Coauthored by Frazier & Deeter (FD), Nova Group, GBC, and GBI
To meet increasing demands for reliable climate information with third-party, independent verification or assurance, GBI is collaborating with Frazier & Deeter (FD) and Nova Group, GBC to educate building owners and portfolio managers on their ability to streamline and strengthen emissions reporting and the assurance process. This collaboration reflects a shared commitment to helping businesses respond to today’s ESG expectations and comply with growing regulatory requirements.
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IMN | ESG & Decarbonizing Real Estate Summer
Why Net Zero and Assurance Matter Now
States like California, New York, Colorado, and Illinois have already announced or implemented laws that require emissions reductions or enhanced ESG disclosures—and many cities are following suit. These regulations increasingly mandate third-party data verification and a clear path toward carbon neutrality. Even where regulations aren’t yet in place, investors, boards, and supply chain partners are demanding ESG accountability and transparency—especially around emissions.
Preparing now ensures businesses won’t be caught off guard. Organizations that begin emissions tracking and assurance today will be better positioned to meet 2030 climate goals, comply with emerging disclosure laws, and demonstrate environmental leadership to stakeholders.
A Three-Phase Approach to Reporting and Assurance
Through this collaboration, FD, Nova, and GBI are providing an integrated path to emissions reporting, third-party validation, and assurance:
1. Data Aggregation and Preparation Nova is an international advisory firm with expertise in environmental, engineering, and energy services. Nova brings over a decade of experience in utility data preparation, asset evaluation, and decarbonization planning, helping owners navigate compliance challenges including BEPS, GHG inventories and third-party verification.
2. Progress Reporting through GBI’s Journey to Net Zero™ (JNZ) Program GBI is a nonprofit improving the built environment’s impact on climate and society. GBI specializes in sustainability and net zero energy/carbon certification for commercial buildings and portfolios. Through its Journey to Net Zero™ (JNZ) program, GBI supports owners in calculating Scope 1 and 2 emissions, tracking energy efficiency, and documenting reductions from renewable energy sources. JNZ progress reports include independent third-party review to aid compliance with government reporting requirements.
3. Third-Party Assurance from Frazier & Deeter Once a building or portfolio has undergone GBI’s review, it’s important to secure a licensed CPA firm like Frazier & Deeter, LLC to provide emissions assurance services, offering either:
- Limited Assurance: A review-level engagement indicating no material misstatements.
- Reasonable Assurance: A more in-depth examination affirming the data is materially correct.
FD’s assurance services add credibility to ESG disclosures and help clients meet both regulatory and voluntary reporting requirements.
What Businesses Need to Do Now
For owners and managers looking to get ahead of compliance and stakeholder expectations, the time to act is now.
Here’s a step-by-step process to consider:
#1
Engage a consultant like Nova to collect and validate your utility data and develop decarbonization plans.
#2
Register to use GBI’s Journey to Net Zero program and leverage GBI’s expert staff and the GBI’s JNZ Calculator to benchmark your buildings resulting in a third-party reviewed emissions report
#3
Work with FD to obtain limited or reasonable assurance on your emissions data, depending on your regulatory and stakeholder needs.
#4
Take action to reduce emissions, using the GBI JNZ report and consulting guidance to meet BEPS requirements or prepare for more stringent 2030 targets.
#5
Monitor and reassess progress annually or every few years through GBI’s JNZ program to stay aligned with evolving goals and regulations.
Upcoming Events and Collaboration
To further promote transparency and education, GBI, Nova, and Frazier & Deeter will jointly present at the IMN Conference in Dana Point, CA on July 16. The session will explore best practices for ESG reporting, common pitfalls in emissions disclosures, and how building owners can proactively respond to the evolving regulatory landscape.
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