Key Issues


In Phase 3 (2013–2020), more industries will be covered, including aluminium and other non-ferrous metals as well as airlines (from 2012), and free allowances are to be progressively replaced by auctions. Last year’s CDP Nordic report noted concerns over the precise arrangements for Phase 3. These appear to have subsided somewhat over the past year, although uncertainty remains over the likely price of carbon, which will depend partly on whether the EU commits to further reductions in emissions.


All in all, the Nordic 260 responses suggest that companies would be


willing to pay a higher price for CO2e in exchange for greater regulatory stability and international consistency. Moreover, compared with a patchwork of national regulations and taxes, global agreements would reduce material risks and improve the conditions for investments in low- carbon technology.


Nordic companies lag behind in disclosing their total carbon footprint


This chapter has focused mainly on Scope 1 and 2 emissions so far, and with good cause. Reporting of Scope 3 emissions is optional under the GHG Protocol, and disclosure is much less comprehensive than for Scopes 1 and 2.


Figure 14 shows the number of Nordic 260 companies disclosing each type of Scope 3 emission in CDP 2011. In many of these areas, the measurement of emissions is methodologically more complex than for Scopes 1 and 2, and relies partly on information from suppliers and customers, or on estimates and modelling.


‘Although the EU has committed itself to emission reduction beyond 2012 and to the continuation of the emissions trading system (ETS), the uncertainty related to post-2012 global policy is the main regulatory risk for the future investments of the energy industry. This might result in wrong investment decisions (technology, fuels, location).’


Fortum


Figure 14: Types of Scope 3 emissions disclosed 100


80


60


40


20


0


23


Leased assets (upstream, not included in Scope 1 or 2)


Leased assets (downstream, not included in Scope 1 or 2)


Use of sold products Supplier emissions


Transportation and distribution of sold products


Fuel- and energy-related activities (not included in Scope 1 or 2)


Purchased goods and services Employee commuting Waste generated in operations Transportation and distribution Other Business travel


Number of companies


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