Governance: Factors that involve issues tied to countries and/or jurisdictions or that are common practice in an industry.  
  • Social: Factors that affect the lives of humans.  

The ESG Data Convergence Initiative   

The ESG Data Convergence Initiative provides industry benchmarking for meaningful environmental, social, and governance (ESG) metrics for the private equity industry to create useful, comparable data. 

Financed emissions 

Financed emissions are the greenhouse gas emissions linked to the investment and lending activities of financial institutions such as investment managers, banks and insurers.  

Estimated emissions paths  

In the Pathzero platform, ‘estimated emissions paths’ show two climate scenarios over time.  

The amount of greenhouse gas emissions that a sector can produce, while remaining in line with an expected temperature outcome, is known as a ‘carbon budget’.    

The climate scenarios show possible future global carbon budget scenarios, developed by the Intergovernmental Panel on Climate Change (IPCC).    

Read our guide to understanding estimated emissions paths to learn more.  

Fugitive emissions   

Fugitive emissions refer to emissions of gases due to leaks or other unintended or irregular releases.  

Financial Stability Board (FSB) 

The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.  

The FSB created the Taskforce on Climate related Financial Disclosures (TCFD), which is a leading participant in the global climate disclosures movement. 

Greenhouse Gas Removal (GGR) technologies    

Greenhouse Gas Removal (GGR) technologies remove greenhouse gases – usually carbon dioxide – from the atmosphere.  

Examples of GGRs include:  

  • Afforestation and reforestation  
  • Land management to increase and fix carbon in soils  
  • Bioenergy production with carbon capture and storage (BECCS)  
  • Enhanced weathering    

GGRs are also known as Negative Emissions Technologies (NETs).  

Greenhouse gas (GHG) emissions 

Greenhouse gases (GHGs) help to regulate the Earth’s temperatures. GHGs let sunlight pass through the Earth’s atmosphere and prevent heat from leaving the atmosphere.   

GHG emissions from human activities, such as burning fossil fuels, are trapping too much heat in our atmosphere, and leading to rising temperatures and extreme weather events – climate change.  

Carbon dioxide (CO2) is the most widely known GHG. Other common GHGs measured under the Greenhouse Gas (GHG) Protocol include:  

  • Methane (CH4)  
  • Nitrous oxide (N2O)  
  • Hydrofluorocarbons (HFCs)  
  • Perfluorocarbons (PFCs)  
  • Sulphur hexafluoride (SF6)  
  • Nitrogen trifluoride (NF3)  

Metric tonnes of carbon dioxide equivalent (tCO2e) is the standard measure used to quantify greenhouse gas emissions and takes into account the varying levels of global warming potential among different gases. 

Greenhouse Gas Protocol  

The Greenhouse Gas Protocol provides standards, guidance, tools and training for business and governments to measure and manage their greenhouse gas emissions in ways that support their missions and goals. 

Global Industry Classification Standard (GICS)  

Investors and companies need a standardised method to categorise businesses based on their primary activities, to allow for accurate comparisons and analysis. 

The Global Industry Classification Standard (GICS) provides just that and was created by MSCI and S&P. It is a four-level classification system that includes:  

  • 11 sectors 
  • 24 industry groups 
  • 69 industries 
  • 158 sub-industries   

Greenwashing  

Greenwashing is the misrepresentation of a financial product as having greater social or environmental credentials than it possesses. This misrepresentation can be accidental due to lack of standardised reporting measures.  

Learn more in our Where Carbon Meets Capital episode, How technology can reduce greenwashing in responsible investing'. 

Gross emissions  

The following types of gross emissions can be viewed in Pathzero Navigator: 

  • Gross emissions (best available): displays the total (gross) emissions for the selected asset or collection using the best available data. 
  • Gross emissions (Exiobase 3): the total (gross) emissions for the asset or collection based only on estimates from EEIO

Hydrochlorofluorocarbons (HCFC)   

Chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs) are industrial chemicals used primarily as a refrigerant and as a propellant in aerosol cans.  

