STONE RIDGE, N.Y., Jan. 17, 2024 (GLOBE NEWSWIRE) — HowGood, a sustainability intelligence platform with the world’s largest ingredient and product sustainability database, today announced an expanded carbon accounting solution designed to streamline ESG reporting and carbon reduction for the food industry. Their Latis platform, utilized by six of the ten largest global food corporations, will now provide enterprise food companies with an accurate reflection of their corporate footprint across Scopes 1, 2, and 3, powered by HowGood’s best-in-class, granular product carbon footprinting data. To remove barriers to efficient and holistic impact reduction, Scopes 1 and 2 will be available for free to all platform users. HowGood’s single solution will bridge the industry gap between product-level carbon footprinting, corporate GHG accounting, and carbon reduction.
As ESG reporting mandates continue to increase for food companies, including California’s Climate Disclosure Rule, the EU’s Corporate Sustainability Reporting Directive and the upcoming climate disclosures guidance from the SEC, the need for granularity and accuracy in a company’s reported footprint is increasingly necessary. Gaining further visibility into emissions across the value chain allows food companies to accurately measure emissions, develop reduction strategies, and demonstrate the impact of their strategies in a way that is made possible only with granular, product-level accounting.
HowGood’s carbon accounting solution draws on their database of 90,000 agricultural emission factors to provide the following features:
- Full Emissions Reporting Across Scopes 1, 2, and 3: HowGood’s carbon accounting solution allows food companies to set an accurate and auditable emissions baseline with nothing more than back-of-pack ingredient lists and standard scope 1 & 2 inputs. Integrated supplier engagement features and an API are available for any customers choosing to further enhance their reporting.
- SBTi FLAG Reporting for Land-Based Emissions: Food companies that have set science-based targets are required to set a FLAG emissions target (Forest, Land, and Agriculture) by the Science Based Targets initiative (SBTi). HowGood’s solution measures a company’s land-based emissions to provide actionable brand- and product-level goals and abatement opportunities.
- Forecast and Model Abatement Strategies: Food enterprises can identify where emissions hot spots are occurring within their operations in order to prioritize, model, and track progress on carbon reduction initiatives. With these data-driven insights, cross-functional teams can make faster strategic decisions to maintain progress towards corporate reduction targets.
- Audit-Ready Data with Granular Accounting: Users can export GHG Protocol-compliant reports directly from the platform with the accompanying methodology and data source transparency. Backed by HowGood’s 17 years of scientific research, Latis brings an unprecedented blend of accuracy and automation to the ESG reporting process.
“Companies across the food industry are under intense pressure to not only report on their total footprint, but to be able to demonstrate immediate progress toward reduction for both direct and indirect emissions,” said Nina DePalma, Head of Product at HowGood. “Historically, corporate carbon accounting has not benefited from the immense granularity and accuracy that product-level carbon footprinting brings to the table, creating silos of data that make it difficult for companies to demonstrate the impacts of the sustainability initiatives they’re undertaking. We are so pleased to now offer our customers a solution that bridges this gap, bringing HowGood’s product-level granularity and deep agricultural expertise to full-scope carbon accounting at the enterprise scale. It is truly what is needed to move the needle on impact reduction.”
HowGood’s carbon accounting solution is built within their sustainability intelligence platform, Latis, which draws on over 600 accredited data sources to assess the social and environmental impact of more than 33,000 ingredients. The Latis platform allows food companies to calculate their footprint across key environmental and social impact metrics, discover and model impact reduction initiatives for greenhouse gas emissions, water usage, biodiversity, and more, and discover eligible sustainability marketing claims.
To learn more about HowGood’s carbon accounting solution and how it can streamline your ESG reporting, please visit: howgood.com/carbon-accounting.
About HowGood
HowGood is an independent research company and SaaS Sustainability Intelligence platform with the world’s largest database on food product sustainability. With more than 90,000 agricultural emissions factors, HowGood helps leading brands, suppliers, retailers and restaurants to measure, reduce, and communicate their environmental and social impact. Through in-depth, ingredient-level insights into factors like greenhouse gas emissions, biodiversity, labor risk, animal welfare, and other key impacts, HowGood’s data power strategic decision-making for the sourcing, manufacturing, merchandising, and marketing of sustainable products.
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