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Sony Group Corp.'s (NYSE:SONY) Sony Music, Universal Music Group NV (OTC:UMGNF), and Warner Music Group Corp. (NASDAQ:WMG) have united to form the Music Industry Climate Collective (MICC) in anticipation of the United Nations Climate Change Conference in Dubai.
The MICC aims to confront climate-related challenges faced by the music industry on a global scale, according to a report from Billboard.
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Their primary focus involves developing guidance for measuring scope 3 greenhouse gas emissions, which include indirect emissions not produced or controlled by the companies but occurring throughout their value chains.
Recognizing that a significant portion of greenhouse gas emissions in the music sector falls under scope 3, the MICC has collaborated with scientific experts to create initial sectoral guidance.
This draft will be shared with industry participants, and the MICC plans to gather broader industry input through an advisory council composed of independent record labels, value chain partners, and climate experts.
"This initiative demonstrates what can be achieved when music leaders come together with a shared vision and commitment to sustainability," the MICC said in a statement.
"We are proud to collaborate to amplify environmental stewardship and offer practical recommendations and strategies tailored to the unique needs of music companies, regardless of their size or scale of operations."
The American Association of Independent Music will serve as an advisor, offering insights on the inclusion of smaller businesses.
In the statement, MICC founders further emphasized their commitment to sustainability and invited participation from all stakeholders to collectively reduce the music industry's carbon footprint, "working together to ensure an environmentally responsible future for music and our planet."
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