Research Article
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Yatırım Kaynaklı Kapsam 3 Emisyonları: Sahiplik, Finansal Kontrol ve Hesaplama Yöntemleri

Year 2025, Volume: 25 Issue: 2, 166 - 174

Muhammed Mustafa Tuncer Çalışkan

https://doi.org/10.25294/auiibfd.1640953

Abstract

Bu çalışma, yatırım kaynaklı Kapsam 3 emisyonlarının hesaplanması ve yönetilmesi konusunu ele almakta ve finans sektöründeki özkaynak yatırımları bağlamında senaryo bazlı bir analiz sunmaktadır. Artan sera gazı (GHG) açıklama gereklilikleri doğrultusunda, finansal kurumların yatırım portföylerinden kaynaklanan emisyonları hesaplaması gerekmektedir. Ancak, metodolojik belirsizlikler ve sektörel farklılıklar, emisyon raporlamasının standartlaştırılmasını zorlaştırmaktadır. Özellikle, finansal yatırımcıların portföyleri aracılığıyla dolaylı olarak neden olduğu emisyonları belirlemesi ve bu emisyonların etkin bir şekilde yönetilmesi, sürdürülebilir finans politikaları açısından kritik bir gereklilik haline gelmiştir.
Bu araştırma, yatırıma özgü ve ortalama veri yöntemlerini senaryolar üzerinden karşılaştırarak, bu yöntemlerin sahiplik yapısı ve finansal kontrol düzeyine göre uygulanabilirliğini değerlendirmektedir. Bulgular, finansal kontrolün emisyon tahsisini belirleyici bir faktör olduğunu göstermektedir. Çoğunluk hissesine sahip yatırımcılar, doğrudan emisyonları (Kapsam 1 ve Kapsam 2) raporlarken, azınlık hissedarlarının sektör bazlı tahminlere dayanarak Kapsam 3 dahilinde raporlama yapmaları gerekmektedir. Ayrıca, yatırım kararlarının çevresel etkilerini tam olarak değerlendirebilmek için finansal kurumların daha şeffaf ve tutarlı raporlama yapması gerekmektedir. Bu bağlamda, çalışmada ele alınan farklı hesaplama yöntemleri ve sunulan senaryolar, yatırımcıların ve düzenleyici kurumların daha bilinçli kararlar almasına yardımcı olabilecek stratejik değerlendirmeler sunmaktadır.

Keywords

Kapsam 3 Emisyonları Yatırım Kaynaklı Emisyonlar Karbon Muhasebesi Sahiplik Yapısı Sera Gazı Açıklamaları

