UK corporate sustainability standards explained

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<p>In the guide we compare the strengths, weaknesses and approach to target setting, reporting and carbon offsets of the most commonly used sustainability frameworks.</p>
<p><strong>In this guide we’ll cover;</strong></p>
<ul>
<li>What are Corporate Sustainability Standards</li>
<li>Which Corporate Sustainability Standards should UK businesses know</li>
<li>Requirements of PAS 2060</li>
<li>Requirements of ISO 14068-1:2023</li>
<li>Requirements of ISO 14064-1</li>
<li>Principles of BSI Flex 3030</li>
<li>What are EightVersa’s Natural Carbon Solutions</li>
<li>SBTi Corporate Net-Zero Standards</li>
<li>How Ecologi can support your business in navigating the complexities of Corporate Sustainability Standards</li>
</ul>


<h2>What are Corporate Sustainability Standards</h2>
<p>Many organisations worldwide have pledged to meet net-zero Emissions, aiming to help keep global warming below 1.5°C as agreed at COP15. These pledges are important, but they need clear guidelines and frameworks to ensure that sustainability strategies lead to real and measurable progress.</p>
<h3>Why are there Corporate Sustainability Standards?</h3>
<p>A variety of frameworks have been developed to support organisations on their journey to reducing carbon emissions. They help align companies with global climate goals, offering guidance on topics such as resource management, goal setting and reporting. Following these guidelines ensures that organisations act responsibly, and take accountability for their impact contributing to global efforts to combat climate change.</p>
<p>To reach net zero, these sustainability standards must be widely adopted to minimise the risk of organisations participating in greenwashing and contribute to collective global action to minimise the impacts of global warming.</p>
<h2>Which Corporate Sustainability Standards should my business know about</h2>


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<h2>What is PAS 2060?</h2>
<p>PAS 2060 was first published in 2010, it aimed to provide the requirements for achieving carbon neutrality for products and organisations alike. After 15 years in operation, PAS 2060 will be retired at the end of 2025, and superseded by ISO 14068- 1:2023.</p>
<p>The standard provides organisations with a methodology for measuring and reducing greenhouse gas emissions and allows for the purchasing of carbon credits to offset any emissions that can’t be reduced.</p>
<h2>What are the requirements of PAS 2060</h2>
<h3>Measure</h3>
<p>PAS 2060 requires organisations to first measure their carbon footprint, accounting for all Scope 1 and 2 emissions, as well as any Scope 3 emissions that constitute more than 1% of the organisation&#8217;s overall emissions.</p>
<h3>Reduce</h3>
<p>Organisations must then create and implement a carbon reduction plan (CRP). This plan should clearly outline specific actions and targets for reducing emissions over time.</p>
<h3>Offset</h3>
<p>After reducing emissions, organisations can then offset remaining emissions using third-party verified carbon credits, these can be carbon avoidance or carbon removal credits.</p>
<h3>Document</h3>
<p>Organisations must document their carbon neutrality initiatives in a Qualifying Explanatory Statement (QES). This should be a public document that includes key information such as the carbon footprint calculation, reduction measures and offsetting activities.</p>
<h3>Drawbacks</h3>
<p>PAS 2060 does not require evidence of continual improvement to the organisation&#8217;s carbon footprint, which can lead to an over-reliance on carbon offsets, as opposed to meaningful reductions in carbon emissions. Additionally, a PAS 2060 application must be accompanied by at least one year’s worth of supporting data therefore, PAS 2060 should not be considered for new clients/projects after December 2024.</p>