CFCs have been phased out through multilateral action due to their part in depleting the Earth’s ozone layer, which helps to protect life from the sun’s ultraviolet radiation. 

Hydrofluorocarbons (HFC)    

Hydrofluorocarbons (HFCs) are a group of industrial chemicals used primarily in refrigeration, air-conditioning, insulating foams, and aerosol propellants.   

These powerful, man-made greenhouse gases are rapidly building up in the atmosphere.  

While HFCs represent around 1% of total greenhouse gases, their impact on global warming can be hundreds to thousands of times greater than that of carbon dioxide per unit of mass.  

Heating, Ventilation, Air Conditioning and Refrigeration (HVACR)  

Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) describes systems that provide and control thermal comfort, and that regulate indoor air quality.   

HVACR is used in environments such as homes, office buildings, hospitals, stores and schools.  

HVACR produces about 11.5 per cent of Australia’s national emissions (AIRAH).  

A holistic HVACR strategy relies on an integrated approach to reduce demand, optimise existing systems, and upgrade to more efficient systems. 

International Carbon Reduction & Offset Alliance (ICROA)  

The International Carbon Reduction & Offset Alliance (ICROA) is a leading industry accreditation program committed to enhancing integrity in the voluntary carbon market in support of the Paris Agreement Goals. 

International Energy Agency (IEA)    

The International Energy Agency (IEA) is at the heart of global dialogue on energy, providing authoritative analysis, data, policy recommendations, and solutions to help countries provide secure and sustainable energy for all. 

IFRS Foundation  

The IFRS Foundation is a not-for-profit, public interest organisation established to: 

  • develop a single set of accounting and sustainability disclosure standards known as IFRS Standards  
  • promote and facilitate adoption of the standards. 

The high-quality, understandable, enforceable, and globally accepted IFRS Standards are developed by two standard-setting boards: 

  • The International Accounting Standards Board (IASB) – setting the IFRS Accounting Standards 
  • The International Sustainability Standards Board (ISSB) – setting the IFRS Sustainability Disclosure Standards  

Investor Group on Climate Change (IGCC)  

The Investor Group on Climate Change (IGCC) is a collaboration of Australian and New Zealand institutional investors focused on the impact of climate change on investments.  

IGCC is the Australasian body of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.  

Institutional Investors Group on Climate Change (IIGCC)  

The Institutional Investors Group on Climate Change (IIGCC) is the European body for investor collaboration on climate change. Its 375 investor members have more than €51 trillion in assets.  

IIGCC is the European body of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.  

In 2019, IIGCC launched the Paris Aligned Investment Initiative, which in turn released the Net Zero Investment Framework

Institutional Limited Partners Association (ILPA)  

The Institutional Limited Partners Association (ILPA) is a membership organisation for private equity firms, representing 50% of private equity assets under management globally.  

ILPA is best known for sponsoring a project that has created a standardised set of environmental, social, and governance (ESG) metrics for private equity firms to report to their stakeholders. 

Industry sector  

When using Pathzero Navigator, the industry sector determines the classification of an asset within the correct Global Industry Classification Standard (GICS) sub-industry and Environmentally Extended Input-Output (EEIO) sector.  

This selection is a crucial step that determines the asset's categorisation and has a direct impact on the calculation of industry-based emissions.  

For project or commercial real estate assets, the platform may automatically select the relevant industry sector to simplify the process.  

However, it's essential to ensure that the selected sector accurately reflects the asset's operations and aligns with the company's goals to obtain accurate emissions calculations and effectively reduce carbon footprints. 

Intensity metrics  

The ‘Analysis’ function on Pathzero Navigator allows investors to analyse their financed emissions across a whole portfolio, by fund, or at the individual asset level.   

This can be done in absolute terms or using intensity metrics such as emissions per FTE (intensity per full-time employee) and emissions per $m invested (intensity per million invested). 

Intergovernmental Panel on Climate Change (IPCC)  

The Intergovernmental Panel on Climate Change (IPCC) is the United Nations body for assessing the science related to climate change.  

