The message was loud and clear at the International Trade for Prosperity Week in November. It is only through effective collaboration that we can tackle the challenge of reducing scope 3 emissions and successfully meet our sustainable development goals. Businesses were urged to “Act now” rather than wait to perfect their approach.
An in-depth conversation on scope 3 emissions
Effective collaboration is crucial to address the challenge of reducing scope 3 emissions. Viewing emissions reduction through the value chain as an opportunity rather than just compliance, can strengthen resilience and provide economic opportunities. Board level engagement is essential to galvanize climate action and leverage new opportunities.
Global reporting frameworks
Standardisation of sustainability reporting frameworks is essential for all businesses. Reporting frameworks go beyond compliance – they guide businesses to make changes that attract investment and engage with governments on robust transition plans. However, the vast number of frameworks is a challenge and there is a universal call for standardisation to ensure consistency of approach.
Sustainable trade finance
Sustainable trade finance is a key enabler for sustainability improvement, but action needs to accelerate. Cooperation is essential in navigating supply chain complexities for effective sustainable finance and making “green” the norm.
Carbon pricing
Carbon pricing is complex, influenced by various methods, systems and jurisdictions. It serves as an essential optimisation tool but can be overwhelming for companies. Innovation is needed to reduce fragmentation, encourage multilateral collaboration and make carbon prices work globally.
Mobilising finance for biodiversity
Tackling biodiversity is essential to achieving net zero, requiring business consideration at the board level. Mobilising trade finance is crucial, but there is a significant funding gap. Government and business collaboration is necessary to create effective nature transition plans.
Supply chain digitalisation and sustainability
Digitalisation of the entire supply chain offers transparency, consistency of standards, accountability and ultimately competitive advantage. The tools and technology already exist and there is an appetite from business.
Digitalisation should be consumer driven and not reliant on legislation. Incentivisation is needed to foster change with possible solutions such as public private partnerships.
Circular economy
There is rising consumer demand for sustainable options driving businesses toward circular initiatives. These must be both profitable and sustainable and integral to business strategy. Collaboration with governments is crucial to address waste challenges and improve recyclable materials in the marketplace.
Model contract clauses
Model contract clauses effectively embed sustainability in supplier agreements, showcasing a serious commitment to sustainability. Businesses should engage with suppliers, assisting them on their sustainability journey.
Plastic pollution
Plastic pollution threatens wildlife, human health and the economy. Globally, 32% of plastic leaks into the environment, contributing to 19% of emissions. Tackling plastic pollution requires targeted investment, infrastructure, and innovation. Incentives, like aligning recycled plastic costs with virgin plastic, can significantly reduce waste.
Green claims and consumer trust
At present, 40% of sustainability claims are misleading. Greenwashing and “greenhushing” both harm consumer confidence emphasising the need for integrity in sustainability claims. Increasing the level of collaboration with government, industry, and consumers is essential for coherent green messaging.
Human Rights & climate change
Climate change poses a severe threat to human rights, impacting life, health, food and living standards. Integrating human rights into climate change mitigation is crucial for holistic transition plans. A globally coherent and clear regulatory framework and stakeholder engagement considering local context are needed to address the intersection of human rights and climate change.
ITPW in Numbers
- 300 worldwide viewers
30 participating countries- 20 ICC global offices supporting
- 3 days
- 4 webinars
- 9 in-person sessions
- 57 speakers
ITPW in Quotes
“There’s no bigger challenge that we face than climate change”
Justin Perrettson, Head of Sustainability and Partnerships, Novozymes & Chair of the ICC Energy and Environment Commission
“The ICC is uniquely placed to act as an international voice for business on key sustainability challenges like tackling climate change”
Owen Bethell, Environmental Impact Lead Global Public Affairs, Nestlé
“Its absolutely critical that if we are to success in the energy transition that we build future international collaboration and we maintain international standards”
Rt Hon Chris Skidmore MP
“Until we have real base-line data, setting targets for whole value chain that sits within scope 3 is the biggest challenge”
Claire Toomey, Sustainability & ESG Manager, Howdens
“In Western Europe and the US, 5% of plastic leaks out which is a big problem for the West but in Malaysia, 63% of plastic leaks into the environment.”
Stephen Altmann Richer, Head of Public and Regulatory Affairs, Polymateria
“We’re heading to a world that is not reflected in the [current] finance system. The carbon budget is smaller and is being used quicker than we thought.” Stuart Bruce, Director, Climate Risk & Strategy, KPMG & Chair of the ICC United Kingdom Energy and Environment Committee
