Carbon accounting software for companies in Lithuania

Lithuanian companies should adopt carbon accounting to measure, manage, and reduce their greenhouse gas (GHG) emissions effectively, ensuring alignment with international sustainability objectives and local regulatory mandates.

Carbon accounting offers Lithuanian businesses a thorough understanding of their GHG emissions, which is crucial for establishing and meeting reduction targets. By meticulously monitoring these emissions, companies can identify primary GHG sources within their operations and supply chains. This facilitates the development of targeted reduction strategies that not only bolster environmental sustainability but also improve operational efficiency and reduce costs by minimising energy waste.

Compliance with European Union regulations, such as the European Sustainability Reporting Standards (ESRS), is increasingly vital for businesses in Lithuania. These regulations require comprehensive and transparent reporting of climate-related goals and performance metrics, including Scope 1, 2, and 3 emissions. Implementing robust carbon accounting practices is essential for Lithuanian companies to meet these standards, helping them avoid legal penalties and maintain their licence to operate under the EU's rigorous framework.

Furthermore, transparent carbon accounting can greatly enhance the reputation and stakeholder trust of Lithuanian companies. As stakeholders, including investors, customers, and regulators, seek greater transparency regarding environmental impacts, Lithuanian businesses that disclose their carbon footprints and commit to reducing GHG emissions can differentiate themselves in a competitive market. This not only strengthens their brand image but also positions them well to comply with future regulatory changes and attract environmentally conscious investors and customers.

Lithuanian companies stand to gain significantly from implementing carbon accounting software by automating emissions tracking, ensuring regulatory compliance, and enhancing sustainability reporting.

Firstly, the adoption of carbon accounting software automates and streamlines the collection, analysis, and reporting of emissions data, drastically cutting down manual efforts and associated errors. Lithuanian companies, particularly those in manufacturing and energy-intensive industries, can integrate data from various operational sources to achieve a more comprehensive and accurate assessment of their carbon footprints. This not only boosts efficiency but also offers real-time insights, enabling faster and more informed decisions to manage and reduce emissions.

Secondly, implementing carbon accounting software aids Lithuanian companies in meeting regulatory requirements and adhering to national and international reporting standards. With Lithuania being part of the European Union, companies must comply with stringent EU regulations such as the European Sustainability Reporting Standards (ESRS). The software ensures that emissions data is accurately reported in accordance with these frameworks, thereby avoiding potential fines and bolstering the company's reputation for transparency and accountability.

Lastly, carbon accounting software equips Lithuanian companies with robust analytical and reporting tools to track their progress towards sustainability goals. This includes setting emission reduction targets, monitoring performance, and generating detailed reports for stakeholders. By showcasing their commitment to sustainability through precise tracking and transparent reporting, Lithuanian companies can build stronger trust with investors, customers, and other stakeholders, gaining a competitive edge in the marketplace. This commitment not only aligns with global sustainability trends but also caters to the growing consumer demand for environmentally responsible businesses.

Plan A's software aids Lithuanian companies in performing carbon accounting by offering a user-friendly platform tailored to accurately measure, manage, and reduce their carbon emissions.

Plan A’s platform supports Lithuanian companies by streamlining the collection of emissions data from various departments and suppliers, adhering to the latest scientific protocols. This process ensures high data accuracy and consistency, vital for a precise carbon footprint assessment. The software consolidates the data into an easily navigable dashboard, where companies can track their emissions trends.

Additionally, the software enables Lithuanian businesses to perform in-depth data analysis, pinpointing emissions hotspots across various levels of the organization. Customisable dashboards and analytic tools help identify significant sources of emissions, allowing companies to prioritize areas for improvement. By covering all emission scopes defined by the GHG Protocol, Lithuanian companies gain a comprehensive view of their carbon footprint.

Lastly, Plan A's software assists Lithuanian companies in setting and achieving science-based decarbonisation targets, which align with both local and EU environmental regulations. The platform provides bespoke action plans and forecasts future emissions, helping companies to plan their reduction strategies effectively. This proactive approach not only ensures regulatory compliance but also enhances the companies' competitive edge in the market.

Several companies offer carbon accounting software and services tailored to organisations in Lithuania, with Plan A leading the way, followed by notable providers such as Position Green, SAP, UL Solutions, IBM, Salesforce, Futureproofed, and Earthbanc.