The IPCC provides regular assessments of the scientific basis of climate change, its impacts and future risks, and options for adaptation and mitigation.  

International Sustainability Standards Board (ISSB)  

The International Sustainability Standards Board (ISSB) is IFRS' standard setting board for sustainability disclosure standards.  

The ISSB is developing standards that will result in a high-quality, comprehensive global baseline of sustainability disclosures focused on the needs of investors and the financial markets.

Kyoto Protocol   

The Kyoto Protocol was the first international treaty to set legally binding targets to cut greenhouse gas emissions.  

Adopted in 1997, in Kyoto, Japan, the agreement entered into force in 2005 and was ratified by 192 Parties.  

It has since been superseded by the Paris Agreement but remains a landmark in the international fight against climate change.  

National Australian Built Environment Rating System (NABERS)  

National Australian Built Environment Rating System (NABERS) is a government initiative developed by the New South Wales (NSW) government, in collaboration with other Australian states and territories.  

It is a voluntary program that provides a rating system for the environmental performance of buildings and tenancies in Australia. 

A NABERS Energy rating can be used to: 

  • Understand a building’s energy efficiency, and potential for savings 
  • Track progress and demonstrate impact of changes 
  • Communicate performance and commitment to efficiency  

The NABERS Energy rating can be used in Pathzero Clarity to calculate base buildings emissions. 

Negative Emissions Technologies (NETs)  

Negative Emissions Technologies (NETs) remove greenhouse gases – usually carbon dioxide – from the atmosphere.  

Examples of NETs include: 

  • Afforestation and reforestation 
  • Land management to increase and fix carbon in soils 
  • Bioenergy production with carbon capture and storage (BECCS) 
  • Enhanced weathering  

NETs are also known as Greenhouse Gas Removal (GGR) technologies.  

Net zero  

Net zero refers to the balance between the amount of greenhouse gases (GHGs) that are emitted into the atmosphere and the amount that is removed from it.  

In other words, it means that the overall emissions of GHGs are equal to the amount that is absorbed or offset, resulting in no additional GHGs being added to the atmosphere.  

Achieving net zero requires reducing GHG emissions as much as possible, and then offsetting any remaining emissions through measures such as carbon capture and storage, reforestation, afforestation, or the use of carbon credits. 

Net Zero Asset Managers Initiative 

The Net Zero Asset Managers initiative is an international group of asset managers:  

  • supporting and investing aligned with the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius  
  • with 301 signatories representing USD 59 trillion in assets under management*  
  • governed by IIGCC, AIGCC, IGCC, Ceres, CDP, and the UN PRI, and a UNFCCC’s Race to Zero Campaign partner.  

*Figures as of 31/12/22.  

Net Zero Investment Framework  

The Net Zero Investment Framework, published in March 2021, provides a common set of recommended actions, metrics and methodologies through which investors can maximise their contribution to achieving global net zero global emissions by 2050 or sooner.  

Its primary objective is to ensure investors can decarbonise investment portfolios and increase investment in climate solutions, in a way that is consistent with a 1.5°C net zero emissions future.

Paris Aligned Investment Initiative (PAII)  

The Paris Aligned Investment Initiative (PAII) looks at how investors can align their portfolios to the goals of the Paris Agreement.  

PAII involves over 110 investors representing $33 trillion in assets.   

The global collaboration is supported by four regional investor networks:  

PAII created the Net Zero Investment Framework, which is a framework for investors to become Paris-aligned. 

Paris Agreement  

The Paris Agreement is a legally binding agreement signed by 196 nations at COP 21 in Paris, 2015.   

Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.  

The Paris Agreement is a landmark in the multilateral climate change process because, for the first time, a binding agreement brings all nations together to combat climate change and adapt to its effects. 

PAS 2060  

PAS 2060 is an internationally recognised standard for carbon neutrality.  

Developed by the British Standards Institution (BSI) and implemented in 2010, PAS 2060 presents four key stages to carbon neutrality – measurement, reduction, offsetting and documentation.  

