COP29: what’s at the top of the world’s sustainability agenda
Oct 30, 2024
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In this discussion, Amy Brachio, EY's Global Vice Chair for Sustainability, shares her insights on the evolving landscape of sustainability, while Matt Bell, EY's Global Leader for Climate Change, brings his expertise on climate initiatives. They explore the shift from isolated environmental concerns to a holistic approach embracing interdependence. Highlighting the upcoming COP29, they discuss key trends like the emphasis on finance in sustainability and the role of innovation in driving systemic change. Optimism shines through as they see businesses eager to adopt new technologies and strategies for a sustainable future.
The podcast emphasizes the necessity of integrating various sustainability issues, recognizing their interdependence to develop effective collective solutions.
There is a growing focus on innovative financial mechanisms and proactive business strategies to accelerate decarbonization and meet climate goals.
Deep dives
Interconnectedness of Climate Issues
The discussion highlights a growing awareness of the interconnectedness between various sustainability issues, including climate change, human rights, and biodiversity. Rather than tackling these topics in isolation, there is a shift toward recognizing that they must be addressed collectively for effective solutions. This holistic approach underscores the need for systems thinking in tackling climate challenges, particularly as organizations begin to see the overlaps between environmental impacts and societal concerns. The acknowledgment of this interrelatedness may lead to more comprehensive and integrated strategies for sustainability.
Progress and Challenges in Decarbonization
There is urgent recognition that the current pace of decarbonization needs to dramatically increase to meet climate goals, particularly the aim of halving emissions by 2030 and reaching net zero by mid-century. Despite advancements in corporate sustainability targets and the rapid adoption of renewable energy technologies, such as electrification, the pace of progress remains a concern. The conversation reflects frustration within organizations over difficulties in accessing reliable data, as well as the complexity involved in implementing necessary changes to their operations and business models. This signals a critical period leading up to key international climate conferences, where the need for actionable commitments and regulatory frameworks will be paramount.
The Role of Finance and Innovation
As organizations prepare for significant climate-related discussions, the emphasis is expected to pivot towards financial strategies to support climate action. Upcoming conferences, particularly COP29, are anticipated to focus on financing mechanisms, such as carbon markets and loss and damage funds, to facilitate the transition towards sustainable practices. Alongside financial discussions, innovation is becoming a central theme, with companies no longer waiting for external funding to invest in new technologies. This proactive stance reflects a growing recognition that sustainability is not only a compliance requirement but a core component of modern business strategy.
In this episode, Bruno Sarda, host of the EY Sustainability Matters podcast, meets with prior guests to talk about the significant developments in sustainability over the past year, ahead of the upcoming UN Climate Change Conference or COP29 in Baku, Azerbaijan, later this November.
Amy Brachio, EY Global Vice Chair for Sustainability, and Matt Bell, EY Global Leader for Climate Change and Sustainability Services, share their experiences from the 2024 New York Climate Week . They discuss the transition from addressing environmental issues in siloes to a comprehensive view that acknowledges the interdependence of various sustainability factors that must be addressed together.
The speakers share their expectations for the upcoming COP29, underscoring emerging trends, such as the increased emphasis on finance and carbon markets to support the transition.
In the final part of the episode, Amy and Matt express optimism about the future, talking about the businesses’ desire for innovation, investment in new technologies and a collective willingness to undertake systemic change.