Carbon Measures, a new initiative backed by major energy and multinational companies including ExxonMobil and BASF, announced it will establish an independent panel of experts to guide the creation of a global carbon accounting system.

According to Reuters, the group aims to develop a standardized, ledger-based system – similar to financial accounting rules – within the next two to three years. The primary goal is to address double-counting of emissions and create a more level playing field that rewards companies that genuinely invest in decarbonization and sustainable practices.

According to CEO Amy Brachio, the current lack of comparable accounting frameworks makes it difficult to assess corporate climate progress. Working with the International Chamber of Commerce (ICC), the independent panel will include academics, accountants, business leaders, and civil society representatives. Oxford Professor Karthik Ramanna, who will co-chair the panel, stated that the effort mirrors the historical establishment of Generally Accepted Accounting Principles (GAAP) and has the potential to leverage capitalism to accelerate the energy transition.

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Source: https://www.reuters.com/sustainability/cop/exxon-backed-carbon-accounting-group-appoint-independent-panel-ceo-says-2025-10-27/