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<h2>What is ISO 14068-1:2023</h2>
<p>ISO 14068-1:2023 is a new standard under development by the British Standards Institute (BSI). As mentioned above, ISO 14068-1 replaces PAS 2060.</p>
<p>The standard aims to provide the requirements and guidance for achieving and demonstrating carbon neutrality. Unlike PAS 2060, the standard applies to organisations only and does not apply to products.</p>
<p>ISO 14068-1:2023 is a full international standard that prioritises carbon reduction initiatives. This standard requires evidence that reduction initiatives have taken place before any carbon offsetting is allowed.</p>
<h2>What are the requirements of ISO 14068-1:2023</h2>
<h3>Measure</h3>
<p>Organisations will need to measure their Scope 1, 2 and 3 emissions under this standard.</p>
<h3>Reduce</h3>
<p>They will then need to set clear and ambitious targets to reduce their emissions. Whilst purchasing carbon credits to offset emissions is allowed under this standard, organisations must be able to justify why offsets were purchased instead of undertaking further emission reductions.</p>
<h3>Offset</h3>
<p>Carbon removal offsets are approved to offset any ‘hard to remove’ emissions, providing they are less than 5 years old. This standard does not allow for the purchasing of carbon avoidance credits.</p>
<h3>Document</h3>
<p>ISO 14068-1:2023 also requires a carbon reduction plan, which documents the resources necessary to successfully deliver the plan, and the individuals responsible. The continuous improvement of the subject’s carbon footprint is required to maintain a carbon-neutral status unlike PAS 2060.</p>
<h3>Drawbacks</h3>
<p>It could be argued that ISO 14068-1:2023 requires a deep understanding of carbon accounting, emission reduction strategies and value chain emissions. Many organisations don&#8217;t have this expertise in-house and would therefore have to appoint an external third party to support them through the process, this could result in high costs to implement this standard which new and/or small companies may not have.</p>


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<h2>What is ISO 14064-1</h2>
<p>ISO 14064 guides organisations in reporting their GHG emissions and removals. The primary objectives of the standard are to help organisations manage and report emissions, and set and achieve reduction targets. It is a part of the 3 part ISO 14064 standard and applies to any organisation of any size.</p>
<h2>What are the requirements of ISO 14064-1</h2>
<p>ISO 14064-1 is the first part of the 3-part standard, it aims to provide organisations with an approach to measure, report and verify their emissions and offsets.</p>
<h3>Measure</h3>
<p>Organisations must outline which emission sources and activities are included in their reporting however ISO 14064-1 does not require the reporting of Scope 3 emissions.</p>
<h3>Reduce</h3>
<p>ISO 14064-1 does not explicitly require organisations to reduce emissions before engaging in offsetting however it does emphasise the importance of regularly reporting GHG emissions including prioritising emission reductions.</p>
<h3>Offset</h3>
<p>ISO 14064-1 recognises the use of carbon offsets as a legitimate tool for managing GHG emissions however places a strong emphasis on transparency and accurate reporting. ISO 14064-1 allows for both avoidance and removal credits providing they are credible, verifiable and meet recognised standards for offset projects such as additionality and permanence.</p>
<h3>Document</h3>
<p>ISO 14064-1 requires an inventory management plan that outlines data collection and reporting, and regular review of the GHG inventory. Additionally, a comprehensive GHG report should be prepared to detail the organisation&#8217;s emissions and purchased offsets.</p>
<h3>Drawbacks</h3>
<p>ISO 14064-1 also requires a comprehensive understanding of GHG accounting. This standard is largely focused on reporting, as opposed to action. There is no mandated emission reduction meaning organisations can meet emission targets through purchasing offsets alone, limiting the overall impact on global climate change mitigation.</p>


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<h2>What is BSI Flex 3030</h2>
<p>BSI Flex 3030 is a set of principles that can support organisations in meeting the requirements of other initiatives such as the Science Based Targets Initiative (SBTi), the Task Force on Climate-Related Financial Disclosures (TCFD) and the Carbon Disclosure Project (CDP). BSI Flex was developed with small businesses in mind and is primarily for use by SMEs with between 5-250 employees.</p>
<p>BSI Flex 3030 is also designed to work alongside formal management systems such as ISO 14001 (Environmental Management) or BS EN ISO 50001 (Energy Management). It provides high-level principles and a framework for an organisation to deliver a transition to net zero. It covers how organisations can measure their GHG baseline, set reduction targets and create a credible pathway to net zero, it does not, however, cover how to develop and maintain a formal carbon or net-zero management system which highlights its position as a high-level framework to support organisations at the start of the carbon management journey.</p>


