Human Rights, Environment & Social StudiesLNA World

THINGSPIRE To Democratize Scope 3 Carbon Accounting

Thingspire to democratize Scope 3 carbon accounting (Graphic: Thingspire Ltd.)

SEOUL, South Korea, Nov 24 (Bernama) — Thingspire, a Korean decarbonization startup, today announced the initiation of its research with Korea Advanced Institute of Science and Technology (KAIST) on environmentally extended input-output (EEIO). Designed to facilitate organizations of varying sizes to effectively measure and report their Scope 3 emissions on purchased goods and services, Thingspire adopted a novel approach of cross-validating Korean Standard Industrial Classification (KSIC) subcategories against physical data.

Aimed at generating 381 or more emission factors, this research will produce the first set of spend-based emission factors that are uniquely tailored for seamless integration with any existing enterprise resource planner (ERP) in Korea, thereby helping organizations to measure and report Scope 3 emissions at ease. Thingspire’s spend-based emission factors from this ongoing research will complement its existing global emission factors database, which has its core strength in Asia-Pacific coverage. In addition, it can serve as a benchmark for both sustainability and purchasing managers to meet their sustainability KPIs.

Organizations in Korea face mounting pressure and challenges from global regulatory bodies due to their critical position in the upstream of global supply chain. As stricter reporting and reduction standards emerge, the often resource-stricken Korean small and medium sized enterprises (SMEs) are left to cope with the downstream pressures such as Carbon Border Adjustment Mechanism (CBAM) and Climate Corporate Data Accountability Act. Offered as both API and cloud-based web service, Thingspire’s carbon accounting software, “Carbonscope,” is already filling this void by onboarding SMEs across major industrial complexes in Korea. Hundreds of SMEs have already begun measuring their carbon footprints to secure their place in the global supply chain, using industry-specific data entry forms prepared by carbon analysts.

Kwangjae Cho, Founder of Thingspire, said, “Carbonscope was designed to exceed sustainability metrics for even the smallest organizations outside the regulatory framework. We aspire to empower SMEs – and multinationals alike – in cementing their place in the market, instead of being baffled by global carbon regulations.” To be showcased at the upcoming ENLIT Europe 2023 in Paris between November 28th and November 30th, Carbonscope seeks to establish its presence in the EU market and beyond.

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