diff --git a/schema/deploy/data/correct_annual_co2e_values.sql b/schema/deploy/data/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..4e645ccc1
--- /dev/null
+++ b/schema/deploy/data/correct_annual_co2e_values.sql
@@ -0,0 +1,12 @@
+-- Deploy ggircs-portal:data/correct_annual_co2e_values to pg
+-- requires: database_functions/correct_annual_co2e_values
+
+begin;
+
+alter table ggircs_portal.form_result disable trigger _100_timestamps, disable trigger _immutable_form_result;
+
+select ggircs_portal_private.correct_annual_co2e_values();
+
+alter table ggircs_portal.form_result enable trigger _100_timestamps, enable trigger _immutable_form_result;
+
+commit;
diff --git a/schema/deploy/database_functions/correct_annual_co2e_values.sql b/schema/deploy/database_functions/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..70a51d9f2
--- /dev/null
+++ b/schema/deploy/database_functions/correct_annual_co2e_values.sql
@@ -0,0 +1,47 @@
+-- Deploy ggircs-portal:database_functions/correct_annual_co2e_values to pg
+
+/**
+  Some applications during the 2023 reporting cycle (2022 reporting year) were created before the correct gwp
+  values were applied, which means when the applications were initialized the old AR4 values were applied.
+  This function updates the annual CO2e values in place to the correct AR5 values.
+**/
+
+begin;
+
+create or replace function ggircs_portal_private.correct_annual_co2e_values()
+returns void as $$
+
+update ggircs_portal.form_result
+set form_result = jsonb_set(
+    form_result,
+    '{sourceTypes}',
+    (
+      select jsonb_agg(
+        jsonb_set(
+          sourceType,
+          '{gases}',
+          (
+            select jsonb_agg(
+              jsonb_set(
+                gas,
+                '{annualCO2e}',
+                ((gas->>'gwp')::numeric * (gas->>'annualEmission')::numeric)::text::jsonb
+              )
+            )from jsonb_array_elements(sourceType->'gases') gas
+          )
+        )
+      ) from jsonb_array_elements(form_result->'sourceTypes') sourceType
+    )
+)
+where application_id in (
+    select application_id
+      from ggircs_portal.application_revision ar
+      join ggircs_portal.application a
+      on a.id = ar.application_id
+      and a.reporting_year = 2022
+      and ar.created_at > '2023-04-01'
+  ) and form_id=2;
+
+$$ language sql volatile;
+
+commit;
diff --git a/schema/revert/data/correct_annual_co2e_values.sql b/schema/revert/data/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..d9d130455
--- /dev/null
+++ b/schema/revert/data/correct_annual_co2e_values.sql
@@ -0,0 +1,7 @@
+-- Revert ggircs-portal:data/correct_annual_co2e_values from pg
+
+begin;
+
+-- No need to revert the function because it is just re-calculating values based on the gwp values and the annualEmission values
+
+commit;
diff --git a/schema/revert/database_functions/correct_annual_co2e_values.sql b/schema/revert/database_functions/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..26133bd4f
--- /dev/null
+++ b/schema/revert/database_functions/correct_annual_co2e_values.sql
@@ -0,0 +1,7 @@
+-- Revert ggircs-portal:database_functions/correct_annual_co2e_values from pg
+
+begin;
+
+drop function ggircs_portal_private.correct_annual_co2e_values;
+
+commit;
diff --git a/schema/sqitch.plan b/schema/sqitch.plan
index 5a2750152..b28d0e1b0 100644
--- a/schema/sqitch.plan
+++ b/schema/sqitch.plan
@@ -465,3 +465,5 @@ trigger_functions/run_graphile_worker_job [trigger_functions/run_graphile_worker
 database_functions/correct_gwp_values 2023-07-13T18:31:01Z Dylan Leard <dylan@button.is> # Function to update gwp values that were set incorrectly
 data/correct_gwp_values [database_functions/correct_gwp_values] 2023-07-13T18:43:50Z Dylan Leard <dylan@button.is> # Migration to correct incorrectly initialized GWP values
 @v2.22.3 2023-07-14T16:22:57Z Dylan Leard <dylan@button.is> # release v2.22.3
