Businesses need to prepare for climate reporting in 2024

This article stresses that businesses need to begin work on their climate reporting.  However, it does not explain the urgency.

If you are a vendor, odds are, you will receive a Scope 3 letter in 2024.  This may be your initial notice from your client that you need to make a decision on if you want to retain that client.

Remember, if you are a vendor, you are categorized as Scope 3.  Larger companies will need to start reporting on their carbon emissions before smaller companies.  However, those larger companies will often need to include data from their Scope 3 vendors.  And, knowing that over the next few years their initial reporting will ultimately become audited reporting and later audited reporting with progress goals, most large companies know they will need to replace some vendors. 

Vendor replacement always takes time.  But in this case, they need to find vendors that are sustainable and have a carbon emissions plan.  That has them worried.  If they find a vendor that satisfies this, they will move fast. 

Therefore, expect a Scope 3 letter and an urgency from your larger clients.

For those of you who are proactive and see this as an opportunity to take market share, watch this master class and contact us.