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<h2>Natural Carbon Solutions, Eight Versa</h2>
<p>The purpose of Natural Carbon Solutions (NCS) is to provide businesses with a transparent way to measure, verify and evidence carbon reduction efforts. This standard covers organisations, products and events.</p>
<h2>What are the requirements of Natural Carbon Solutions (NCS)</h2>
<h3>Measure</h3>
<p>Under the NCS accreditation, organisations must complete a detailed assessment of all GHG emissions associated with the organisation/product/event being measured.</p>
<h3>Reduce</h3>
<p>NSC prioritises the reduction of emissions before any offsetting activities. The framework includes setting specific and measurable carbon reduction targets.</p>
<h3>Offset</h3>
<p>Offsetting emissions is considered a valid step in the journey to net-zero but only after all efforts to reduce emissions have been made. Currently, both avoidance and removal credits can be purchased to compensate for any unavoidable emissions; however looking to the future, it is likely only removal credits will be approved under this accreditation.</p>
<h3>Document</h3>
<p>Organisations must implement a carbon reduction plan outlining the strategies and actions required to reduce their carbon footprint. If the organisation is using carbon offsets detailed documentation must be provided evidencing the chosen project is of high quality and environmental integrity.</p>
<h3>Drawbacks</h3>
<p>Although this accreditation emphasises the importance of carbon reduction, there are no mandatory reduction targets in place, this could result in some organisations relying on offsets to reach net-zero.</p>


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<h2>SBTi Corporate Net-Zero Standard</h2>
<p>The purpose of the SBTi Corporate net-zero Standard is to guide companies in setting credible and measurable targets to achieve net-zero emissions. The Corporate net-zero Standard is suitable for any organisation but is particularly useful for those with large, complex operations and significant carbon emissions to ensure they commit to credible, science-based emission reduction targets.</p>
<h2>What are the requirements of the SBTi CZS</h2>
<h3>Measure</h3>
<p>Under the SBTi standard, companies are required to measure and record their Scope 1, 2 and 3 emissions.</p>
<h3>Reduce</h3>
<p>The standard requires organisations to reduce their greenhouse gas emissions by 90-95% by 2050 or earlier across Scopes 1, 2 and 3.</p>
<h3>Offset</h3>
<p>The STBi emphasises that companies must prioritise real emissions reductions and offsetting is only permitted for unavoidable emissions. The SBTi only allows for carbon removal offsets providing they do not form part of any near-term carbon reduction targets for organisations.</p>
<h3>Document</h3>
<p>Organisations are to document near-term (5-10 years) emission reduction targets including the percentage reduction and target years in addition to long term targets for reaching net-zero by 2050 with detailed plans for reducing emissions 90-95% across all scopes. This documentation will be formally submitted to the SBTi for validation will ensure they are aligned with the science based criteria for limiting global warming emissions.</p>
<p>Organisations must report annually on their emissions and progress towards meeting their targets, they are also required to publicly disclose their targets, progress and emission data.</p>
<h3>Drawbacks</h3>
<p>The SBTi corporate net-zero standard is a detailed initiative that requires a lot of time and resources. The standard also requires organisations to only purchase permanent carbon removal credits, which are typically more costly, and less widely available making this route less desirable and achievable for smaller businesses.</p>


An overview of Corporate Sustainability Standards: 

<h2>Benefits to Corporate Sustainability Standards for your business</h2>
<p>Navigating corporate sustainability standards can be a daunting process, with so many to choose from it’s difficult to know which is going to be right for your business. Understanding and adhering to these frameworks can be of great benefit to your organisation, driving greater transparency, economic benefits and the opportunity to contribute to global decarbonisation efforts.</p>


<h2>Are you ready to take climate action?</h2>
<p>Our team of experts can help your business tackle the hurdles of corporate sustainability standards in the UK. If this guide has inspired your business to start funding climate action, talk to our team today.</p>


Schedule a call

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Meet our Impact Team

<p><span style="font-weight: 400;">Ecologi’s mission is to inspire and empower businesses to accelerate global climate action. In everything we do, we’re guided by our company values:</span></p>
<ol>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Planet first</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Always accountable</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Change-makers</span></li>
<li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Act, together.</span></li>
</ol>
<p><span style="font-weight: 400;">Because of our values, we put impact for our climate, nature and people, right at our heart: and this is driven by our Impact Team.</span></p>