+database_functions/correct_annual_co2e_values 2023-08-10T19:28:59Z Sepehr Sobhani <sepehr.sobhani@gov.bc.ca> # Function to update annual CO2e values that were set incorrectly
+data/correct_annual_co2e_values [database_functions/correct_annual_co2e_values] 2023-08-11T17:06:22Z Sepehr Sobhani <sepehr.sobhani@gov.bc.ca> # Migration to update annual CO2e values that were set incorrectly
diff --git a/schema/test/unit/database_functions/correct_annual_co2e_values_test.sql b/schema/test/unit/database_functions/correct_annual_co2e_values_test.sql
new file mode 100644
index 000000000..3c89d82c9
--- /dev/null
+++ b/schema/test/unit/database_functions/correct_annual_co2e_values_test.sql
@@ -0,0 +1,217 @@
+set client_min_messages to warning;
+create extension if not exists pgtap;
+reset client_min_messages;
+
+begin;
+select plan(8);
+
+-- Clean schema
+truncate ggircs_portal.application restart identity cascade;
+alter table ggircs_portal.ciip_user disable trigger _welcome_email;
+select test_helper.create_test_users();
+select test_helper.mock_open_window();
+-- Create facilities / applications
+select test_helper.create_applications(3, True, True);
+
+update ggircs_portal.application set reporting_year = 2022 where id != 3;
+update ggircs_portal.application set reporting_year = 2021 where id = 3;
+update ggircs_portal.application_revision set created_at = '2023-01-01'::timestamptz where application_id=1; -- created before April 1st 2023 so should be unaffected
+update ggircs_portal.application_revision set created_at = '2023-05-01'::timestamptz where application_id=2; -- created after April 1st 2023 and has wrong annual CO2e values
+update ggircs_portal.application_revision set created_at = '2023-06-01'::timestamptz where application_id=3; -- reporting year 2021 so should be unaffected
+
+-- setting all form results to the same value intentionally to remove default values
+update ggircs_portal.form_result set form_result='{"test": "dont change me"}'::jsonb;
+
+-- Wrong annual CO2e values for application ID=2 and form ID=2
+update ggircs_portal.form_result
+set form_result =
+'{"sourceTypes": [
+  {"gases": [
+    {"gwp": 10, "gasType": "CO2nonbio", "annualCO2e": 50, "annualEmission": 5, "gasDescription": "Carbon dioxide from non-biomass"},
+    {"gwp": 28, "gasType": "CH4", "annualCO2e": 40, "annualEmission": 20, "gasDescription": "Methane"}],
+  "sourceTypeName": "General Stationary Combustion"
+  },
+  {"gases": [
+    {"gwp": 1, "gasType": "CO2nonbio", "annualCO2e": 60, "annualEmission": 30, "gasDescription": "Carbon dioxide from non-biomass"},
+    {"gwp": 25, "gasType": "CH4", "annualCO2e": 90, "annualEmission": 45, "gasDescription": "Methane"},
+    {"gwp": 298, "gasType": "N2O", "annualCO2e": 100, "annualEmission": 50, "gasDescription": "Nitrous oxide"}],
+  "sourceTypeName": "General Stationary Combustion"
+  }
+]}'
+where application_id=2 and form_id=2;
+
+-- Running the function
+alter table ggircs_portal.form_result disable trigger _100_timestamps, disable trigger _immutable_form_result;
+
+select ggircs_portal_private.correct_annual_co2e_values();
+
+alter table ggircs_portal.form_result enable trigger _100_timestamps, enable trigger _immutable_form_result;
+
+-- Test 1
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=1;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 1 was unaffected because it was created before April 1st 2023'
+);
+
+-- Test 2
+select set_eq (
+  $$
+  select form_result from ggircs_portal.form_result where application_id=2 and form_id=2;
+  $$,
+  $$
+  values
+  ('{"sourceTypes": [
+    {"gases": [
+      {"gwp": 10, "gasType": "CO2nonbio", "annualCO2e": 50, "annualEmission": 5, "gasDescription": "Carbon dioxide from non-biomass"},
+      {"gwp": 28, "gasType": "CH4", "annualCO2e": 560, "annualEmission": 20, "gasDescription": "Methane"}],
+    "sourceTypeName": "General Stationary Combustion"
+    },
+    {"gases": [
