避免排放和；气候投资：投资者和企业指南

Contents Introduction06Key learnings andremaining challenges30Recommendationsfor the future32Appendix33Case studies24Avoided emissions andintervention basedimpact assessment10Landscape andmethodologycomparison1401.04.05.06.02.03. Thank you to the co-authors of this guide: Thank you to our project partner: Foreword Foreword The concept of avoided emissions (AE) istransforming climate action, offering a cruciallens to assess the systemic impact of low-carbonsolutions. A growing number of investors andcompanies share the ambition to acceleratedecarbonization. Concepts like avoided emissionsand emission reduction potential exist to helpinvestors and companies identify high-potentialdecarbonization solutions for investment. Despitethe progress in developing methodologicalprinciples for analysing avoided emissions, existingframeworks in finance and real economy are notfully aligned, and businesses and investors are notconsistently utilizing the same approaches for AEassessment and disclosure. This report is not intended as a methodologicaladdendum, expansion, or sub-section to eitherthe Frame or WBCSD methodologies but ratheras complementary and concise perspective onthe wider methodological landscape and itsconvergence, particularly at the intersection offinance and real economy. The recommendationsfrom ICF are based on the team’s experiencenavigating between the two methodologies aspart of this past year’s joint working group. Thereport is authored by the respective projectteams from Frame, ICF, and WBCSD with inputand feedback from members of the respectiveorganisations. This is a starting point that wehope ignites further discussion, reflection, andimprovement. This report, developed through collaborationbetween WBCSD, Project Frame, and ImpactConvergence Forum, provides practical guidancefor investors and businesses navigating theemerging ‘avoided emissions’ landscape. Ithighlights the value of forward-looking avoidedemissions assessments, maps existing frameworksand standards, summarizes methodologicalchallenges, and provides insights and caseexamples to drive further convergence. The intention of this collaboration is to reducebarriers to the adoption of rigorous approachesto avoided emissions analysis, acceleratecapital flows toward optimal climate solutions,and promote transparent reporting to minimizeconfusion and/or greenwashing. The methodological analysis in the reportbuilds on the Project Frame (Frame) 2023,Pre-investment Considerationsand 2024,EvaluatingGreenhouse Gas Impact for Early-StageInvestment methodologiesalongside the WBCSDGuidance on Avoided Emissions v2 (released 2025). Introduction 01. 01. Introduction ‘Frame’ in the guide) and WBCSD’s methodologiesexist to move the market beyond solely carbonfootprinting to encourage deliberate contributionto decarbonization of private market actors. Thisperspective centres an opportunity-led approachamongst the current risk-dominated approachesto climate action. The “avoided emissions”imperative Over the past two decades, major industry-wideinitiatives – led by leading standard-setters suchas the Greenhouse Gas Protocol, ISO, TCFD,and ISSB – have focused on the measurementof companies’ carbon footprint (Scope 1-3emissions), along with the implementationand disclosure of climate-related governance,operational risk management processes,decarbonization strategies, metrics, and reductiontargets. While these efforts are essential tomobilize private market action against the surgingclimate crisis, they are not sufficient. The latestscientific reports show that human intervention ledto unprecedented changes in the Earth’s climate.Natural disasters and impacts on humans andecosystems are becoming more frequent andsevere, and efficiency and circularity in globalmaterial flows are stagnating.1Investment inclimate solutions is an institutional imperativeto accelerate decarbonization and mitigate riskto our communities, businesses and livelihoods,but investment in needed solutions is challengingdue to a lack of a consistent methodologicalapproaches across asset classes. Avoided emissions is not just a reporting metric—itrepresents a strategic lens through which businessand finance can align efforts to enable real-worldimpact. Avoided emissions analysis – includingboth analysis of realised emissions and forward-looking emissions reduction analysis – providesa critical perspective on the plausible impact ofsolutions that enable systemic change acrossindustries and helps draw attention to scalable,transformative solutions that might otherwiseremain marginal. It is equally important to emphasize cautionin using reported avoided emissions metricswithout interrogating the underlying assumptions.These metrics should be considered directionalestimates—contextualized within the set ofscenarios, assumptions, system boundaries, andmethodological choices taken in each case.After all, they are developed under inherentlyspeculative conditions. We need further