
Accelerating Innovation with the E-ledgers Accounting Method
The E-ledgers Institute is a not-for-profit learning organization advancing rigorous emissions-accounting practices to drive innovation in energy efficiency worldwide.
We advance rigorous emissions-accounting practices to drive innovation in energy efficiency worldwide.
Our founders developed the E-ledgers method for accurately and reliably tracking emissions and removals across even the most complex of supply chains in as close to real-time as practicable. We help pioneering organizations pilot the E-ledgers method, disseminating insights from these pilots, including economy-wide standards for best practice, for the world to harness.
The E-ledgers method introduces a simple, verifiable, and comparable calculation for the incurred net emissions of any product, service, organization, portfolio, or jurisdiction.
Who’s Piloting E-ledgers?
See All Case StudiesHitachi Energy

BMW Group

Tata Steel

Heidelberg Materials

Who We Are
The E-ledgers Institute is a not-for-profit learning organization advancing rigorous emissions-accounting practices to drive innovation in energy efficiency worldwide. Our founders developed the E-ledgers method for accurately and reliably tracking carbon emissions and removals across even the most complex of supply chains in as close to real-time as practicable.

Myles Allen - Professor of Geosystems Science, Oxford

Patricia Dechow - Professor of Accounting, Finance, and Economics, USC

Iván Duque Márquez - Formerly, President of the Republic of Colombia

Rebecca M. Henderson - John and Natty McArthur University Professor, Harvard

Chris Liddell - Formerly, White House Deputy Chief of Staff and CFO, Microsoft

Arun Majumdar - Dean, Stanford Doerr School of Sustainability

Lucy Parker - Senior Partner, Brunswick Group

Alicia Seiger - Director of Climate, Chan Zuckerberg Initiative

N Venkatram - Country Chair, CDPQ India

Maria T. Zuber - Formerly, Co-chair of the US President's Council of Advisors on Science and Technology
Launch of the Proto-Standard for Carbon Accounting
The E-ledgers Institute announced the release of a draft Proto-Standard for product-level emissions accounting and auditing using the E-liability method in September 2024. This innovative approach aims to transform how we account for emissions by tracking the cradle-to-gate emissions embedded in products and services as they move through the economy.
Our Proto-StandardCore Conceptual Articles
Accounting for Climate Change
The first rigorous approach to ESG reporting
The E-liability accounting system was introduced as the first rigorous approach to ESG reporting in an article co-authored by Professors Robert Kaplan and Karthik Ramanna and published in the Harvard Business Review (HBR). The article provides a detailed method for assigning “E-liabilities” across an entire value chain, and uses the example of a car-door manufacturer to demonstrate how this may work in practice. The article went on to win the 2022 HBR-McKinsey Award for “groundbreaking management thinking,” which in turn kicked off a series of pilot adoptions of the method by organizations around the world.

Harvard Business Review
November 2021
Accounting for Carbon Offsets
Robust Reporting Principles to Improve Today’s Carbon-Trading Markets
Markets for carbon trading function poorly, and many traded offsets do not actually perform as promised. Without robust protocols for monitoring offsets and in the absence of proper accounting mechanisms, market-based approaches to reducing atmospheric GHG will be vulnerable to misrepresentation and fraud. Our co-founders offer E-assets as a solution, applying fundamental and well-established financial accounting principles to improve the measurement and reporting of carbon offsets. Published in the HBR, the article presents five core principles that define what constitutes an E-asset, when can such an offset be traded in arms’-length exchanges, when can the asset be used to extinguish emissions liabilities, and who bears responsibility for reporting offset impairments after the underlying assets are destroyed, for instance, due to fire or deforestation.

Harvard Business Review
July 2023
Disclosing Downstream Emissions
When are companies accountable for customers’ use of their products?
An increasing number of companies are using the E-liability carbon-accounting method as an important tool for tracking progress toward reducing global emissions in their supply chains. The system does not require formal accounting for downstream emissions – those occurring after a company sells its products to immediate customers, for several good reasons. Certain companies, however, are accountable for disclosing downstream emissions generated by consumers’ use of their products. This article presents three principles to govern accountability and explains how and to what standards of reliability the companies should disclose downstream emissions.

Harvard Business Review
July 2024
Latest Publications and Media
See All Publications and MediaCarbon Reporting Urgently Needs Fixing — Here’s How to Do It
Today’s carbon disclosures rely heavily on unverifiable, self-reported data and do not reflect the true emissions embedded in products and supply chains. In this Financial Times op-ed, our co-founders explain how the E-ledgers method brings accounting rigor to carbon reporting, enabling companies to track actual cradle-to-gate emissions in real time, differentiate products based on verified carbon content, and compete credibly on decarbonization. The article also highlights recent case studies, such as with Hitachi Energy, that show how better data can lead to smarter decarbonization decisions.

Financial Times
June 2025
Meet the Oxford Professor Who Wants to Tear Down Scope 3 Accounting
In this media feature, Trellis Group met with our co-founder, Karthik Ramanna, to discuss how E-ledgers accounting addresses key shortcomings in conventional carbon reporting frameworks, particularly in Scope 3 accounting. The piece covers the origins, uptake, and future applications of the E-ledgers method and its relevance in the context of carbon border assessments and industrial decarbonization.

Trellis Group
June 2025