Greener Bottom Line Trends #2 – Recapping Climate Week, Powering Green Profits with AI, Building Organization Capacity for Action

In this week’s Greener Bottom Lines newsletter, I’m excited to share insights from this year’s biggest climate event—Climate Week NYC . While the UN’s COP event has traditionally set the standard as the annual global climate gathering, this year, Climate Week took the spotlight. Over 100,000 attendees, including CEOs, lawmakers, and climate experts, convened in Manhattan for 900+ events focused on regulatory reporting, partnership building, and implementing cutting-edge sustainability technologies.?

With a sharp 200-percent increase in senior leaders applying to speak, Climate Week became the top platform for launching sustainability campaigns.? As a result, Climate Week NYC solidified its position as the key gathering for driving sustainable business forward.?

I’d love to hear your thoughts on Climate Week NYC and the trends below, as well as how you anticipate they’ll shape your sustainability strategies moving forward.?

Recapping Climate Week NYC: Top 5 Takeaways ?

1. Prepare for Regulatory Compliance?Leaders are bracing for new laws like the EU’s Corporate Sustainability Reporting Directive (CSRD), which will require audited sustainability reports starting next year. Many are concerned about the complexity and cost of compliance, but transparency is expected to drive action.?
2. Adopt Realistic Climate Targets? The focus shifted from the elusive 1.5°C goal to more practical efforts aiming for "substantially below 2°C" of warming. This year saw fewer lofty corporate promises and more concrete, actionable steps. Developing and implementing practical, actionable Carbon Reduction Plans is the next major milestone in many corporate leaders' sustainability journeys?
3. Track Timelier Carbon and Biodiversity Impact Data? The GHG Protocol gained new governance, and CDP expanded access to corporate climate data for public use. The creation of the Taskforce on Inequality and Social-related Financial Disclosures (TISFD) mirrors earlier frameworks for climate and biodiversity reporting. As global standards continue to coalesce and companies become more adept at reporting, timelier disclosures are expected on an expanding range of data points, including water and plastic use, as well as their impacts on biodiversity.?
4. Invest in Organization Capacity Leaders are actively investing in people and tools to build organizational capacity for sustainable business, aiming to address the increasing demands of sustainability reporting and rising customer expectations.?
5. Navigate Geopolitical Challenges to Accelerate Action?Geopolitical challenges worldwide are hindering governments' ability to unify regulations and take decisive climate action. Both Al Gore and John Kerry emphasized the need for more substantive stakeholder responses to effectively address our current challenges. However, this headwind presents opportunities for corporate leaders to further align profits with purpose.?

Powering Greener Profits with AI?

Sustainability is like any other form of innovation—it requires persistence and a mindset that focuses on possibilities, not roadblocks. During Climate Week NYC, the role of technology in accelerating the energy transition took center stage. Experts highlighted the potential of AI to streamline project selection, procurement, and renewable energy development, speeding up adaptation processes. KPMG’s Global Head of Renewables, Mike Hayes, emphasized in EuroNews that while AI isn’t the “secret sauce,” it plays a critical role in advancing leaders on their sustainability journey.?

Discussions also focused on emerging tech like green hydrogen and advanced energy storage, tempered with caution about the need to prioritize scalable solutions like solar and wind. As AI and digitalization become more integral to corporate sustainability efforts, the message was clear: while tech is essential, success hinges on aligning it with broader infrastructure, business needs, and investment strategies.?

#3 Building Organization Capacity for Action?

A July 2024 Deloitte survey of over 500 publicly traded companies revealed key trends in enhancing organizational reporting capabilities for greenhouse gas (GHG) emissions measurement. Half of the executives, 50-percent, reported hiring new resources to support these efforts, with nearly all new sustainability project teams meeting at least quarterly. Furthermore, 98-percent?of respondents indicated they have established an ESG council or working group that convenes quarterly, while over 43-percent?meet monthly. In contrast, private companies are more proactive, with 49-percent?meeting at least once a month.?

Investment in technology and tools remains strong, with 74-percent?of respondents planning to invest in new technologies for timely and high-quality disclosure. However, this figure represents a decline from 99-percent?in December 2022, likely due to many companies having already made substantial investments in recent years.?

What to accelerate your sustainability results? ?

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