<h2><b>Meeting the Impact Team </b></h2>
<p><span style="font-weight: 400;">The Impact Team is responsible for directing our efforts toward meaningful climate action aligned with the latest science and industry best practice. The team’s role encompasses several key areas, including:</span></p>
<ul>
<li><b>Ensuring adherence to best practice </b><span style="font-weight: 400;">through our research bases, rigorous due diligence processes, and expert understanding of key sustainability frameworks.</span></li>
<li><b>Building and managing relationships</b><span style="font-weight: 400;"> with some of the world’s leading implementation partners to facilitate the delivery of high-impact climate solutions.</span></li>
<li><b>Delivery of emissions measurement and reporting projects</b><span style="font-weight: 400;">, assisting customers with data collection, emissions calculations, and helping them identify effective decarbonisation strategies.</span></li>
<li><b>Engaging with academia</b><span style="font-weight: 400;">, including the stewardship of the Ecologi Climate Committee — our advisory network of academic and industry experts on topics relevant to our work.</span></li>
<li><b>Providing climate and sustainability expertise</b><span style="font-weight: 400;"> and strategic guidance to align our products and services with the latest in environmental science and industry best practices and to guide our internal policy.</span></li>
<li><b>Driving our industry forward </b><span style="font-weight: 400;">through participating in industry advisory groups, policy advocacy groups, consortia and alliances with Ecologi’s peers and partners in corporate sustainability, </span></li>
<li style="list-style-type: none;"></li>
</ul>
<p><span style="font-weight: 400;">In this article, we’ll meet the team making it all possible!</span></p>


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<h2><strong>Sam Jackson, Director of Climate Science &amp; Impact</strong></h2>
<p><strong style="font-size: 16px;">MSc, MA, PIEMA REnvP, FRSA</strong></p>
<p><span style="font-weight: 400;">Sam is department lead for Impact at Ecologi, and a member of Ecologi’s senior leadership team. He is responsible for providing climate and sustainability expertise and strategic guidance to the business, with the priority of aligning Ecologi’s products and services with the latest in environmental science and industry best practice. Sam is an advisor to a number of industry groups and a regular speaker at sustainability industry events.</span></p>
<p><span style="font-weight: 400;">Sam has a varied background in climate science, international operations, development, and environmental governance. In his early career, he worked primarily in the charity and sustainable tourism sectors before moving permanently into climate and corporate sustainability. Sam holds Master’s degrees in International Relations and Climate Change Science and Policy from the University of Exeter and the University of Bristol. He is a Practitioner Member of IEMA, a Registered Environmental Practitioner with the Society for the Environment, and a Fellow of the Royal Society of Arts. </span></p>


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<h2><strong>Eleanor Turner, Climate Solutions Manager</strong></h2>
<p><strong><span style="font-size: 16px;">MSc, BSc, PIEMA </span></strong></p>
<p><span style="font-weight: 400;">Eleanor has a senior role within the Impact team, helping to guide our strategic direction and shape our theory of change, as well as supporting the team across all Impact functions. Eleanor leads much of our external engagement with academia, including managing the Ecologi Climate Committee: our advisory network of academic and industry experts across a wide range of topics relevant to our work. She also works cross-functionally around the business, to drive much of Ecologi’s own internal sustainability efforts.</span></p>
<p><span style="font-weight: 400;">Eleanor holds a Master’s degree in Environmental Science from the University of York, in addition to a Bachelor’s degree in Environmental Geography. Eleanor’s career began as a sustainability consultant within the engineering and construction industry, focusing on BREEAM assessments and decarbonisation across the public sector. Eleanor then moved to an in-house sustainability role within the consumer goods industry, focused on internal sustainability strategy and greenhouse gas inventory management, before joining Ecologi as our Climate Solutions Manager.</span></p>


