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Overview
Carbon Accounting Industry Overview
The carbon accounting industry has seen rapid growth recently, driven by increasing environmental regulations, investor demand for ESG disclosures, and corporate sustainability commitments. The global carbon accounting software market reached $15.3 billion in 2023 and is expected to grow at an annual rate of 22.8%, reaching $64 billion by 2030.
Key Players
Leading carbon accounting software providers include Persefoni, Sustain.Life, Watershed, and Sinai Technologies. Persefoni is the market leader, serving large enterprises with its comprehensive carbon management platform. Sustain.Life and Watershed cater more towards SMEs and easy sustainability reporting. Sinai Technologies specializes in decarbonization modelling and planning.
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Other notable players in carbon accounting software: Carbonside, Pangolin Associates, Carbonstop, Carbonbase, Net0, Planetly, Plan A, Sphera, Normative, Evalue8, BraveGen, The Carbon Accounting Company, Anhui Donggao, Carbon Analytics, Emitwise, Envizi, and CarbonetiX.
SEA
There are several carbon accounting and ESG consultants in Malaysia and Southeast Asia. Here are some of them:
Company Name
Service
Description
Riverstone Environmental
Carbon Footprint Assessment
Provides consultancy for Carbon Footprint Assessment across sectors including oil & gas, construction, manufacturing etc. Assists in setting up GHG Accounting and Reporting systems.
ESG Associates
ESG Consulting Services
Provides tailored ESG consulting services based on client needs.
Paia Consulting
Climate Change and Carbon Services
Help organizations prepare for a low-carbon, equitable and sustainable future.
OPTIMISE Malaysia
GHG and Carbon Accounting
Provide GHG and carbon accounting services following ISO 14064-1 standard. Helps establish a GHG baseline.
Wellkinetics
ESG Consulting
Works with companies across sectors to drive sustainability initiatives in Malaysia. Focuses on safety, social performance and net zero goals.
LCOS
Carbon Management Platform
Cloud-based platform for corporations and SMEs to measure, manage and reduce GHG emissions.
BoardRoom Malaysia
ESG Consulting
Develops custom ESG risk management and implementation plans tailored to clients.
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Solutions
Carbon accounting solutions help organizations measure, analyze, report on, and reduce carbon emissions across operations and supply chains. Core capabilities include data collection, calculations, visualizations, target setting, and integrations with other software systems. Leading solutions also provide advisory services to help clients develop net-zero strategies.
Applications
The primary applications for carbon accounting are:
Industry Outlook
Key trends shaping the carbon accounting industry include automation, AI-powered data analysis, integration with financial planning, expansion into carbon removal tracking, and growth in advisory services. As more countries introduce emissions regulations and investor demand increases, carbon accounting adoption will continue to accelerate.
Carbon Accounting for ESG Intelligence
For businesses today, measuring and reporting emissions through carbon accounting has become a necessity for regulatory compliance, brand building, risk mitigation and operational efficiency. Here are the key steps for implementation:
1. Calculate Emissions Inventory
Collect data and calculate Scope 1, 2 and 3 emissions using methodologies like the GHG Protocol Corporate Standard. Prioritize accuracy through primary data collection.
2. Identify Reduction Opportunities
Pinpoint emission hotspots across operations and the value chain. Assess the feasibility of reductions using marginal abatement cost curves.
3. Set Science-Based Targets
Define science-aligned decarbonization targets, such as those validated by the SBTi. This signals a commitment to stakeholders.
4. Track Performance Over Time
Continuously update the emissions inventory and monitor performance against targets. Forecast future emissions based on business plans.
5. Assure Your Data
Verify your emissions data with a third-party auditor to ensure quality. This builds trust with investors and regulators.
6. Integrate Systems
Connect carbon accounting software with financial planning, ERPs and other core business systems for efficient data sharing and a single source of truth.
7. Report to Key Frameworks
Disclose emissions and progress to stakeholders via reports aligned with GHGP, CDP, TCFD and other major ESG reporting frameworks.
With the right carbon accounting software in place, organizations can efficiently collect, analyze and report emissions data while driving strategic reductions. This strengthens the business’s sustainability credentials and transparency for stakeholders.
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