The present invention provides a system and method for determining equivalency factors for use in comparative performance analysis of industrial facilities by determining a target variable and a plurality of characteristics of the target variable. Each of the plurality of characteristics is ranked according to value. Based on ranking value, the characteristics are divided into categories. Based on the sorted and ranked characteristics, a data collection classification system is developed. Data is collected according to the data collection classification system. The data is validated, and based on the data, an analysis model is developed. The analysis model then calculates the equivalency factors for use in one embodiment in performance measurement and equitable benchmarking of green house gas (GHG) emissions from industrial facilities for the purposes of allocating GHG emission allowances for permits, licenses, etc.