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<h2><strong>George Gibson, Senior Carbon Accounting Manager</strong></h2>
<p><span style="font-weight: 400;">George provides technical expertise to support the development of the carbon accounting methodology underpinning our Ecologi Zero platform for businesses. George also leads the consultative delivery of emissions measurement and reporting projects with our customers, guiding them through data collection and helping them to identify decarbonisation strategies. Key to his role is ensuring compliance with the relevant standards and that the tool provides a comprehensive and accurate account of a business’ emissions.</span></p>
<p><span style="font-weight: 400;">With a degree in Economics and Management from Cardiff University, specialising in economic development, George has previously worked as a sustainability consultant providing insight into compiling greenhouse gas inventories to measure and report emissions, developing decarbonisation strategies, setting Science-Based Targets and supporting businesses in attaining B Corp certification. </span></p>


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<h2><strong>Katie Pownall, Impact Partnerships Manager</strong></h2>
<p><strong>MBiol, MRSB, ACIEEM</strong></p>
<p><span style="font-weight: 400;">Katie works closely with Ecologi’s reforestation and other implementation partners, ensuring that funding from our community goes to the best projects, and sharing stories about the projects with the Ecologi community. As Ecologi continues to grow, Katie is helping to identify new types of impact projects, enabling Ecologi customers to fund cutting-edge climate action with some of the most well-respected organisations around the world.</span></p>
<p><span style="font-weight: 400;">Katie has a Master’s degree in Biology from University of York, where she focused on ecology and conservation, and during which she worked in the North York Moors National Park’s Conservation department, where she gained knowledge about protected species, habitat management, and on-the-ground conservation work. This  hands-on experience combined with her understanding of the theory of conservation and ecology helps Katie to guide Ecologi’s decisions so that we optimise our positive impact on people, biodiversity, and the planet.</span></p>


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<h2><strong>Lucy Gemmell, Carbon Portfolio Manager</strong></h2>
<p><span style="font-weight: 400;">In her role as Carbon Portfolio Manager, Lucy drives our in-house due diligence to identify top-tier carbon avoidance and removal projects, manages our relationships with project developers, and helps to educate customers in ensuring they are communicating about their impact correctly. In her work, she manages our relationships with a number of our key strategic impact partners including Sylvera and Earth Blox. Lucy originally joined Ecologi in 2022 as part of our Commercial team and spent a year working cross-departmentally, immersing herself in the voluntary carbon market before transitioning permanently into the Impact team. </span></p>
<p><span style="font-weight: 400;">Lucy has a diverse background, having managed a boutique real estate brokerage in her earlier career and chaired the board of an education-based NGO in Johannesburg, South Africa. She is currently pursuing a Master&#8217;s degree in Climate Change and Development, following the recent completion of an ESG Specialisation from the Corporate Finance Institute.</span></p>


<p><span style="font-weight: 400;">Alongside the Impact team, we have some incredible individuals who assist us in reaching our goals and supporting our work. Collaboration is at the heart of everything we do, and their contributions help us stay on track and maintain momentum. </span></p>


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<h2><strong>Monsoon Modi, Commercial Operations Executive</strong></h2>
<p><span style="font-weight: 400;">Monsoon originally joined Ecologi in 2022 as part of our Customer Success team and spent a year working cross-departmentally before moving into the Commercial team, now as an Operations Executive. </span></p>
<p><span style="font-weight: 400;">Key to her role is optimising commercial projects, building commercial resources and providing support for small businesses along their sustainability journey. Monsoon also supports the Impact Team with internal educational material, project reports and administrative tasks. </span></p>
<p><span style="font-weight: 400;">With a degree in Politics and International Relations, Monsoon is currently pursuing a Master&#8217;s degree in Environmental Sustainability at the University of Edinburgh.</span></p>


<h2><strong>Climate Committee </strong></h2>
<p><span style="font-weight: 400;">Ecologi’s Climate Committee was founded in 2021 to bring together industry experts and research professionals who sit outside of the business to bring specialist knowledge and support to maximise our climate impact. Our committee members bring best-practice thinking, and ongoing developments with regard to global climate science, carbon accounting methodology, nature-based projects and the voluntary carbon market through our three working groups, Nature, Climate and Policy.</span></p>
<p><span style="font-weight: 400;">The committee supports the Impact team through providing expert knowledge across specialist fields which help shape the future of the team, and the wider business. In turn, this improves our internal decision-making and strategy development through staying at the forefront of industry developments and innovation. </span></p>


