Emissions calculation – a free and simple tool for business in the Baltic countries | Business

Lithuanian, Latvian and Estonian banking associations, in order to contribute to the European Union’s climate change mitigation goals, present to the market a plan prepared together with Deloitte GHG emissions calculator. Using the calculator, it is possible to estimate the first and second level (Scope 1, Scope 2) GHG emissions, that is, the direct GHG emissions of the company’s or organization’s activities emissions and GHG emissions released due to consumed electricity and heat energy.

Personal archive photo/Eivile Čipkutė

“Emissions calculation is one of the first steps that can be taken to measure the environmental impact of ongoing activities. The new calculator will be especially useful for small and medium-sized companies, other organizations that want to evaluate real data, but do not know where to start.

Large companies already calculate their emissions with the help of external or internal experts, while it is too expensive for small entrepreneurs to do so. Therefore, we initiated a project to create a simple and free tool that would help more companies to start evaluating greenhouse gas emissions in their activities”, says the president of the Lithuanian Banks Association, Dr. Eivile Čipkutė.

According to her, the new calculator was created using widely recognized databases (DEFRA, AIB, CIBSE, etc.) and the international standard for calculating greenhouse gas emissions (GHG protocol). The calculator is based on national emission factors and is available in Lithuanian, Latvian, Estonian and English. Additional training material is also provided.

The European Union and national institutions apply more and more requirements and ask for data related to the environmental impact of organizations’ climate change mitigation policies. Consumers, partners and investors are increasingly demanding such information.

In some cases, financial institutions also need information on corporate GHG emissions, as they play an important role in financing the transition to climate neutrality. Banks and credit unions must implement the expectations of the European Central Bank regarding the disclosure of financed GHG emissions, report to the relevant authorities how the credit institution handles social and environmental challenges related to the financed projects, and assess whether their clients take environmental objectives into account in their activities.

Each bank or credit union individually decides what data is needed in a specific case, taking into account the service provided and the specifics of the company’s activities.

Greenhouse gas emissions in the European Union have been actively aimed at reducing since the 2015 Paris Agreement on climate change. By 2030, GHG emissions must be reduced by 55 percent compared to the level of emissions in the 1990s, and by 2050 the intention is to achieve complete climate neutrality.