Verification and Validation
National Sustainability Reporting Framework (NSRF) 's New Proposal on Mandatory Assurance requirement
Attention all Main and ACE Market listed companies, Large non-lised company with annual revenues exceeding RM2 billion, The upcoming National Sustainability Reporting Framework will soon align with the latest IFRS S1 and S2 standards, taking over from Bursa Malaysia’s current TCFD requirements. Additionally, GHG emissions will require independent assurance, further elevating the importance of accurate and verified disclosures. Don’t wait—ensure your company is prepared for this significant change.
Learn more from official website link: NSRF
Assurance Services
IvyGreen Solutions provides GHG assurance services fully aligned with ISO 14064:3. As internationally qualified verification experts, we ensure that your greenhouse gas data is reliable, transparent, and meets all regulatory standards.
01
Limited Assurance
Our limited assurance verification process aligns with ISO 14064-3, focusing on a thorough but moderate assessment of your GHG data. We perform activities such as analyzing your control environment, reviewing key processes, conduct site visit, perform analytical tests, sampling, and evaluating risk areas. We collect evidence in areas prone to material misstatements, ensuring your data aligns with industry standards. Upon completion, we issue a formal opinion based on our findings, ensuring confidence in your GHG assertions while minimizing operational disruption.
02
Reasonable Assurance
We are actively working on preparing to offer reasonable assurance services. We will provide updates on availability as we make progress.
GHG Inventory Verification aligns with ISO 14064:3 standard
What is ISO14064:3
Specification with guidance for the verification and validation of greenhouse gas statements.
How is ISO14064:3 widely used?
Assurance standard adopted by countries for GHG inventory verification:
| Country | Assurance Requirement | Assurance Standard | Timeline |
|---|---|---|---|
| Australia | External limited assurance progressing to reasonable assurance for Scope 1, 2, and 3 GHG emissions | AUASB sustainability assurance standards | 2024 onwards |
| Singapore | External limited assurance for Scope 1 and 2 GHG emissions. | ISSA 5000 ; or ISO 14064:3 | 2027 onwards |
|
EU countries |
External limited assurance, progressing to reasonable assurance for all sustainability matters |
Pending assurance standards to be adopted |
2024-2028 |
|
New Zealand |
External limited assurance for Scope 1, 2 and 3 GHG emissions. |
ISAE3410 ; or ISO14064:3 |
2024 onwards |
| Taiwan |
Scope 1 and 2 GHG emissions only |
Pending decision |
2029 onwards |
|
Malaysia |
External limited assurance for Scope 1 and 2 GHG emissions. |
ISAE 3000 ; or ISO standard |
Estimate 2027 onwards |
As sustainability regulations tighten around the globe, it’s becoming increasingly clear that compliance requirements are evolving rapidly—not just in Malaysia, but in many other countries as well. Governments are progressively adopting frameworks for sustainability material assurance, driven by the need to combat greenwashing (What is greenwashing), where companies falsely present themselves as more environmentally responsible than they truly are. This rise in sustainability assurance frameworks is a direct response to the growing number of greenwashing cases, ensuring that organizations are held accountable for their claims. If you don’t feel the pressure now, it’s not because these requirements don’t exist, but because the wheels are still in motion. Recognizing this fast-changing landscape is crucial for staying competitive. Competency in sustainability isn’t built overnight; it requires building best practices and consistently executing sustainable actions to remain ahead in the market.
Stay Clear of Greenwashing with ISO 14064-3 Compliance - verification and validation of your GHGs statement
ISO 14064:3 is a crucial standard that offers comprehensive guidelines for the validation and verification of greenhouse gas (GHG) assertions. As part of the ISO 14064 series, this standard plays a vital role in helping organizations ensure the accuracy, completeness, consistency, and transparency of their GHG data. By adhering to ISO 14064:3, organizations of all types, including governmental, commercial, and non-profit entities, can effectively validate and verify their GHG assertions, improving the credibility of their environmental impact reporting.
The standard outlines a structured approach to validation and verification, emphasizing the importance of qualified verification teams, accurate data collection, and clear documentation. ISO 14064:3 also highlights key principles such as objectivity, impartiality, and transparency, ensuring the reliability of GHG assertions throughout the verification process. By following this framework, organizations can not only enhance their GHG management systems but also demonstrate their commitment to environmental responsibility and stewardship.
Benefits of Greenhouse gas Verification and Validation:
Combat Greenwashing and Ensure Transparency
Preferred Supplier Status and Business Growth
Competitive Edge through Sustainability Leadership
Proactive Compliance and Risk Management
Enhanced Brand Reputation
Demonstration of Environmental Commitment
Is your organization prepared for this upcoming requirement?
GHG disclosure verification is increasingly demanded by stakeholders to ensure transparency and prevent greenwashing. Did you know that on 15Feb 2024, Malaysia issued a consultation paper (LINK) outlining potential implementation for the assurance of sustainability information, particularly limited assurance for GHG emissions Scope 1 and 2?
At IGS, we specialize in comprehensive GHG inventory verification and validation services that adhere to ISO 14064-3 standards. As certified professionals, we provide both limited assurance and reasonable assurance for GHG verification. Partner with us to ensure your organization meets these new regulatory expectations effectively.