Case studies

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Case study: the Focusrite Group

<h2><b>About the Focusrite Group </b></h2>
<p><span style="font-weight: 400;"><a href="https://x.ecologi.com/focusritegroup" target="_blank" rel="noopener">Focusrite</a> is not your average audio technology group. This passionate bunch is united by a single objective: to smash through barriers and unleash boundless creativity in the world of sound.</span></p>
<p><span style="font-weight: 400;">Founded in 1985 and based in High Wycombe, this team of over 500 is on a mission to remove barriers to creativity. And they believe that technology can play an important role in breaking down other barriers too, including geographical, social, economic, and even environmental. </span></p>
<p><span style="font-weight: 400;">Focusrite is an organisation that’s driven by purpose, with a keen desire to be a force for good in the world. Responsible practices are an essential part of how they do business, and that includes keeping a keen eye on their impact on the environment. </span></p>


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<h2><b>Issue</b></h2>
<p><span style="font-weight: 400;">Focusrite has been working to reduce its environmental impact for many years and in 2020 developed a carbon accounting process that now provides near real-time data on Scope 1, 2, and 3 GHG emissions.</span></p>
<p><span style="font-weight: 400;">This progress has allowed the team to set goals, but they are in the process of applying to set Science Based Targets (SBT) to replace them. In the meantime they are already aligning their approach with SBT guidelines. </span></p>
<p><span style="font-weight: 400;">As a UK-based company, Focusrite is committed to 2050 as the ultimate deadline for net-zero, but they want to get there quicker. So their approach is not to set a net-zero target year until they have gone through the SBT application process by 2026 at the latest, and instead use carbon reduction metrics and targets to set them up for long-term success.</span></p>


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<h2><b>Challenges</b></h2>
<p><span style="font-weight: 400;">The team at Focusrite use emissions data to guide action, and their emissions are largely dominated by their hardware products, which account for 96% of GHG emissions. </span></p>
<p><span style="font-weight: 400;">They have already made good progress in reducing the use of aluminium, plastic, and product packaging, with many more areas under review. As they roll out changes across their product range, the team aims to increase the pace of their reductions, with any new products being designed from more sustainable materials from the start.</span></p>
<p><span style="font-weight: 400;">Focusrite is striving to become a sustainability leader in its industry, setting the standard for peers to emulate. </span><b>Environmental stewardship is a big part of that, and the message from the entire employee base is that they want to support nature beyond their value chain. This is why they reached out to Ecologi to help them do more good for our planet. </b></p>


<h2><b>Solution </b></h2>
<p><span style="font-weight: 400;">Focusrite has worked with Ecologi since 2021. Ecologi supports the team to fund tree planting for internal initiatives like employee charity fundraising, but also to offset the wood used in their products. The wood used is already FSC certified, so by planting trees with Ecologi they replace more than they consume. </span></p>
<p><span style="font-weight: 400;">Focusrite also works with Ecologi to support projects to mitigate any remaining Scope 1 and 2 emissions they can’t avoid. So far they have funded 17 projects, including a solar power project in Morocco, supplying high efficiency cookstoves in Somalia, and preserving Amazonian rainforest in Brazil.</span></p>
<p><span style="font-weight: 400;">The team isn&#8217;t shy about sharing Focusrite’s success. They talk about their climate impact prominently in their annual report and employee newsletter, and dive into the details in their dedicated environment and climate reports. </span></p>
<p><span style="font-weight: 400;">Taking such positive climate action has boosted Focusrite’s reputation with customers and colleagues alike. They have enjoyed press coverage for their tree planting, which positioned them as a leader in their industry, and they have even had employees join the company purely because of their environmental sustainability programme. </span></p>


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<h2><b>Outcome</b></h2>
<p><b>Since 2021, the Focusrite Group has funded the planting of 89,080 trees, supported the prevention of 132 tonnes of CO2e from being emitted, and funded the removal of 81 tonnes of CO2e from the atmosphere. In total 17 different projects have been funded. </b></p>