Verification to the PAS 2060 standard will substantiate claims that an organisation is carbon neutral. 

Partnership for Carbon Accounting Financials (PCAF)  

The Partnership for Carbon Accounting Financials (PCAF) Standard is emerging as the universal financed emissions methodology for financial institutions. It’s also helping firms to rank the quality of emissions data they’re receiving.  

It is aligned with the Greenhouse Gas Protocol, adding precision to the protocol’s ‘Category 15: Investments’.

The PCAF methodology underpins the way that Pathzero Navigator calculates financed emissions. 

Perfluorocarbons (PFCs)  

Perfluorocarbons (PFCs) are the compounds consisting of fluorine and carbon.   

They are widely used in the electronics, cosmetics, and pharmaceutical industries, as well as in refrigeration when combined with other gases.  

PFCs are potent greenhouse gases that contribute to the increased greenhouse gas effect. 

Portion reported data %  

The ‘portion reported data %’ value represents the percentage of data used in the calculation that was reported directly by the investee company.   

A value of 100% means the calculation is entirely based on company reported data. A value of 0% means the calculation is entirely based on estimated data derived from physical or economic activity.   

Reporting can be done at the 21-emissions category level as defined in the Greenhouse Gas Protocol or at the emissions scope level of 1, 2, and 3 – learn more.  

The higher the percentage of reported data used, the lower and better the weighted Partnership for Carbon Accounting Financials (PCAF) score will be.  

Greenhouse Gas (GHG) Protocol scopes  

The GHG Protocol Corporate Standard classifies a company’s GHG emissions into three ‘scopes’.   

  • Scope 1 emissions are direct emissions from owned or controlled sources.   
  • Scope 2 emissions are indirect emissions from the generation of purchased energy.   
  • Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in the value chain of the reporting company, including both upstream and downstream emissions. 

Pathzero Carbon Neutral Organisation  

Pathzero leverages the Climate Active Carbon Neutral Standard for Organisation, which is a unique Australian government-backed standard to credibly claim carbon neutrality. 

As a client of Pathzero, you will have the opportunity to reach your carbon neutral goals and claim carbon neutrality through Pathzero’s assessment against the Climate Active Carbon Neutral Standard. 

Reported data 

‘Reported data’ is greenhouse gas emissions data directly reported by the investee company.  

Reporting can be done at the 21-emissions category level as defined in the Greenhouse Gas Protocol or at the emissions scope level of 1, 2, and 3learn more.  

Responsible Investment Association Australasia (RIAA)  

The Responsible Investment Association Australasia (RIAA) champions responsible investing and a sustainable financial system in Australia and New Zealand.   

With over 500 members representing US$29 trillion in assets under management, RIAA is the largest and most active network of people and organisations engaged in responsible, ethical and impact investing across Australia and New Zealand.  

Strategic asset allocation (SAA)  

Strategic asset allocation (SAA) is a long-term portfolio strategy that involves choosing asset type allocations and re-balancing the allocations periodically. 

Asset owners can use SAA and other similar processes for the achievement and fiduciary governance of Paris alignment

Sustainability Accounting Standards Board (SASB) Standards  

The Sustainability Accounting Standards Board (SASB) Standards enable organisations to provide industry-based sustainability disclosures about risks and opportunities that affect enterprise value.  

SASB Standards identify the subset of environmental, social and governance issues most relevant to financial performance and enterprise value for 77 industries.  

Science-based targets (SBTs) 

Science-based targets (SBTs) are emissions reduction targets that are aligned with the latest climate science and the goal of limiting global warming to 1.5°C or well below 2°C compared to pre-industrial levels.  

SBTs are becoming increasingly important for companies and organisations looking to take meaningful action on climate change and demonstrate their commitment to sustainability. 

Science Based Targets initiative (SBTi)  

The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets.  

The SBTi is developing guidance to support companies to go beyond their science-based targets by channelling additional climate finance towards mitigation activities outside of their value chains.  

The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and WWF. 

