The Net Zero Benchmarking Process

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Net zero benchmarking looks at a whole range of factors and actions the company might have taken. These factors we tend to look at are largely set around climate targets. We measure how the company is engaging on climate policy, whether it's a trade association advocating against good climate policy or is it advocating for good climate policy. And then we look at some other things like how the company has arranged its governance to make sure that the oversight and strategy around climate change is consistent across the board.

In this episode of the ESG Insider podcast, we explore how Indigenous communities are engaging with companies, financial institutions and investors to ensure a just transition to a low-carbon economy. We speak to Kate Finn, Executive Director of First Peoples Worldwide, an Indigenous-led organization that aims to increase corporate accountability to Indigenous peoples at the intersection of business, law and finance.

Kate says companies are starting to realize that their operational areas often overlap with the lands, territories and resources of Indigenous peoples.

"In the last three or four years, there is incredible interest from the private sector in understanding not only their Indigenous rights risk exposure, but how to operationalize Indigenous rights in their companies and in their processes," she tells us.

And we speak to Kevin Thomas, CEO of the Shareholder Association for Research and Education, or SHARE, a shareholder advocacy organization for institutional investors in Canada. The group is part of the secretariat behind an institutional investor engagement initiative called Climate Engagement Canada, which drives dialogue between finance and industry to promote a just transition to a net-zero economy. The CEC is undertaking a climate benchmarking exercise aimed at enabling members to engage with Canadian companies on their net-zero transition plans. The benchmarking exercise includes a metric on how companies are considering Indigenous rights in their low-carbon transition plans.

Kevin says companies in Canada tend to approach Indigenous rights as separate from climate change. He hopes the CEC and its benchmarking exercise will "bring those two worlds together."

"If there's an issue, if there's an impact, we should be getting to the table together to figure out how to mitigate it," he says.

Listen to our episode about the UN's biodiversity conference known as COP15 here: https://www.spglobal.com/esg/podcasts/on-the-ground-at-cop15-how-business-is-getting-to-grips-with-biodiversity

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