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<h2><b>Is your business ready to take climate action?</b></h2>
<p><span style="font-weight: 400;">If this article has inspired your business to start its climate journey, talk to our team today.</span></p>


Schedule a call with our team

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What happened at COP29

<p><span style="font-weight: 400;">This year’s Conference of the Parties is underway in Baku, Azerbaijan and will run until the 22nd of November. Our team at Ecologi are monitoring the daily events to give you real-time analysis and reactions to the developments and agreements taking place. </span></p>
<p><b>What is COP29?</b><span style="font-weight: 400;"> Click </span><a href="https://x.ecologi.com/articles/uncategorised/what-to-expect-at-cop29" target="_blank" rel="noopener"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;"> for a comprehensive guide to all things COP29. </span></p>
<p><b>What happened at COP28?</b><span style="font-weight: 400;"> Click </span><a href="https://x.ecologi.com/articles/blog/whats-happening-at-cop28" target="_blank" rel="noopener"><span style="font-weight: 400;">here</span></a><span style="font-weight: 400;"> to read a full report of the event in 2023. </span></p>


<h2>Overall sentiment &#8211; COP29 wrap-up</h2>
<p><span style="font-weight: 400;">The overall sentiment at COP29 reflects a little bit of progress and an awful lot of frustration. As is often the case at the climate COPs, any progress that does get made is often overshadowed by the missed opportunities – and this one is no exception on that front.</span></p>
<p><span style="font-weight: 400;">The largest positive from this COP is in the agreements made on operationalising carbon market standards under Article 6 of the Paris Agreement. This consensus signals hope for greater transparency, higher standards, and clear opportunities for businesses to engage in global climate action projects, in a new carbon market managed under the UN framework. These draft documents on Article 6 were published on the first day of the COP and have stayed relatively static since then – indicating that agreement was achieved early. They did come under criticism though, with the Presidency offering up documents to be accepted as-is, with no opportunity for countries to scrutinise the wording.</span></p>
<p><span style="font-weight: 400;">The COP as a whole, and its broader negotiations on a range of other topics, have been marred by tensions, frustrations, and geopolitics. Proceedings were thrown somewhat, by world leaders disappearing from the world leaders’ summit at the conference and reconvening in Brazil (next year’s COP host country) for the G20 – leading to </span><a href="https://www.gov.br/planalto/pt-br/media/18-11-2024-declaracao-de-lideres-g20.pdf" target="_blank" rel="noopener"><span style="font-weight: 400;">a multilateral G20 declaration</span></a><span style="font-weight: 400;"> which seemed to both celebrate and chastise the country negotiators back in Baku. </span></p>
<p><b>Geopolitics making things difficult </b><span style="font-weight: 400;">– COP29 has taken place against a backdrop of heightened geopolitical tensions between a wide range of countries, which have diverted attention and resources away from climate action and have complicated negotiations. Add to that the problems coming from the COP itself – from country boycotts, to backhanded oil and gas deals, to threats to drop out of the Paris Agreement by Argentina (a threat which was later clarified as rescinded) and by the USA (which is likely to be upheld under the incoming administration) – and it’s easy to wonder how nearly 200 countries can be convinced to agree on anything at all. Let alone an issue with the gravity, urgency, and complexity of climate change.</span></p>
<p><b>Poor management by the Presidency </b><span style="font-weight: 400;">– if you’ve followed our daily coverage you’ll have spotted over the past two weeks how this COP has felt quite chaotic and frenetic. It hasn’t really felt throughout proceedings that the Presidency is in control of things – and this applies on the diplomatic level but also in a practical sense, with uncomfortable stories coming out of the conference centre about poorly-managed bathroom facilities and catering. On the draft decisions, the Presidency’s strategy has been cavalier and uncharitable, with something of a ‘take-it-or-leave-it’ attitude to negotiations which isn’t helpful or conducive to compromise. On the last day of the COP, the Climate Action Network awarded the Azerbaijani Presidency their </span><i><span style="font-weight: 400;">Fossil of the Day </span></i><span style="font-weight: 400;">award because it “doesn’t understand the gravity of the Presidency, or for that matter the value of civil society”. This is a damning assessment, but one which is hard to disagree with.</span></p>
