Carbon Accounting : How and why do Nordic companies utilize carbon accounting in risk evaluation and investment decision making?
Tessieri, Martin (2018-11-23)
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Carbon accounting is going through the same development phases as did traditional accounting, where it developed from only bookkeeping to a more strategic role. Currently carbon accounting is in the same phase, developing from the measurement of carbon to using this accounted data for strategic investments and risk evaluations. This study looks at current carbon accounting schemes and their strategic roles using the material gathered from the Carbon Disclosure Projects (CDP) data bank and a close-up interview with one carbon intense company that uses internal carbon pricing. The sample companies consist of companies whose headquarters are located in the Nordics. The CDP material was analyzed using the coding method of the consolidated narrative interrogation (CONI) system. The interview used a theme-based approach. The results show that companies practice carbon accounting mainly to communicate towards investors and rating agencies, but also from the requests of their business partners. The study also suggests that carbon intense sector companies show more interest towards carbon accounting, but also that low carbon sectors like the financial sector use car- bon risk management approaches for their carbon-intense customers. Currently still the usage of car- bon accounting in a strategic manner in the Nordic companies is not widespread, even though companies face risks regarding regulation and rising carbon costs from carbon taxes and Emission trading systems. In the face of such uncertainty, companies should better prepare to face such risks.