Leading Global Businesses Unite to Launch Carbon Measures

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New coalition to advance global carbon accounting framework and champion market-based solutions that drive emissions reductions

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Amy Brachio, former Ernst & Young global vice chair and head of sustainability, named CEO

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NEW YORK — Carbon Measures, a new global coalition representing major businesses from diverse industries and geographies, launched today to establish a more accurate carbon accounting framework and drive market-based solutions to reduce emissions at the lowest cost.

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The coalition’s work will leverage sound science and the principles of financial accounting to help enable a ledger-based carbon accounting framework that is substantially more accurate, eliminates double counting and addresses current information gaps. By better tracking emissions through the global economy, this new framework will help businesses differentiate their products and governments make more informed policy decisions.

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Carbon Measures is calling for new policy that unlocks innovation, competition and the power of the market. Global carbon emissions are rising and will continue to increase unless effective, efficient and pragmatic policies are implemented. Product-level carbon intensity standards, based on verifiable data informed by an enhanced emissions accounting framework, can create markets in which businesses are rewarded for investing in low-carbon production.

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Carbon Measures will focus on advancing the carbon accounting framework. Additionally, for maximum impact, the coalition will prioritize designing carbon intensity standards for key industrial products – such as electricity, fuel, steel, concrete and chemicals – that form the basis of most supply chains and collectively account for the majority of global emissions.

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Amy Brachio takes the helm as the CEO of Carbon Measures after nearly three decades at Ernst & Young LLP (“EY”), where she most recently served as Global Vice Chair, Sustainability. At EY, she guided the support of thousands of clients on climate and sustainability, led the firm’s 40% emissions reduction goal, and helped establish EY as a global leader in sustainability services. A former leader of EY’s Business Consulting and Risk Management practices, Brachio brings deep expertise in risk management, regulatory compliance, and sustainability.

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“Good data leads to good decisions, but for decades, precise and comparable data has proven something of a holy grail in emissions tracking. I’ve had a front-row seat helping businesses struggle with a system that’s been overly reliant on estimates and dependent on voluntary commitments and good intentions to drive market action. That simply won’t be sufficient going forward,” Brachio said. “Carbon Measures wants to create a system that will unleash markets and competition, unlocking investment and accelerating the pace of emissions reduction – ultimately driving the kind of enduring change the world demands.”

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The initial member companies of the coalition are: ADNOC; Air Liquide; Banco Santander; BASF; Bayer; CF Industries; EQT Corporation; ExxonMobil; EY; Global Infrastructure Partners, a part of BlackRock; Honeywell; Linde; Mitsubishi Heavy Industries; Mitsui & Co.; Mitsui O.S.K. Lines, Ltd.; NextEra Energy; Nucor; the Port of Rotterdam; and Vale. Additional companies to be announced.

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Chief executives from Carbon Measures’ member companies expressed their support for the coalition and its objectives.

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“To truly drive collective action to the next level, we need harmonized product-level carbon intensity standards, supported by accurate carbon accounting, to reward low-carbon solutions and harness the power of markets. Collaboration of business with academics, experts, civil society, and policymakers is the very essence of the Carbon Measures initiative. By working together, we can collectively drive emissions down and meet society’s growing needs,” said François Jackow, Chief Executive Officer of Air Liquide Group. “Accurate and transparent calculation of carbon emissions at origin is the foundation for meaningful climate action. This initiative aims to create a reliable, globally comparable way to calculate carbon intensity comprehensively across each step of the value chain, enabling product standards and accelerating the transition as a result. By joining forces to create a market-driven solution to this critical challenge we are laying the groundwork for real, scalable impact, building on our ongoing efforts to reduce emissions. We welcome this collaboration across regions and industries, and we encourage others to join us in shaping a unified path to effective carbon measurement,” said Ana Botín, Executive Chair of Banco Santander.

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“If you can’t measure it, you can’t manage it. The first step to reducing global emissions is to know where they’re coming from—and today, we don’t have an accurate system to do this. A standard carbon emissions accounting methodology provides a necessary foundation for a framework that will encourage competition, leverage each company’s strengths, and mobilize market forces to meet the challenge of growing energy demand while lowering emissions,” said Darren Woods, Chairman and CEO of ExxonMobil.

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“Nucor is proud to be a founding member of the Carbon Measures global coalition. We are committed to transparency and accountability in measuring and managing our carbon footprint. Establishing a consistent carbon accounting framework is critical to ensuring comparability across industries, driving credible progress toward emissions reduction, and supporting policies that align industrial efforts with broader climate objectives,” said Leon Topalian, Chair, President and Chief Executive Officer of Nucor Corporation.