References

  • Borghesi, S., Costantini, V., D'Amato, A., Dibattista, I., Koundouri, P., Li, Q. C., Mazzarano, M., Sterner, T., Tiwari, M. M., Vis, P., & Xepapadeas, A. (2025). Reforming ESG: A European and Global South perspective. Environment and Development Economics. Cambridge University Press. https://doi.org/10.1017/S1355770X24000366
  • Brans, E., & Peters, M. (2024). Liability of non-state actors for Scope 3 emissions. Journal for European Environmental & Planning Law, 21(2), 116-134. https://doi.org/10.1163/18760104-21020004
  • Buchenau, N., Oetzel, J., & Hechelmann, R.-H. (2025). Category-specific benchmarking of Scope 3 emissions for corporate clusters. Renewable & Sustainable Energy Reviews, 208, 115019. https://doi.org/10.1016/j.rser.2024.115019
  • Butt, A. S., Alghababsheh, M., Sindhwani, R., & Gwalani, H. (2025). Role of supplier engagement to reduce Scope 3 emissions in circular supply chains. Business Strategy and the Environment, 34(1), 598-611. https://doi.org/10.1002/bse.3994
  • Downie, J., & Stubbs, W. (2013). Evaluation of Australian companies' Scope 3 greenhouse gas emissions assessments. Journal of Cleaner Production, 56, 156–163. https://doi.org/10.1016/j.jclepro.2011.09.010
  • Ellram, L. M., Tate, W. L., & Saunders, L. W. (2022). A legitimacy theory perspective on Scope 3 freight transportation emissions. Journal of Business Logistics, 43(4), 472–498. https://doi.org/10.1111/jbl.12299
  • Hakovirta, M., Kovanen, K., Sarén, H., Martikainen, S., & Manninen, J. (2024). Investment firms’ carbon targets and their alignment with power and utility assets: A portfolio view to energy transition strategy. Environmental Challenges, 15, 100916. https://doi.org/10.1016/j.envc.2024.100916
  • Hertwich, E. G., & Wood, R. (2018). The growing importance of Scope 3 greenhouse gas emissions from industry. Environmental Research Letters, 13(10), 104013. https://doi.org/10.1088/1748-9326/aae19a
  • Huang, Y. A., Weber, C. L., & Matthews, H. S. (2009). Categorization of Scope 3 emissions for streamlined enterprise carbon footprinting. Environmental Science & Technology, 43(22), 8509-8515. https://doi.org/10.1021/es901643a
  • Huo, X. J., Wan, Y. H., Cheng, H., Liu, Z. J., & Luo, Y. F. (2014). Risk decision analysis for power suppliers under the carbon emission trading environment. Sustainable Development of Industry and Economy, Advanced Materials Research, 869-870, 356+. https://doi.org/10.4028/www.scientific.net/AMR.869-870.356
  • Jain, A. (2024). Analysing the Scope 3 emissions of the cement industry. International Journal for Multidisciplinary Research, 6(3). https://doi.org/10.36948/ijfmr.2024.v06i03.23951
  • Kenway, S. J., Pamminger, F., Yan, G., Hall, R., Lam, K. L., Skinner, R., Olsson, G., Satur, P., & Allan, J. (2023). Opportunities and challenges of tackling Scope 3 indirect emissions from residential hot water. Water Research X, 21, 100192. https://doi.org/10.1016/j.wroa.2023.100192
  • Lee, C.-H., & Ma, H.-W. (2013). Improving the integrated hybrid LCA in the upstream Scope 3 emissions inventory analysis. International Journal of Life Cycle Assessment, 18(1), 17–23. https://doi.org/10.1007/s11367-012-0469-9
  • Li, M., Wiedmann, T., & Hadjikakou, M. (2020). Enabling full supply chain corporate responsibility: Scope 3 emissions targets for ambitious climate change mitigation. Environmental Science & Technology, 54(1), 400-411. https://doi.org/10.1021/acs.est.9b05245
  • Liu, M., Wu, H., & Wang, H. (2023). Will trade protection trigger a surge in investment-related CO₂ emissions? Evidence from multi-regional input-output model. Sustainability, 15(13), 10033. https://doi.org/10.3390/su151310033
  • Mejia, C., & Kajikawa, Y. (2024). Estimating Scope 3 greenhouse gas emissions through the shareholder network of publicly traded firms. Sustainability Science, 19(4), 1409–1425. https://doi.org/10.1007/s11625-023-01460-8
  • Nguyen, Q., Diaz-Rainey, I., Kitto, A., McNeil, B. I., Pittman, N. A., & Zhang, R. (2023). Scope 3 emissions: Data quality and machine learning prediction accuracy. PLOS Climate, 2(11), e0000208. https://doi.org/10.1371/journal.pclm.0000208
  • Panjwani, A., Melin, L., & Mercereau, B. (2023). Do Scope 3 carbon emissions impact firms’ cost of debt? Journal of Portfolio Management, 50(2), 175–198. https://doi.org/10.3905/jpm.2023.1.010
  • Pasiouras, F., Rjiba, H., & Samet, A. (2024). Financed emissions and the cost of bank equity. SSRN. https://doi.org/10.2139/ssrn.4703104
  • Popescu, I. S., Gibon, T., Hitaj, C., Rubin, M., & Benetto, E. (2023). Are SRI funds financing carbon emissions? An input-output life cycle assessment of investment funds. Ecological Economics, 212, 107918. https://doi.org/10.1016/j.ecolecon.2023.107918
  • Sadhukhan, J. (2022). Net-zero action recommendations for Scope 3 emission mitigation using life cycle assessment. Energies, 15(15), 5522. https://doi.org/10.3390/en15155522
  • Schmidt, M., Nill, M., & Scholz, J. (2022). Determining the Scope 3 emissions of companies. Chemical Engineering & Technology, 45(7), 1218-1230. https://doi.org/10.1002/ceat.202200181
  • Shmelev, S. E., & Gilardi, E. (2025). Corporate environmental, social, and governance performance: The impacts on financial returns, business model innovation, and social transformation. Sustainability, 17(3), 1286. https://doi.org/10.3390/su17031286
  • Swinkels, L., & Markwat, T. (2024). Corporate carbon emissions data for equity and bond portfolios. Managerial Finance, 50(1), 118–139. https://doi.org/10.1108/MF-02-2023-0077
  • Tian, J., Jia, F., Chen, L., & Xing, X. (2025). The impact of ISSB's Scope 3 GHG emissions validation on US manufacturers' stock valuations: Analyzing the role of supplier complexity. Transportation Research Part E: Logistics and Transportation Review, 193, 103850. https://doi.org/10.1016/j.tre.2024.103850
  • Wang, H. R., Feng, T. T., Kong, J. J., Cui, M. L., & Xu, M. (2024). Grappling with the trade-offs of carbon emission trading and green certificate: Achieving carbon neutrality in China. Journal of Environmental Management, 360, 121101. https://doi.org/10.1016/j.jenvman.2024.121101
  • World Resources Institute & WBCSD. (2013). Technical guidance for calculating Scope 3 emissions (Version 1.0): Supplement to the corporate value chain (Scope 3) accounting & reporting standard. Greenhouse Gas Protocol. https://ghgprotocol.org/sites/default/files/standards/Scope3_Calculation_Guidance_0.pdf
  • Xia, M. Y., & Cai, H. H. (2023). The driving factors of corporate carbon emissions: An application of the LASSO model with survey data. Environmental Science and Pollution Research, 30(19), 56484–56512. https://doi.org/10.1007/s11356-023-26081-7

Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods

Year 2025, Volume: 25 Issue: 2, 166 - 174

Muhammed Mustafa Tuncer Çalışkan

https://doi.org/10.25294/auiibfd.1640953

Abstract

This study examines the calculation and management of investment-related Scope 3 emissions, presenting a scenario-based analysis within the context of equity investments in the financial sector. In line with increasing greenhouse gas (GHG) disclosure requirements, financial institutions must account for the emissions associated with their investment portfolios. However, methodological uncertainties and sectoral differences complicate the standardization of emission reporting. In particular, identifying and effectively managing emissions that financial investors indirectly contribute to through their portfolios has become a critical necessity for sustainable finance policies.
This research compares the investment-specific and average-data methods through scenarios, evaluating their applicability based on ownership structure and financial control levels. The findings indicate that financial control is a key determinant in emission allocation. While majority shareholders report direct emissions (Scope 1 and Scope 2), minority shareholders must rely on sector-based estimates to report under Scope 3. Furthermore, financial institutions must adopt more transparent and consistent reporting practices to fully assess the environmental impact of their investment decisions. In this regard, the different calculation methods analyzed in this study, along with the presented scenarios, provide strategic insights that can help investors and regulatory bodies make more informed decisions.

Keywords

Scope 3 Emissions Investment-Related Emissions Carbon Accounting Ownership Structure GHG Disclosure

