The International Chamber of Commerce (ICC) and Carbon Measures have officially announced a significant expansion of their joint Technical Expert Panel (TEP), increasing the initial target for expert participation by 25% in response to an overwhelming volume of applications from the global scientific, financial, and industrial communities. This expansion is designed to accommodate a broader spectrum of international expertise, ensuring that the forthcoming ledger-based carbon accounting framework is both technically rigorous and practically applicable across diverse geographic and economic contexts. The panel, which now includes a formidable array of leaders from academia, climate policy, and heavy industry, aims to address the persistent fragmentation in carbon reporting that has long hindered the transparency of global supply chains.
The completion of this panel marks a critical juncture in the global effort to decarbonize the private sector. By integrating experts who operate in their independent, personal capacities, the ICC and Carbon Measures are fostering a neutral environment where the complexities of industrial emissions, investment stewardship, and sustainability methodologies can be synthesized into a coherent standard. The final roster of panelists brings together individuals with deep experience in the practical realities of implementing standards, a move that is expected to bridge the gap between theoretical climate modeling and the operational challenges faced by multinational corporations.
Composition and Expertise of the Technical Expert Panel
The selection process, led by the ICC, involved a rigorous screening of applicants to ensure a balance of technical depth and global representation. Shortlisted candidates were reviewed by the panel’s co-chairs: Amy Brachio, CEO of Carbon Measures, and Karthik Ramanna, a professor at the University of Oxford known for his work on the "E-liability" accounting method. The final composition of the panel represents a strategic mix of stakeholders who are essential to the success of any carbon accounting initiative.
The newly appointed members join an initial group of ten experts announced in January 2026. This foundational group includes Alicia Seiger of the Chan Zuckerberg Initiative (United States), Amy Luers of Microsoft (United States), and Armin Knors, the former Head of Engineering and Technology at Bayer (Germany). The panel also features significant representation from the financial sector, such as Benedikt Plümper of Banco Santander (Spain) and Rachel Teo of a Private Family Office in Singapore. Industrial perspectives are provided by Koushik Chatterjee of Tata Steel Limited (India) and Tatsuya “Todd” Hoshino of Mitsui & Co. (Japan), while academic and policy insights are contributed by Billy Pizer of Resources for the Future (United States), Kate Maher of Stanford University (United States), and Jakob Stausholm of the University of Oxford, who previously served as the CEO of Rio Tinto (Denmark).
This diverse assembly is tasked with creating a system that generates product-level emissions data. Unlike traditional corporate-level reporting, which often relies on broad estimates and "Scope 3" averages, a product-level, ledger-based approach seeks to track emissions as they move through the value chain, much like financial costs are tracked in traditional accounting.
A Chronological Roadmap Toward Standardized Accounting
The work of the Technical Expert Panel is governed by a clear timeline aimed at delivering actionable results by the middle of the decade. The first meeting of the full, expanded group is scheduled for April, serving as the formal commencement of their technical deliberations. Throughout the remainder of 2025 and into 2026, the panel will focus on a comprehensive landscape analysis of existing carbon accounting methodologies.
The primary objective is the delivery of a major report by the end of Summer 2026. This report will serve as the blueprint for a model carbon accounting standard. It will include an extensive analysis of corporate needs, identifying the specific data gaps that currently prevent firms from making accurate procurement and investment decisions. Furthermore, the report will evaluate existing policies worldwide, such as the European Union’s Carbon Border Adjustment Mechanism (CBAM) and the United States’ evolving climate disclosure requirements, to ensure that the new ledger-based framework is compatible with regional regulations.
This chronological progression is designed to align with the global climate agenda. The TEP was recently highlighted in the COP 30 Global Climate Action Agenda Outcomes Report as a primary solution for the harmonization of carbon accounting standards. This recognition underscores the international community’s urgency in establishing a unified language for carbon measurement ahead of the next phase of the Paris Agreement implementation.
