Stage 3 covers the valuation phase, which is further split-up in 9 sub-steps, including significance assessment and monetization. It refers to the IPCC Guidelines, which mentions different sources for country specific data, like the IPCC Emission Factor Database. Two approaches are explained for boundary setting: i) the equity share approach, and ii) the control approach. The equity share approach is based on influence: for those operations where the focal organization has an influence the GHG emissions are calculated based on ownership percentages. The control approach accounts for 100% of GHG emissions from operations over which it has control. Any operations over which the focal organization has influence, but no control, are not included.