Reporting
Lyfe2 reviews uploaded items and data to build an accurate CO2 databank, supporting precise reporting. By aligning with DEFRA guidelines, it ensures credibility, transparency, and authority, helping organisations track, measure, and report emissions with confidence, while improving accountability and compliance across sustainability and environmental impact reporting standards.
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​​​Lyfe2 follows the newly released ISO standards for circular economy which provides clear guidance on transforming your business model – and avoids greenwashing.
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ISO 59004: Defining the circular economy
This sets the foundation for the circular economy, providing clear definitions and principles. This helps businesses speak the same language when discussing circularity. It encourages you to think about how you can reduce waste and improve resource efficiency at every stage of your production.
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ISO 59010: How to transition to a circular economy
This standard provides guidance on how yosu can shift from a linear model (using resources once and then discarding them) to a circular one. It helps you to set goals, plan strategies, and make changes to your operations to reduce waste and improve resource reuse. Importantly it starts from the economic rationale behind the transition, enabling you to develop a sound business case.
ISO 59020: Measuring Circularity
One challenge businesses face when adopting circular economy practices is knowing how to measure their success. ISO 59020 gives you the metrics to benchmark your performance and track your progress. Importantly, it looks beyond recycling and enables other circular strategies, such as durability, reuse, remanufacturing, and nature-based solutions, to be compared on an equal footing.
General information on CO2 emission reporting
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CO2 carbon reporting, involves quantifying and disclosing a company's greenhouse gas (GHG) emissions through carbon accounting, which mirrors financial accounting for climate impact. Data is collected and converted into CO2 equivalent (CO2e) units using the global warming potential (GWP). This is reported information needs to meet legal requirements and informs stakeholders about environmental impacts and reduction opportunities. Key frameworks include the Greenhouse Gas (GHG) Protocol, which categorises emissions into the following areas -
The Process of Carbon Reporting
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This is the core process of calculating the total GHG emissions by measuring activities that release GHGs and converting them into a standardized unit, carbon dioxide equivalent (CO2e), using the global warming potential of different gases.
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Identify Emission Sources:
Organisations need to identify which activities contribute to their emissions, such as energy use, transportation, and supply chain operations. ​
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Collect and Convert Data:
Data is collected on energy use, fuel consumption, and other relevant activities. This data is then converted into CO2e using factors based on the gas's GWP.
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​Structure the Report:
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Emissions are categorized into three scopes by the GHG Protocol:
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Scope 1: Direct emissions from sources owned or controlled by the company, such as company-owned vehicles or on-site fuel combustion.
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​Scope 2: Indirect emissions from the generation of purchased energy, such as electricity, steam, heat, or cooling.
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​Scope 3: Other indirect emissions in the value chain, both upstream and downstream, like those from a company's supply chain or the use of its products. ​
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Report Emissions:
The calculated emissions are reported to governments, investors, and other stakeholders, often through standardized reports like those used in the EU's Corporate Sustainability Reporting Directive (CSRD)
Why should organisations Report Their CO2 Emissions
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Meeting Regulations:
Organisations must report to comply with legal requirements, such as the UK's Streamlined Energy and Carbon Reporting (SECR) framework and EU's CSRD, which mandates detailed disclosure of sustainability impacts.
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Informing Strategy:
Carbon reports allow businesses to understand their biggest emission sources and develop targeted strategies to reduce their environmental footprint and achieve sustainability goals.
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Engaging Stakeholders:
Reporting provides transparent data for investors and customers, enhancing brand reputation and trust by demonstrating a commitment to climate action.
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Gaining Competitive Advantage:
Proactive reporting can reveal new opportunities for efficiency and innovation, leading to a more sustainable and competitive business.