As heads of state continue to descend upon an increasingly fraught Copenhagen, all eyes are on the uphill struggle of the negotiations. 

But while negotiators face significant questions over the provision of finance and how to close the gap between expectations of developed and developing countries in order to reach the all-important headline targets and commitments, the rest of us are looking at the underlying infrastructure that will be so critical in successfully reaching these targets.

Climate change reporting may not grab attention in the same way as Schwarzenegger's arrival in Copenhagen does, but it has emerged as a critical area of focus. It is both necessary and important to gain some convergence between corporate and national regulatory reporting systems. Without it, global businesses will be subject to considerable challenges as they face an increasing number of climate change reporting requirements around the world.

Without doubt, if we are to meet the reductions required, the actions of governments and businesses must be aligned and mutually reinforcing.

During our time in Copenhagen we have brought together leading businesses to look at this issue.  What we are hearing is the need for a harmonization of reporting requirements, yet there is a risk of fragmentation if new initiatives and regulation are not aligned and coordinated.  Global consistency through a universal set of standards on climate change disclosure would bring some order to the challenge that increasing fragmentation will bring business.

Standardization may bring its own challenges, but there is considerable benefit in having a framework for carbon accounting around which principles can be built.  The Climate Disclosure Standards Board (CDSB), which advocates an international reporting framework for climate change information in mainstream financial reports, is working on the belief that we need the same boundaries for carbon reporting as we do for financial reporting.

Greater consistency and standardization will enable business to deal with the increased reporting requirements essential to measure and manage greenhouse gas emissions.  Getting this right will be a vital step in helping business to deliver the reductions that science dictates. 

As negotiations move to their final stages, we wait to hear the concluding headline targets and commitments so that business can get on with developing the underlying infrastructure, including the standards and consistencies required in climate change reporting.

Paul Dickinson is the chief executive officer at the Carbon Disclosure Project (CDP).

Click here for full coverage of COP15 from the GreenBiz.com and ClimateBiz.com teams, including posts from Copenhagen by Executive Editor Joel Makower and Senior Contributor Marc Gunther, and from dozens of guest contributors from the business world.