Industry leaders join forces to create a unified, verifiable framework for carbon accounting

A group of global firms spanning energy, finance and industry has launched Carbon Measures, a new coalition designed to bring fiscal discipline, accuracy and transparency to global carbon accounting.

Founding members include ADNOC, Air Liquide, Banco Santander, BASF, Bayer, CF Industries, EQT Corporation, ExxonMobil, EY, BlackRock’s Global Infrastructure Partners (GIP), Honeywell, Linde, Mitsubishi Heavy Industries, Mitsui & Co., Mitsui O.S.K. Lines, NextEra Energy, Nucor, the Port of Rotterdam and Vale. The group aims to establish a universal system for emissions reporting that can eliminate double counting, close data gaps and align climate disclosures across industries.

At its core, Carbon Measures seeks to apply the principles of financial accounting to carbon management. Its proposed ledger-based framework will create comparable, verifiable data that can strengthen policymaking, investment decisions and carbon pricing.

“Accurate and transparent calculation of emissions at source is the foundation for meaningful climate action,” said Ana Botín, Executive Chair of Banco Santander. “This initiative creates a dependable, globally consistent way to measure carbon intensity across every step of the value chain.”

Leading the effort is Amy Brachio, former Global Vice Chair for Sustainability at EY, now Chief Executive of Carbon Measures. “Good data leads to good decisions,” she said. “Businesses have long relied on estimates. This will move the system towards measurable, evidence-based reporting.”

In its first phase, the coalition will develop a standardised carbon accounting framework and common carbon-intensity benchmarks for key industrial products, including electricity, steel, cement and chemicals sectors responsible for a significant share of global emissions.

Industry leaders have backed the effort. François Jackow, CEO of Air Liquide, said collaboration across sectors was vital to advance low-carbon solutions. ExxonMobil chief Darren Woods added, “If you cannot measure it, you cannot manage it. A standard methodology is essential to align market forces with responsible energy demand.”

The initiative comes amid growing calls for consistent, verifiable emissions data to support global climate targets under frameworks such as the Paris Agreement and the International Sustainability Standards Board (ISSB). Current systems, largely voluntary and fragmented, often lack the accuracy needed for effective regulation or investment assessment.

By creating a universal carbon accounting standard, Carbon Measures could help bridge the gap between corporate disclosures and regulatory frameworks, supporting fair carbon pricing, trade mechanisms and performance-based financing.

Ultimately, the coalition aims to turn carbon management from a voluntary exercise into a measurable, market-driven system that rewards transparency and innovation laying the foundation for an accountable path to net zero.