Fleets and finance firms looking to report on carbon footprint over a vehicle’s lifetime are set to benefit from the launch of new data from Cap HPI. 

The data will cover all stages of a vehicle’s lifecycle, enabling customers to report fully for Scope 3 requirements

Its data experts are working with stakeholders across the industry to introduce Lifecycle Emissions data. This will cover all stages of a vehicle’s lifecycle, including production and recycling, to provide customers with increased transparency and the ability to report fully to meet Scope 3 requirements.

A number of OEMs have already joined the initiative to provide data, and Cap HPI is working across the industry to agree on standard reporting metrics.

If fleets and finance companies are to account for vehicles under Scope 3, developing carbon data that encompasses the entire vehicle’s lifecycle is essential. It means each completed vehicle will see a portion of carbon from production accounted for under Scope 3 by the purchaser if used as a key revenue driver.

Accurate lifecycle data is significant in the journey to net zero. Electric vehicles have a higher embedded CO2 than ICE but generate less CO2 in the use phase, a factor that is increased if the electricity is generated by renewable energy.

Jon Clay, data director (identification) at Cap HPI, said: “The data will finally unlock carbon transparency for companies, helping them to define, measure and track their net-zero strategies. We are calling on all OEMs, fleets and finance companies to work with us and shape the data to ensure it meets all requirements.”

The data will be available in Cap’s New Vehicle Data product and through the company’s consulting team, which aids companies with defining and tracking net-zero strategies for their vehicle asset portfolios.