The Role of Knowledge Partners and Data Infrastructure
Recognizing that robust accounting requires high-quality data and sophisticated analytical tools, the ICC and Carbon Measures have secured S&P Global Energy as the panel’s independent knowledge partner. S&P Global Energy is a leading provider of information, analytics, and benchmark prices for the global commodities markets. Their involvement is expected to provide the panel with the necessary data infrastructure to test the viability of their proposed accounting models.
The partnership with S&P Global Energy is particularly significant because it addresses the "verifiability" aspect of the panel’s mission. For carbon accounting to function effectively in a market environment, the data must be as reliable as financial statements. By leveraging S&P Global’s analytical expertise, the panel can ensure that their framework supports real-world decision-making. This includes helping companies identify "carbon hotspots" in their supply chains and enabling investors to compare the carbon intensity of different assets with a high degree of confidence.
Addressing the Fragmentation of Global Carbon Markets
The current state of carbon accounting is characterized by a "patchwork" of standards that often lead to double counting or the underreporting of emissions. Many companies currently rely on the Greenhouse Gas (GHG) Protocol, which, while foundational, has faced criticism for its reliance on spend-based estimates and its inability to provide granular, transaction-level data.
The ICC and Carbon Measures initiative seeks to move beyond these limitations by advocating for a ledger-based system. In such a system, emissions are "passed through" from supplier to customer at the point of sale, creating a transparent trail of environmental impact. This approach is intended to make carbon markets function more efficiently by providing the clarity needed for carbon pricing and trade.
Andrew Wilson, Deputy Secretary-General of the ICC, emphasized that the completion of the panel is a milestone for market efficiency. He noted that the strong international response to the call for experts allowed the organizations to expand the panel’s scope to support credible solutions across different geographies. This is especially relevant for emerging markets, where the lack of standardized data often acts as a barrier to green finance and international trade.
Implications for Global Trade and Policy
The development of a verifiable carbon accounting framework has profound implications for international trade. As nations implement carbon-related tariffs and border adjustments, the ability of a company to prove the low-carbon credentials of its products becomes a competitive necessity. A ledger-based system would provide a standardized way for exporters to demonstrate compliance with international standards, potentially reducing trade frictions and preventing "green protectionism."
Amy Brachio, CEO of Carbon Measures, highlighted that getting carbon accounting right is a "collective project." The inclusion of corporate practitioners who operate within these systems daily is intended to ensure that the resulting standards are not just theoretically sound but also administratively feasible for businesses of all sizes. The conviction behind this project is that accurate data is the fundamental prerequisite for any successful decarbonization strategy. Without it, capital cannot be efficiently allocated to the most effective climate solutions.
Analysis of Broader Impacts and Future Outlook
The expansion of the TEP by 25% suggests a growing consensus among global leaders that the current methods of tracking carbon are no longer fit for purpose in an era of mandatory climate disclosures. By bringing together the "calibre and diversity" of these newly appointed experts, the ICC is positioning itself as a central node in the creation of the next generation of climate infrastructure.
From a financial perspective, the panel’s work will likely influence the "investment stewardship" practices of major asset managers. As investors face increasing pressure to report on the financed emissions of their portfolios, the demand for product-level data will only grow. If the TEP successfully delivers a model standard by 2026, it could become the global benchmark used by banks, insurers, and pension funds to assess climate risk.
Furthermore, the alignment with COP 30 indicates that the outputs of this panel will have significant political weight. By the time the Summer 2026 report is released, the global community will be looking for concrete tools to meet the 2030 emissions reduction targets. The ICC and Carbon Measures are betting that a ledger-based, verifiable, and transparent accounting system will be the key to unlocking the private sector’s full potential in the transition to a net-zero economy.
As the panel prepares for its inaugural meeting in April, the focus remains on the technical challenge of creating a system that is robust enough to withstand audit but flexible enough to be adopted across the global economy. The inclusion of S&P Global Energy as a knowledge partner suggests that the final framework will be deeply rooted in the realities of the energy and commodities markets, providing a bridge between environmental goals and economic performance. The next two years will be a critical period for the TEP as it seeks to transform the way the world counts carbon, turning a complex environmental challenge into a manageable accounting reality.
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