Car manufacturers are misleading investors by significantly underestimating the total distance travelled and fuel consumption of cars, as mandatory Scope 3 emissions reporting represent a ‘ticking carbon bomb’ for asset managers.with Hyundai-Kia and BMW under-reporting emissions by as much as 115% and 80% respectively, a new Transport & Environment shows.
Luca Bonaccorsi, director of sustainable finance at T&E, said: “For green investing to be effective, we need accurate data. Carmakers are trying to pull the wool over investors eyes by underreporting the lifetime emissions of their cars. This makes a mockery of carmakers’ green claims.”on a number of factors such as the average size of the vehicles, where the cars are driven and the lifespan of vehicles. Carmakers on the whole have used selective data to reach a lower figure.
By the end of 2022, Morningstar, a US-based financial firm, estimates that some 50% of all new financial products sold will be environmental, social and governance based. However, ESG ratings fail to capture the companies’ true climate impact. Despite CO2 emissions being the most important environmental indicators, they represent, two of the world’s leading ESG indexes.
[2] Greenhouse gas emissions are categorised into three groups by the most widely-used international accounting tool, the Greenhouse Gas Protocol. Scope 1 covers direct emissions from owned or controlled sources. Scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company. Scope 3 includes all other indirect emissions that occur in a company’s value chain.
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