+      {"gwp": 1, "gasType": "CO2nonbio", "annualCO2e": 30, "annualEmission": 30, "gasDescription": "Carbon dioxide from non-biomass"},
+      {"gwp": 25, "gasType": "CH4", "annualCO2e": 1125, "annualEmission": 45, "gasDescription": "Methane"},
+      {"gwp": 298, "gasType": "N2O", "annualCO2e": 14900, "annualEmission": 50, "gasDescription": "Nitrous oxide"}],
+    "sourceTypeName": "General Stationary Combustion"
+    }
+  ]}'::jsonb)
+  $$,
+  'Application with ID 2 and form ID 2 was updated because it was created after April 1st 2023'
+);
+
+-- Test 3
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=2 and form_id!=2;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 2 and form IDs except 2 were not changed'
+);
+
+-- Test 4
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=3;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 3 was unaffected because it is from the 2021 reporting year'
+);
+
+-- Below assertions are to make sure that the function is idempotent
+alter table ggircs_portal.form_result disable trigger _100_timestamps, disable trigger _immutable_form_result;
+
+select ggircs_portal_private.correct_annual_co2e_values();
+
+alter table ggircs_portal.form_result enable trigger _100_timestamps, enable trigger _immutable_form_result;
+
+-- Test 5
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=1;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 1 was unaffected because it was created before April 1st 2023'
+);
+
+-- Test 6
+select set_eq (
+  $$
+  select form_result from ggircs_portal.form_result where application_id=2 and form_id=2;
+  $$,
+  $$
+  values
+  ('{"sourceTypes": [
+    {"gases": [
+      {"gwp": 10, "gasType": "CO2nonbio", "annualCO2e": 50, "annualEmission": 5, "gasDescription": "Carbon dioxide from non-biomass"},
+      {"gwp": 28, "gasType": "CH4", "annualCO2e": 560, "annualEmission": 20, "gasDescription": "Methane"}],
+    "sourceTypeName": "General Stationary Combustion"
+    },
+    {"gases": [
+      {"gwp": 1, "gasType": "CO2nonbio", "annualCO2e": 30, "annualEmission": 30, "gasDescription": "Carbon dioxide from non-biomass"},
+      {"gwp": 25, "gasType": "CH4", "annualCO2e": 1125, "annualEmission": 45, "gasDescription": "Methane"},
+      {"gwp": 298, "gasType": "N2O", "annualCO2e": 14900, "annualEmission": 50, "gasDescription": "Nitrous oxide"}],
+    "sourceTypeName": "General Stationary Combustion"
+    }
+  ]}'::jsonb)
+  $$,
+  'Application with ID 2 and form ID 2 was updated because it was created after April 1st 2023'
+);
+
+-- Test 7
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=2 and form_id!=2;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 2 and form IDs except 2 were not changed'
+);
+
+-- Test 8
+select results_eq(
+  $$
+  select form_result from ggircs_portal.form_result where application_id=3;
+  $$,
+  $$
+  values
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb),
+  ('{"test": "dont change me"}'::jsonb)
+  $$,
+  'Application with ID 3 was unaffected because it is from the 2021 reporting year'
+);
+
+select finish();
+
+rollback;
diff --git a/schema/verify/data/correct_annual_co2e_values.sql b/schema/verify/data/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..97c5b4443
--- /dev/null
+++ b/schema/verify/data/correct_annual_co2e_values.sql
@@ -0,0 +1,7 @@
+-- Verify ggircs-portal:data/correct_annual_co2e_values on pg
+
+begin;
+
+-- noverify
+
+rollback;
diff --git a/schema/verify/database_functions/correct_annual_co2e_values.sql b/schema/verify/database_functions/correct_annual_co2e_values.sql
new file mode 100644
index 000000000..382b70638
--- /dev/null
+++ b/schema/verify/database_functions/correct_annual_co2e_values.sql
@@ -0,0 +1,7 @@
+-- Verify ggircs-portal:database_functions/correct_annual_co2e_values on pg
+
+begin;
+
+select pg_get_functiondef('ggircs_portal_private.correct_annual_co2e_values()'::regprocedure);
+
+rollback;