References

  • Borghesi, S., Costantini, V., D'Amato, A., Dibattista, I., Koundouri, P., Li, Q. C., Mazzarano, M., Sterner, T., Tiwari, M. M., Vis, P., & Xepapadeas, A. (2025). Reforming ESG: A European and Global South perspective. Environment and Development Economics. Cambridge University Press. https://doi.org/10.1017/S1355770X24000366
  • Brans, E., & Peters, M. (2024). Liability of non-state actors for Scope 3 emissions. Journal for European Environmental & Planning Law, 21(2), 116-134. https://doi.org/10.1163/18760104-21020004
  • Buchenau, N., Oetzel, J., & Hechelmann, R.-H. (2025). Category-specific benchmarking of Scope 3 emissions for corporate clusters. Renewable & Sustainable Energy Reviews, 208, 115019. https://doi.org/10.1016/j.rser.2024.115019
  • Butt, A. S., Alghababsheh, M., Sindhwani, R., & Gwalani, H. (2025). Role of supplier engagement to reduce Scope 3 emissions in circular supply chains. Business Strategy and the Environment, 34(1), 598-611. https://doi.org/10.1002/bse.3994
  • Downie, J., & Stubbs, W. (2013). Evaluation of Australian companies' Scope 3 greenhouse gas emissions assessments. Journal of Cleaner Production, 56, 156–163. https://doi.org/10.1016/j.jclepro.2011.09.010
  • Ellram, L. M., Tate, W. L., & Saunders, L. W. (2022). A legitimacy theory perspective on Scope 3 freight transportation emissions. Journal of Business Logistics, 43(4), 472–498. https://doi.org/10.1111/jbl.12299
  • Hakovirta, M., Kovanen, K., Sarén, H., Martikainen, S., & Manninen, J. (2024). Investment firms’ carbon targets and their alignment with power and utility assets: A portfolio view to energy transition strategy. Environmental Challenges, 15, 100916. https://doi.org/10.1016/j.envc.2024.100916
  • Hertwich, E. G., & Wood, R. (2018). The growing importance of Scope 3 greenhouse gas emissions from industry. Environmental Research Letters, 13(10), 104013. https://doi.org/10.1088/1748-9326/aae19a
  • Huang, Y. A., Weber, C. L., & Matthews, H. S. (2009). Categorization of Scope 3 emissions for streamlined enterprise carbon footprinting. Environmental Science & Technology, 43(22), 8509-8515. https://doi.org/10.1021/es901643a
  • Huo, X. J., Wan, Y. H., Cheng, H., Liu, Z. J., & Luo, Y. F. (2014). Risk decision analysis for power suppliers under the carbon emission trading environment. Sustainable Development of Industry and Economy, Advanced Materials Research, 869-870, 356+. https://doi.org/10.4028/www.scientific.net/AMR.869-870.356
  • Jain, A. (2024). Analysing the Scope 3 emissions of the cement industry. International Journal for Multidisciplinary Research, 6(3). https://doi.org/10.36948/ijfmr.2024.v06i03.23951
  • Kenway, S. J., Pamminger, F., Yan, G., Hall, R., Lam, K. L., Skinner, R., Olsson, G., Satur, P., & Allan, J. (2023). Opportunities and challenges of tackling Scope 3 indirect emissions from residential hot water. Water Research X, 21, 100192. https://doi.org/10.1016/j.wroa.2023.100192
  • Lee, C.-H., & Ma, H.-W. (2013). Improving the integrated hybrid LCA in the upstream Scope 3 emissions inventory analysis. International Journal of Life Cycle Assessment, 18(1), 17–23. https://doi.org/10.1007/s11367-012-0469-9
  • Li, M., Wiedmann, T., & Hadjikakou, M. (2020). Enabling full supply chain corporate responsibility: Scope 3 emissions targets for ambitious climate change mitigation. Environmental Science & Technology, 54(1), 400-411. https://doi.org/10.1021/acs.est.9b05245
  • Liu, M., Wu, H., & Wang, H. (2023). Will trade protection trigger a surge in investment-related CO₂ emissions? Evidence from multi-regional input-output model. Sustainability, 15(13), 10033. https://doi.org/10.3390/su151310033
  • Mejia, C., & Kajikawa, Y. (2024). Estimating Scope 3 greenhouse gas emissions through the shareholder network of publicly traded firms. Sustainability Science, 19(4), 1409–1425. https://doi.org/10.1007/s11625-023-01460-8
  • Nguyen, Q., Diaz-Rainey, I., Kitto, A., McNeil, B. I., Pittman, N. A., & Zhang, R. (2023). Scope 3 emissions: Data quality and machine learning prediction accuracy. PLOS Climate, 2(11), e0000208. https://doi.org/10.1371/journal.pclm.0000208
  • Panjwani, A., Melin, L., & Mercereau, B. (2023). Do Scope 3 carbon emissions impact firms’ cost of debt? Journal of Portfolio Management, 50(2), 175–198. https://doi.org/10.3905/jpm.2023.1.010
  • Pasiouras, F., Rjiba, H., & Samet, A. (2024). Financed emissions and the cost of bank equity. SSRN. https://doi.org/10.2139/ssrn.4703104
  • Popescu, I. S., Gibon, T., Hitaj, C., Rubin, M., & Benetto, E. (2023). Are SRI funds financing carbon emissions? An input-output life cycle assessment of investment funds. Ecological Economics, 212, 107918. https://doi.org/10.1016/j.ecolecon.2023.107918
  • Sadhukhan, J. (2022). Net-zero action recommendations for Scope 3 emission mitigation using life cycle assessment. Energies, 15(15), 5522. https://doi.org/10.3390/en15155522
  • Schmidt, M., Nill, M., & Scholz, J. (2022). Determining the Scope 3 emissions of companies. Chemical Engineering & Technology, 45(7), 1218-1230. https://doi.org/10.1002/ceat.202200181
  • Shmelev, S. E., & Gilardi, E. (2025). Corporate environmental, social, and governance performance: The impacts on financial returns, business model innovation, and social transformation. Sustainability, 17(3), 1286. https://doi.org/10.3390/su17031286
  • Swinkels, L., & Markwat, T. (2024). Corporate carbon emissions data for equity and bond portfolios. Managerial Finance, 50(1), 118–139. https://doi.org/10.1108/MF-02-2023-0077
  • Tian, J., Jia, F., Chen, L., & Xing, X. (2025). The impact of ISSB's Scope 3 GHG emissions validation on US manufacturers' stock valuations: Analyzing the role of supplier complexity. Transportation Research Part E: Logistics and Transportation Review, 193, 103850. https://doi.org/10.1016/j.tre.2024.103850
  • Wang, H. R., Feng, T. T., Kong, J. J., Cui, M. L., & Xu, M. (2024). Grappling with the trade-offs of carbon emission trading and green certificate: Achieving carbon neutrality in China. Journal of Environmental Management, 360, 121101. https://doi.org/10.1016/j.jenvman.2024.121101
  • World Resources Institute & WBCSD. (2013). Technical guidance for calculating Scope 3 emissions (Version 1.0): Supplement to the corporate value chain (Scope 3) accounting & reporting standard. Greenhouse Gas Protocol. https://ghgprotocol.org/sites/default/files/standards/Scope3_Calculation_Guidance_0.pdf
  • Xia, M. Y., & Cai, H. H. (2023). The driving factors of corporate carbon emissions: An application of the LASSO model with survey data. Environmental Science and Pollution Research, 30(19), 56484–56512. https://doi.org/10.1007/s11356-023-26081-7
There are 28 citations in total.

