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A Comprehensive Guide
From Aesop to Innocent Drinks, it seems like every household brand nowadays is a B-Corp, and why wouldn’t they want to be one? It’s a powerful way of communicating a business’ ethos to stakeholders. Data shows that when compared to traditional businesses, B-Corps have faster turnover growth, better employee retention and are more successful in securing equity finance.
The road to B-Corp certification is an arduous one, however enticing. To become a fully certified B-Corp, a business must score 80 out of 200 points on the B-Corp Impact Assessment (BIA), as well as conduct a phone interview with B Lab, the NGO that creates and hands put B-Corp certifications. For reference, the median score of a business that completes the BIA is 50.9. Additionally, B-Corps must re-certify, and meet the requirements of the continuously evolving BIA, every three years to retain their B-Corp certification.
Since 2005, more than 240,000 businesses have signed up to do the BIA. But only 6000 business worldwide have been certified, demonstrating the certification’s exclusivity and high standards.
So what can you do to ensure that your business has the best chance to achieve that coveted B-Corp badge? Calculating your carbon footprint through a carbon accounting platform like EcoHedge and here’s why:
- Securing those extra points - The Environment section of the B Corp assessment asks businesses to answer questions about how (or if) they measure, report, offset and manage their greenhouse gas (GHG) emissions. While not mandatory, it makes up a significant portion of the assessment. Simply by measuring your emissions, you are given extra points towards your assessment. This will strengthen the company's overall application and likelihood of achieving accreditation.
- Efficiency in data collection - The most time-consuming element of the B Corp assessment is the collection of relevant data about your business operations. This includes how much waste you produce, how much and what type of energy you use and your team’s travel activity. The good news is that most of these questions are asked on carbon accounting platforms like EcoHedge Express. Having the same inputs as those asked in the BIA process helping you save time.
- Back by evidence - B-Corp Accreditation requires companies to demonstrate that they are continuously working to minimise their environmental impact in order to re-certify as a B-Corp. By utilising carbon accounting, your business provides evidence of the efforts made in reducing greenhouse gas emissions in the short, medium and long term.
- Forward-looking - Carbon Accounting provides a robust framework for assessing and managing greenhouse gas emissions. It helps companies identify future opportunities for improvement, make informed decisions and implement initiatives that contribute to reducing their carbon emissions. Many carbon accounting software offers carbon reduction solutions that offer expert-backed and sector-specific solutions, based on your carbon report. This will ensure that you will always be one step ahead.
Achieving B-Corp certification is a prestigious accomplishment for any business, reflecting a commitment to social and environmental responsibility. To maximise your chances of attaining the coveted B-Corp badge, incorporating carbon accounting into your business practices is essential. By quantifying your carbon footprint, streamlining data collection, providing evidence of environmental efforts, and embracing a proactive approach to sustainability, you can demonstrate your commitment to being a responsible and impactful business, as a force for positive change in the world.
EcoHedge is a UK-based, climate-tech start-up, helping SMEs to get to grips with their carbon accounting and reach net-zero, faster. Our software intelligently captures, calculates and categorises emissions data to give a comprehensive view of a company's carbon footprint.
For more information on how EcoHedge can help with your B-corp certification ambitions email: sales@ecohedge.com
