Page 304 - Ebook HTKH 2024

data collection processes that capture emissions from all relevant sources. Regular
stakeholder meetings can facilitate the sharing of data collection methodologies,

challenges faced, and best practices, leading to more consistent and thorough GHG
reporting.
Given the complexity and volume of GHG emissions data, companies should
invest in automated data collection and processing systems. Such systems significantly
enhance accuracy by minimizing human error and streamlining the data collection
process, offering real-time analysis capabilities. By integrating GHG data with other
corporate reporting systems, companies ensure consistency across all disclosures. A
recent IFAC study found that 48% of companies have already begun investing in

automated GHG tracking systems, allowing for more efficient and accurate emissions
reporting.
While internal efforts are essential, companies can also benefit from external
expertise. Collaborating with environmental consultants and specialized assurance
providers offers valuable insights into the latest methodologies and technologies in GHG
reporting. These experts can assist in validating GHG disclosures, ensuring that the

reported data is aligned with industry standards and free from significant misstatements.
Such external validation enhances the credibility of GHG reports and strengthens
stakeholder trust.
The GHG reporting landscape is continually evolving, with regulatory
requirements and best practices constantly being updated. To remain compliant and
competitive, companies must stay informed of these changes by participating in industry
seminars, workshops, and relevant associations. Continuous monitoring ensures that

GHG reporting processes remain up-to-date and aligned with the latest standards.
As the push for refined GHG and climate-related disclosures intensifies,
accounting and finance professionals must lead the way in evaluating climate and
sustainability risks. This process begins with rigorous materiality assessments that
identify key emissions categories and shape climate risk evaluations. The collaboration
between finance professionals and sustainability teams is essential for integrating

financial and environmental data, fostering a more cohesive approach to GHG reporting.
A strategic roadmap is necessary for CFOs and controllers to harmonize GHG
emissions accounting with financial accounting. Expanding and leveraging existing
financial systems and procedures can enhance the credibility of GHG reporting.
Embedding GHG data into the company's financial strategies, policies, and decision-
making processes ensures a seamless integration of sustainability into corporate
governance. Establishing a strong control framework around GHG data collection and
reporting also positions companies to effectively manage GHG emissions, reporting,

and assurance, ultimately building stakeholder confidence.
Finance professionals must work closely with sustainability leaders to foster cross-
departmental collaboration. CFOs are uniquely positioned to lead the integration

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