GEP's Procuretech Advice, as new Scope 3 Reporting Laws Loom

Global leader in procurement and supply chain transformation, GEP, has issued advice to businesses around mandatory Scope 3 reporting.

The rapidly evolving Scope 3 regulatory landscape is set to create a huge challenge, particularly in the US, whose reporting of greenhouse gas emissions is currently unregulated.

Scope 3 emissions are those not produced directly by a company but that issue indirectly from up and down its value chain. An example is when we buy, use and dispose of products from suppliers. Scope 3 can account for as much as 80% of an organisation's total carbon emissions and is the single biggest battleground in global efforts to move to net zero.  

US law changes around climate disclosure are gathering pace, with California's recently announced Scope 3 climate disclosure laws being a prime example. 

GEP helps Fortune 500 and Global 2000 enterprises across industries and verticals build high-performing, resilient and sustainable supply chains.

The company says that by embracing and leveraging procurement technology, businesses can drive progress on Scope 3 reporting initiatives, no matter what stage of the sustainability journey they’re at.

GEP advice on phased procuretech initiatives

To this end, it has published a comprehensive guide on how to create a phased approach to leverage “the power of procurement technology” to accelerate Scope 3 reporting capabilities “and propel you toward a sustainable future”. 

Phase 1 is about assessment, with GEP saying: “Before embarking on data collection, companies need to understand their environmental footprint. A comprehensive materiality assessment acts as a roadmap, helping to prioritise efforts and resource allocation.”

Phase 2 is leveraging technology for supplier engagement, while Phase 3 is to pilot Scope 3 reporting “with a limited set of suppliers or product categories”. 

This, says GEP “allows you to test methodologies, refine processes and identify challenges in a controlled environment”.

Scope 3 requirements will figure large at the upcoming Sustainability LIVE Net Zero event, which is being held at the QEII Centre in London, from March 6-7. 

The two-day learning and networking experience will see sustainability leaders share insight, knowledge and advice around the global drive to net zero carbon emissions, with greener supply chains being a central theme.

Climate tech leader Watershed is holding an essential workshop at Sustainability LIVE: Net Zero on decarbonising supply chains and Scope 3 emissions

Scope 3 could be the one thing that keeps most sustainability and supply chain executives awake at night. 

Scope 3 focal point at Sustainability LIVE: Net Zero,

‘Decarbonising Your Supply Chain at Scale’ is an exclusive, interactive workshop being held at Sustainability LIVE: Net Zero, and hosted by Watershed, the enterprise tech solution that works directly with vendors, and existing teams and tools, to measure and analyse supplier emissions.

Sustainability and procurement leaders will convene to share their knowledge and experiences, plus ways organisations can measure and reduce Scope 3.

Watershed has built the world’s first enterprise sustainability platform to help companies address Scope 3, with granular, audit-ready sustainability data that companies can disclose with confidence and, importantly, drive real decarbonisation. 

Watershed Climate Advisor Naina Khandelwal and Head of Strategic Customer Success  Christina Kopka will share how companies are aligning teams including sustainability, procurement, and finance to tackle the problem.

Khandelwal  and Kopka will also provide tips on understanding emissions, engaging with suppliers, and how to handle stakeholder conversations around ROI when it comes to decarbonisation efforts.

Watershed counts among its investors and backers Sequoia Capital, former Bank of England Governor Mark Carney, prominent UN sustainability campaigner Christina Figueres and ex-US Vice President Al Gore.

The company’s aim is to work with customers to remove 1% of annual global emissions by 2030. Those customers include General Mills, Suncorp, BBVA, Paramount, Spotify, Klarna, four of the top six US banks, and six of the top 10 private equity firms.

As well as providing software for supply chain engagement, the platform also includes a marketplace for carbon removal and clean power projects.

A limited number of tickets to the event remain available. Access to the Watershed workshop is on a first-come, first-served basis. Get your tickets here.