Global coalition for credible emissions accounting. Companies join forces to create Carbon Measures

A new international coalition called Carbon Measures has been announced. Its goal is to develop accurate, globally comparable frameworks for accounting CO₂ emissions and to launch market-based mechanisms that help reduce emissions at the lowest possible cost. The coalition’s ambition is to move away from estimates and declarations toward verifiable, timely, and cross-sector comparable data.

The initiative will be built on financial reporting principles and a “general ledger” of emissions — an approach designed to eliminate double counting and data gaps, making business and policy decisions more realistic. The coalition argues that better carbon footprint tracking across the economy will help companies differentiate their products and help governments design more effective climate policies.

Why now? Data gaps are slowing down the transition

The founders emphasize that the lack of consistent, verified data has been one of the biggest barriers to decarbonization, making it difficult to compare the carbon intensity of products or to design effective public policies. Carbon Measures aims to change that, ensuring that the advantages of low-emission technologies are reflected in prices and purchasing decisions. Standardization will help governments set targets and allow companies to build competitive advantage through genuine emission reductions.

The coalition plans to develop emission accounting frameworks based on a general ledger and to advance product-level emission intensity standards. These metrics would make it possible to compare, for example, a megawatt-hour of electricity, a ton of steel, or a liter of fuel by their carbon footprint — using reliable, traceable data across the entire value chain. This is meant to become a common language for regulators, investors, and markets — a catalyst for demand for lower-emission solutions.

Focus areas: Energy, fuels, steel, concrete, and chemicals

Initially, the work will cover key industrial products: electricity, fuels, steel, concrete, and chemicals — sectors that form the backbone of most supply chains and together account for a large share of global emissions. Auditable standards are expected to accelerate investments in cleaner technologies and make it easier to choose lower-carbon options.

The coalition will be led by Amy Brachio, formerly Global Vice Chair for Sustainability at EY.

“Good data enables good decisions; yet precise and comparable emissions data have long been scarce. Carbon Measures aims to create a system that unlocks markets and fuels competition — accelerating the emission reductions the world urgently needs,” said Brachio.

What Carbon Measures aims to change

The new frameworks are designed to:

• eliminate double counting of emissions and information gaps,
• provide auditable information at company and product levels,
• enable comparisons between suppliers and regions,
• support the design of contracts and policies in which prices and terms depend on verified emission reductions.

This approach is meant to create markets that reward investments in low-emission production — across energy, steel, cement, and chemicals.

Who’s behind the initiative

Founding members include: ADNOC, Air Liquide, Banco Santander, BASF, Bayer, CF Industries, EQT Corporation, ExxonMobil, EY, Global Infrastructure Partners, Honeywell, Linde, Mitsubishi Heavy Industries, Mitsui & Co., Mitsui O.S.K. Lines, NextEra Energy, Nucor, Port Rotterdam, and Vale. The list will expand as the project develops.

“To accelerate collective action, we need harmonized product-level emission intensity standards and accurate accounting that rewards low-carbon solutions,” said François Jackow, CEO of Air Liquide.
Ana Botín, Chair of Banco Santander, added that globally comparable emissions accounting throughout the value chain will “lay the foundation for real, scalable impact.”
Darren Woods, CEO of ExxonMobil, stressed that a shared methodology will enable competition for the lowest possible carbon intensity amid rising energy demand.
Leon Topalian, CEO of Nucor, highlighted the importance of stable, reliable frameworks that ensure cross-sector comparability and support climate-aligned policies.

Policy to support innovation

The coalition calls for pragmatic regulations that enhance competition and demand for lower-emission products. It plans to work with policymakers, academia, and NGOs, and to test pilot projects emphasizing interoperability with existing systems.

The goal is for product-level emission intensity standards — based on data from the general ledger — to form the foundation of market solutions, rewarding technologies with lower carbon footprints.

In the coming months, the coalition will refine the general ledger methodology, define indicators for priority products, and prepare pilot implementations involving both suppliers and customers.