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Now that COP27 has come to a close, let me send some key notes of the essential takeaways to you:
Outside of the negotiation rooms, the picture was much more positive:
WBCSD had a strong and impactful presence at COP, including 34 sessions, many of which were co-hosted with our partners from governments and other organizations. The key report that we launched during COP27 was: The Business of Climate Recovery. The report was developed with over 30 member companies and makes the case for a Corporate Carbon Accountability System to allow companies to move from their commitments to action and transparently show their progress toward their stated targets. To make such a system work, we need to work together to improve the accounting of carbon in particular for Scope 3, and avoided emissions, which will be central priorities for WBCSD in 2023.
Other key publications that came out from our desks are:
In a follow-up to the recent WBCSD Council Meeting in Tokyo, we supported the Japanese Government (METI) in an important launch event on Avoided Emissions. WBCSD has been asked to lead the work on this important topic into the G7.
As I reported after our Tokyo meeting, the COP28 President (UAE) has invited WBCSD to support the preparation and launch of COP28. Part of this discussion is our decision to have Dubai right at the start of COP28.
This year my one word that summarizes the COP for business is “ACCOUNTABILITY”. The High-Level Expert Group, the ISSB, and the strong interest from Capital Market players in understanding climate risk exposures will make it inevitable for leading companies to get ready to be held accountable for the progress they are making toward a net zero world:
This article was originally written by Peter Bakker, President and CEO of World Business Council for Sustainable Development (WBCSD), and published by WBCSD.
At Finch & Beak, we work towards further development of the understanding of climate-related risks, using the TCFD recommendations as guidance.
If you would like to know more or require assistance with working on your climate strategy, net-zero and/or science-based targets, or TCFD implementation, get in touch with Johana Schlotter at johana@finchandbeak.com or call +31 6 28 02 18 80 to discuss how Finch & Beak can support you.
Photo by Ryoji Iwata on Unsplash
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