You know when something that happens every year just feels a little different? This year’s New York Climate Week felt different.
We’ve felt urgency here before, of course. But speaking to new colleagues and old friends, that now seemed to be matched with plans and optimism.
And it is not every day you get to share the stage with a sitting US president. It was a real honour to hear Joe Biden share his passion for climate action at Bloomberg’s Global Business Forum. He sounded a familiar note for CDP audiences, by referencing the huge economic opportunities which arise from tackling the climate crisis.
Speaking before the President, I highlighted CDP’s role in making more data available to support those opportunities. We announced an expanded partnership with the Net-Zero Public Data Utility (NZDPU) to make core climate data from more than 10,000 companies publicly available for free. That’s going to be a game-changer.
In American politics they talk a lot about the “big mo”, and it's clear that there is now serious momentum behind credible disclosure.
And it’s not hard to see why. Transparency makes business sense. Just ask the 23,000 companies who disclosed to us last year. I was reminded of this when speaking alongside Emmanuel Faber, chair of the International Sustainability Standards Board (ISSB). Emmanuel blazed a sustainability trail as CEO of Danone, and he reminded the audience that the company’s CDP triple A scores meant they could access lower cost of capital. This is the power of transparency for business.
Less can be more
At the same time, we know that sustainability reporting needs to be seen less as a burden, and more as a benefit.
And so it’s time to streamline. This was one of the key themes from a breakfast roundtable CDP hosted in Manhattan, discussing the shift from the perceived burdens of climate disclosure to its real-world benefits. As ever, connecting with some of our closest disclosing companies, capital market signatories, supply chain members and partners was invaluable.
We can see the impact for businesses which disclose once and use that data with investors, markets, and regulators. This “write once, use many” approach, championed by CDP, can transform reporting from a costly exercise into a competitive advantage. That’s also what investors need and crave.
Too many businesses worry that there is too much data asked of them at too high a cost. Reporting is one of the most powerful tools we have, but we need to ensure the most meaningful data points are made to sweat.
Strengthen the chain
One final example. CDP’s supply chain report launched during Climate Week found that companies managing their scope 3 emissions have saved US$13.6 billion. Businesses acting on the risks are reducing emissions and making efficiency savings. A further US$165 billion could be gained if more companies invested in reducing these risks – an indication of the untapped opportunities out there. And the very definition of useful data.
After a whirlwind week in New York, I’ve come away with greater inspiration and insights to make our work at CDP more effective. That’s a sign of a successful summit. There is so much more to do, but climate leaders aren’t backing away from fighting for our future. They are just getting started. And so are we.
Images courtesy of Bloomberg