Science Based Targets initiative (SBTi) Corporate Net-Zero Standard  

The SBTi’s Corporate Net-Zero Standard provides the guidance and tools companies need to set science-based net-zero targets.  

The SBTi’s Corporate Net-Zero Standard is the world’s only framework for corporate net-zero target setting in line with climate science.   

It includes the guidance, criteria, and recommendations companies need to set science-based net-zero targets consistent with limiting global temperature rise to 1.5°C. 

Scope 1 emissions   

Scope 1 emissions are direct emissions from owned or controlled sources e.g., operating buildings and other facilities, or a vehicle fleet.  

Learn more in ‘Greenhouse gas emissions: demystifying scopes and sources’.  

Scope 2 emissions  

Scope 2 emissions are indirect emissions from the generation of purchased energy. Scope 2 emissions from one company are part of the scope 1 emissions from another company.  

Learn more in ‘Greenhouse gas emissions: demystifying scopes and sources’. 

Scope 3 emissions  

Scope 3 emissions are all indirect emissions not included in scope 2 that occur in the value chain of the reporting company.   

This includes both upstream and downstream emissions e.g., financed emissions, business travel or employee commuting.  

Learn more in ‘Greenhouse gas emissions: demystifying scopes and sources’.  

Sustainable Development Goals (SDGs)   

The United Nations Sustainable Development Goals (SDGs), also known as the Global Goals, are a universal call to action to end poverty, protect the planet, and ensure that by 2030 all people enjoy peace and prosperity.  

The 17 SDGs are integrated – they recognise that action in one area will affect outcomes in others, and that development must balance social, economic and environmental sustainability.  

The creativity, knowhow, technology and financial resources from all of society is necessary to achieve the SDGs in every context. 

Shared Socio-economic Pathways (SSPs)   

Climate scenarios are known as Shared Socio-economic Pathways (SSPs) and show possible future global carbon budget scenarios, developed by the Intergovernmental Panel on Climate Change (IPCC). 

Taskforce on Climate-related Financial Disclosures (TCFD)   

The Taskforce for Climate-related Financial Disclosures (TCFD) is a comprehensive analytical framework enabling companies to disclose their climate-related risks and opportunities, with the primary users of this information being investors. 

Tonnes of carbon dioxide equivalent (tCO2e)    

Tonnes of carbon dioxide equivalent (tCO2e) is a standard unit for reporting and comparing different types of greenhouse gases, including carbon dioxide, methane, nitrous oxide, and others, based on their global warming potential over a specified period.   

This allows for a more comprehensive assessment of the environmental impact of activities, products, or services that contribute to greenhouse gas emissions.  

United Nations Framework Convention on Climate Change (UNFCCC)  

The United Nations Framework Convention on Climate Change (UNFCCC) aims to prevent dangerous human interference with the climate system.   

UNFCCC has near-universal membership, with 198 countries having ratified the Convention. 

UN Principles for Responsible Investment (PRI)  

The UN Principles for Responsible Investment (PRI) is a network of international investors working together to put six ‘Principles for Responsible Investment’ into practice.   

The PRI were devised by the investment community and reflect the view that environmental, social and governance (ESG) issues can affect the performance of investment portfolios and therefore must be given appropriate consideration by investors if they are to fulfil their fiduciary (or equivalent) duty.  

Verified Carbon Standard (VCS)   

Verra’s Verified Carbon Standard (VCS) Program is a widely used greenhouse gas crediting program.   

It drives finance toward activities that reduce and remove emissions, improve livelihoods, and protect nature. 

World Business Council for Sustainable Development (WBCSD)  

The World Business Council for Sustainable Development (WBCSD) is a global, CEO-led community of over 200 of the world's leading sustainable businesses working collectively to accelerate the system transformations needed for a net zero, nature positive, and more equitable future. 

World Resources Institute (WRI)  

The World Resources Institute (WRI) is a global non-profit organisation that works with leaders in government, business and civil society to research, design, and carry out practical solutions that simultaneously improve people’s lives and ensure nature can thrive.