Plan A stands out as a leader in carbon accounting software. Their platform simplifies data collection across teams and suppliers, ensuring high accuracy by adhering to the latest scientific standards. It consolidates emissions data from multiple sources into a secure, customisable dashboard, providing in-depth data analysis through customisable charts to identify emissions hotspots across facilities, subsidiaries, and business units. Additionally, Plan A supports setting and achieving science-based decarbonisation targets, offering tailored actions and forecasting future emissions and cost risks, aiding companies in developing effective decarbonisation plans.

Position Green offers a comprehensive carbon accounting software that enables businesses to measure, report, and reduce CO2 emissions across all scopes (Scope 1, 2, and 3). Their platform features customisable GHG data management, API integrations, and seamless integration with key standards and frameworks such as ESRS, GHG Protocol, CDP, and SBTi. Position Green also provides expert consultancy to help businesses transition smoothly and upskill their workforce in carbon accounting standards and methods.

SAP provides climate action solutions, including carbon accounting software designed to manage corporate, value-chain, and product footprint data. Their platform emphasises transactional carbon accounting, enabling companies to manage carbon emissions with the same precision as financial data. SAP's solutions support real-time carbon footprint calculations, data sharing, and integration with SAP S/4HANA Cloud for comprehensive carbon management.

UL Solutions (Turbo Carbon) tailors its platform for small and medium-sized businesses, offering an easy-to-use interface for carbon reporting. The software guides users through data collection, reporting, and analysis, providing a dynamic dashboard and downloadable reports. Turbo Carbon also offers training and support to help businesses manage their carbon emissions effectively.

IBM's Environmental Intelligence Suite focuses on data management and emissions management, offering basic climate risk analytics supported by IBM's AI capabilities. A key aspect of IBM's offering is risk assessment and response strategies, empowering organisations to monitor disruptive climate patterns. It is suitable for large corporations looking to project future carbon emissions, though it may lack the personalised experience many organisations seek.

Salesforce's Net Zero Cloud leverages Salesforce's expertise in automation, language support, and integration features to deliver valuable emissions reporting capabilities. However, the platform is limited by its reliance on an existing data schema not inherently designed for accounting purposes. Despite mixed reviews of its scalability, the platform's robust dashboard functionality and partnerships with key players like Accenture make it a noteworthy option.

Futureproofed provides a platform equipped with tools for measuring, reducing, and reporting emissions. Their software uses advanced data analytics to calculate emissions and identify reduction opportunities. Futureproofed also offers expert consultancy to help businesses set and achieve science-based emission reduction targets, ensuring compliance and data transparency through customisable reports and audit logs.

Earthbanc has partnered with Swedbank Lithuania to pilot carbon and climate reporting solutions for corporate and SME banking. This collaboration aims to uncover sustainable lending opportunities and provide comprehensive carbon accounting and climate reporting services.

Carbon accounting software helps Lithuanian companies reduce emissions by offering precise emissions data, enabling targeted reduction strategies, and supporting continuous monitoring for sustained improvements.

Firstly, carbon accounting software provides Lithuanian companies with detailed insights into their emissions by accurately measuring and analysing data from multiple sources within their operations. This in-depth understanding allows companies to pinpoint major emission sources, whether from industrial processes in Klaipėda, transportation in Vilnius, or energy consumption in Kaunas. By identifying these hotspots, companies can strategically focus their resources on the most impactful areas, improving efficiency and reducing their overall carbon footprint more effectively.

Secondly, the software enables targeted actions through advanced analytics and scenario modelling tools. Lithuanian companies can utilise these tools to assess the feasibility and impact of various emission reduction initiatives, such as adopting solar energy in rural districts or enhancing energy efficiency in urban centres like Šiauliai. This targeted approach allows businesses to simulate different scenarios and select the most cost-effective and impactful strategies, ensuring their efforts produce the greatest environmental benefits. Additionally, the software helps companies set, monitor, and achieve specific emission targets, reinforcing their commitment to sustainability.

Lastly, carbon accounting software supports continuous monitoring and improvement by providing real-time data and automated reporting features. For Lithuanian businesses, this means they can seamlessly track their emissions performance over time, quickly addressing any deviations from their reduction targets. Continuous monitoring helps companies comply with both national and EU-wide regulatory requirements, demonstrating transparency and accountability in their sustainability initiatives. This ongoing focus on improvement ensures that Lithuanian companies contribute to long-term environmental sustainability, fostering a greener future for the country.