Details

Primary Language English
Subjects Policy of Treasury, International Finance, Finance and Investment (Other)
Journal Section Research Article
Authors

Muhammed Mustafa Tuncer Çalışkan 0000-0001-7566-2138

Early Pub Date September 24, 2025
Publication Date September 28, 2025
Submission Date February 16, 2025
Acceptance Date September 1, 2025
Published in Issue Year 2025 Volume: 25 Issue: 2

Cite

APA Çalışkan, M. M. T. (2025). Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods. Akdeniz İİBF Dergisi, 25(2), 166-174. https://doi.org/10.25294/auiibfd.1640953
AMA Çalışkan MMT. Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods. Akdeniz İİBF Dergisi. September 2025;25(2):166-174. doi:10.25294/auiibfd.1640953
Chicago Çalışkan, Muhammed Mustafa Tuncer. “Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods”. Akdeniz İİBF Dergisi 25, no. 2 (September 2025): 166-74. https://doi.org/10.25294/auiibfd.1640953.
EndNote Çalışkan MMT (September 1, 2025) Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods. Akdeniz İİBF Dergisi 25 2 166–174.
IEEE M. M. T. Çalışkan, “Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods”, Akdeniz İİBF Dergisi, vol. 25, no. 2, pp. 166–174, 2025, doi: 10.25294/auiibfd.1640953.
ISNAD Çalışkan, Muhammed Mustafa Tuncer. “Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods”. Akdeniz İİBF Dergisi 25/2 (September2025), 166-174. https://doi.org/10.25294/auiibfd.1640953.
JAMA Çalışkan MMT. Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods. Akdeniz İİBF Dergisi. 2025;25:166–174.
MLA Çalışkan, Muhammed Mustafa Tuncer. “Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods”. Akdeniz İİBF Dergisi, vol. 25, no. 2, 2025, pp. 166-74, doi:10.25294/auiibfd.1640953.
Vancouver Çalışkan MMT. Investment-Related Scope 3 Emissions: Ownership, Financial Control, and Calculation Methods. Akdeniz İİBF Dergisi. 2025;25(2):166-74.