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BlackRock-backed GIP, BASF launch framework for carbon emissions
A coalition of companies including BlackRock Inc.’s Global Infrastructure Partners, Exxon Mobil Corp., Banco Santander SA, BASF SE, and EY have joined forces to develop a new way to measure the carbon emissions linked to their products.
The group, called Carbon Measures and led by chief executive Amy Brachio — formerly global vice chair for sustainability at EY — aims to build a framework that avoids double-counting emissions and attributes them to specific sources.
The group plans to develop product-level carbon intensity standards for major industrial goods such as electricity, fuel, steel, concrete, and chemicals.
Carbon Measures intends to support a ledger-based system similar to financial accounting to track carbon emissions through supply chains.
Initial backers include industry and finance firms such as Linde Plc, Mitsui & Co., and Air Liquide.
The model is expected to take two years to develop and between five and seven years to be used at scale.
🔗 Source: Bloomberg
🧠 Food for thought
Implications, context, and why it matters.
Carbon Measures’ fit with existing standards will drive adoption and regulatory relevance
- Carbon Measures proposes a break from the GHG Protocol, used in 2016 by 92% of Fortune 500 CDP respondents (the nonprofit formerly known as the Carbon Disclosure Project) 1. It aims to stop double counting and tie emissions to sources through a ledger-style system like financial accounting.
- CSRD and the International Financial Reporting Standards (IFRS) S2 climate rule for investors direct companies to the GHG Protocol 2. The GHG Protocol partnered with the International Organization for Standardization (ISO), the global standards body, in September 2025 to harmonize standards 3. Updates target 2027, with no formal timeline for joint ISO and GHG Protocol standards 2. Recognition by regulators such as the European Union Carbon Border Adjustment Mechanism (CBAM), a border tariff on emissions in imports, would support compliance use.
Software and data providers can capture near-term demand for product-level carbon tracking tools
- The European Union Digital Product Passport (DPP) starts in 2027 for priority product groups, with full rollout expected by 2030 4. Manufacturers must share product-level data, including carbon footprint, via QR codes 4.
- An independent third-party must host each DPP 5. Vendors with early integrations and SME-ready tools can win share before enforcement 5. SMEs receive no automatic exemptions 5.
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