Scope 3 emissions can prove challenging for companies to track and report on. But Etsy—an online marketplace hosting 5.9 million active sellers, each of whom choose their own shippers—has reported Scope 3 emissions on its Form 10-Ks since 2019. What’s more, it offsets 100% of its greenhouse gas (GHG) emissions from shipping and packaging, and is working towards reducing those emissions, according to the company.

Why Scope 3 emissions matter. Scope 3 emissions are those released by organizations in a company’s value chain, but not by the company itself. They’re difficult to track, Cynthia Cummis, sustainability and climate expert leader at Deloitte, told CFO Brew, because “they’re not within a company’s ownership or control. They’re emissions that are happening both upstream and downstream from a company’s operations.”

Most companies still don’t report their Scope 3 emissions. Only 24% of the companies in Morningstar’s global database of more than 16,000 corporations reported their Scope 3 emissions in fiscal year 2021.

But it’s increasingly important for companies to pay attention to them. The SEC’s proposed climate rule would mandate that companies that meet certain parameters disclose Scope 3 emissions, and a bill proposed by the California state senate would require all companies with revenues over $1 billion that do business in the state to report their Scope 1, 2, and 3 emissions.

Continue reading.—CV

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Grant Thornton, the seventh-largest accounting firm in the US by net revenue, laid off around 300 employees, or 3% of its US workforce, the Wall Street Journal reported last week. Most of the cuts were to its tax and advisory practices.

The advisory sector has seen a rash of layoffs in 2023. In April, EY laid off about 3,000 people and Deloitte let go around 1,200. KPMG laid off ~700 people in February. At all three firms, the job cuts primarily affected the consulting divisions.

During the pandemic, demand for consultants spiked; firms increased hiring and saw revenues rise. EY’s consulting revenues grew by 27.1% in the fiscal year ending in June 2022, for instance, and it increased consulting headcount by 33%. KPMG’s total headcount increased by 12.4% in the fiscal year ending September 30, 2022, and its advisory practice grew by 19%. Grant Thornton’s advisory practice saw 18.1% growth in the fiscal year ending September 30, 2022, and the firm’s total headcount rose by about 6,000.

Now, amid fears of a recession and a decline in merger and acquisitions activity, demand has waned and firms have found themselves overstaffed. “We continue to have more people than needed to meet client demand,” KPMG’s vice chair of advisory said in an email regarding its layoffs, CPA Practice Advisor reported.

Keep reading.—CV

Today’s top finance reads.

Stat: $15 billion. That’s what asset manager Fidelity says that Twitter is worth, down from the $44 billion that Elon Musk paid for it in October. This is the third time Fidelity has lowered its valuation of Twitter. (the Wall Street Journal)

Quote: “But I do think it’s possible they’re going to raise a little more. Inflation is kind of stickier, I think people are coming around to that, which means rates may have to go up a little more. People should be a little prepared for that.”—Jamie Dimon, JPMorgan CEO, on whether he thinks that the Fed will continue to raise interest rates. (Business Insider)

Read: Are coworking spaces the future of work? If it means changing out of our sweatpants, our vote is no. (the New York Times)

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