Three Takeaways From The EMEA Climate Summit 2023

Three Takeaways From The EMEA Climate Summit 2023

On the November 30^th, Verdantix hosted the EMEA Climate Summit, bringing together over 150 sustainability professionals to discuss the changing landscape in the net zero, climate risk and carbon management space. The summit saw discussions and presentations from leaders at Commonwealth Climate and Law Initiative, GRI, Lloyds Banking Group, London Stock Exchange Group, NatWest Group, Royal Mail, The Crown Estate and Virgin Media O2. Here are three key takeaways:

• Climate data need to be more granular and managed, like financial data.
  Throughout the day, speakers reiterated a key theme of improving climate-related data. This consisted of two key points. Firstly, data need to become more granular; firms now need data that are accurate, comparable and high quality. By collecting granular data, organizations can identify their climate related risks and opportunities and appropriately manage these. Current practices of relying on estimations does not provide individuals and firms with accurate information to make informed decisions. Clear and precise granular data generate trust and confidence from stakeholders by creating accountability and transparency within business practices. The second point focused on the gap between climate related data and financial data and the need to close this. For sustainability professionals, financial data should be seen as the benchmark for how climate related data should and can be: traceable to a source, audited, consistent, comparable, verifiable and accurate. The disparity between climate and financial data needs to be reduced; they need to be treated in the same light. Financial teams are now becoming responsible for the collection and management of climate data, and the process of collection and analysis for this needs the same rigour and accuracy as financial data.
  
  
• Collaboration within and between organizations is vital.
  Much of the day was spent discussing the major issue of managing supply chain emissions. There was a collective message that collaboration is required to combat this issue. At the firm level this means among different teams; sustainability is no longer an issue for a small group of individuals within an organization, but instead is a collective responsibility shared across a firm. Technology to manage and reduce emissions is only as good as the process it is embedded within. To this end, there must be a collective effort to ensure that technology works seamlessly within business processes. In order to explore this, the 2024 Verdantix Net Zero Global Corporate Survey will assess how firms are connecting their carbon management software to other systems, such as EHS, HR and ERP. Moreover – and perhaps more pertinently – collaboration must also occur between organizations. Climate change is a collective problem that we are all facing together, and there was a strong consensus that firms must therefore work together to combat it. For organizations with large supply chains, this means helping firms in their value chain manage their emissions. Especially for larger firms with more resources, it is vital to collaborate with smaller organizations to help this process, which will in turn help them to reduce their Scope 3 emissions.
  
  
• We must shift the climate change narrative.
  The opening keynote by Dana Haiden delivered a powerful message that was echoed throughout the day. We must shift the climate narrative from doom and gloom to positivity. Humans are galvanized by hope. By shifting the narrative, it can change the conceptualization of climate change from issue based to action based. For corporates, climate change should not be viewed as a compliance exercise but rather an opportunity to innovate and gain a competitive advantage. It is important to not become discouraged by climate change and to take a step back and see the progress that has already been made.

Verdantix will be holding its next Climate Summit in Washington DC in February – our first in the US. Tickets are already available, and sponsor slots are open.