1. The Major Development: GHG Protocol & ISO Consolidation
GHG Protocol and ISO are working together to consolidate their corporate greenhouse gas accounting standards into a single, harmonized and co-branded global standard.
The initiative brings together GHG Protocol's Scope 1, Scope 2, Scope 3 and Actions and Market Instruments (AMI) workstreams with ISO 14064-1.
The current development timeline provides for:
- Consolidated public consultation: Q2 2027
- Publication of the consolidated corporate standard: Q4 2028
The initiative is intended to reduce fragmentation between the two widely used GHG accounting frameworks and provide greater consistency for organizations, reporting programmes, investors and other users.
However, the detailed requirements of the future consolidated standard are still under development. Organizations should therefore continue using the standards and reporting frameworks currently applicable to them.
2. How IFRS S2, GHG Protocol and ISO 14064 Fit Together
| Framework | Primary Purpose | Key Role |
|---|---|---|
| IFRS S2 (ISSB) | Climate-related financial disclosures | Provides investor-focused disclosure requirements for climate-related risks and opportunities. |
| GHG Protocol | GHG accounting and reporting | Provides widely used methodologies for measuring and reporting Scope 1, Scope 2 and Scope 3 emissions. |
| ISO 14064-1 | Organizational GHG quantification and reporting | Provides requirements for developing and reporting an organization's GHG inventory. |
| ISO 14064-3 | GHG verification and validation | Provides principles and requirements for verification and validation of GHG statements. |
IFRS S2 currently requires GHG emissions to be measured in accordance with the GHG Protocol Corporate Standard, subject to specific jurisdictional relief. This means that ISO 14064-1 should not be regarded as an automatic substitute for the GHG Protocol methodology under IFRS S2.
3. What This Could Mean for Companies
The ISO–GHG Protocol consolidation could make it easier for organizations to maintain GHG inventories that support multiple reporting and assurance needs.
For companies already using ISO 14064-1 for GHG inventory management and verification, the future harmonized framework may help reduce differences between carbon accounting and reporting approaches.
For organizations preparing for IFRS S2, however, the current requirements remain relevant. Companies should continue to follow the applicable IFRS S2 and GHG Protocol requirements while monitoring the development of the new consolidated standard.
The future direction is clear: greater alignment between GHG accounting, verification and climate-related reporting — with the detailed outcome to be shaped through the standards-development process through 2028.