<p><b>Somehow, fossil fuels are still the elephant in the room </b><span style="font-weight: 400;">– we heard from UNEP before COP29 started that </span><a href="https://www.unep.org/resources/emissions-gap-report-2024" target="_blank" rel="noopener"><span style="font-weight: 400;">global emissions are still rising</span></a><span style="font-weight: 400;">, driven by continued fossil fuel use – and yet COP29 has failed to advance any fossil fuel reduction commitments. In Dubai last year, we saw the agreed cover text mention the “phase-down of unabated coal power”, the “transitioning away from fossil fuels in energy systems” and the “phasing out inefficient fossil fuel subsidies” (which was pretty weak in itself). This year, the fossil fuel lobby was typically massive – with over 1,700 fossil fuel lobbyists in attendance. Despite the overwhelming scientific evidence showing that fossil fuels must stay in the ground, the dominance of fossil fuel interests has continued to undermine progress, with the Arab Group in particular this year refusing to back any texts that reference the phasing out of fossil fuels. The COP29 texts on the UAE dialogue and the Mitigation Work Programme (which ought to have been used to further the outcomes of last year’s Global Stocktake) were meant to enhance climate mitigation. The final version of the MWP fails to mention the transition away from fossil fuels, the 1.5ºC warming goal or the Global Stocktake and its outcomes, and the UAE dialogue on how to proceed on the Global Stocktake wasn’t adopted at all. Interestingly, the earliest drafts did mention the 1.5ºC warming goal and the seriousness of 2023 being the warmest year on record. As the drafts progressed this messaging was removed, despite many calling for the final text to be more ambitious and specific. A deal on the MWP was adopted during the closing plenary session without any intervention. </span></p>
<p><b>Article 6 and UK government provide a few reasons to be positive for businesses </b></p>
<p><span style="font-weight: 400;">Whilst the overall sentiment at this year’s COP29 has been disappointment, particularly regarding the pace of global climate action and the lack of firm commitments from key global players, there are still some glimmers of hope for businesses. Among the more promising developments is the aforementioned progress on Article 6 of the Paris Agreement and the UK government’s climate commitments. The outcomes on Article 6 pose a step forward for businesses. By advancing frameworks for international carbon markets, COP29 has created a clearer pathway for companies to engage in high-quality carbon offsetting and trading, fostering transparency and credibility in the process. This opens up new opportunities for organisations globally to progress towards net-zero targets whilst supporting climate action projects and global emission reductions. </span></p>
<p><span style="font-weight: 400;">The UK government’s renewed focus on climate policy has created incentives such as increased funding for green technology, support for nature based projects and streamlined regulation for sustainable investment, catalysing innovation and market growth. The developments at COP29 have reinforced the role of businesses as a key actor in the fight against climate change when world leaders fall short on agreeing ambitious climate goals. Through embracing innovation, adopting bold emission reduction targets and funding climate action, companies can fill the leadership gap and accelerate progress where governments falter. </span></p>


COP29 - Daily updates 

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<p>The two-week conference, scheduled for November 11th-22nd will bring together representatives from all countries that have agreed to be bound by the UNFCCC. The conference takes place annually to negotiate new measures, develop policy and review progress against the goal of limiting climate change.</p>
<p>Azerbaijan, the host nation, has received its fair share of criticism for becoming this year’s COP president. Oil and Gas make up 92.5% of the country’s GDP per capita, and President Ilham Aliyev has stated his support for oil and gas producing nations to continue investing in the sector, clashing with last year’s COP28 outcome in which all nations called for accelerating the transition away from fossil fuels.</p>


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<h2><strong>The key talking points and priorities in the run up to COP29</strong></h2>
<p>This year, priorities are focused on climate finance, with COP29 being coined the <i>Finance COP</i>, this is reiterated by the programme of scheduling with Finance, Investment and Trade taking priority spot on the first day of discussions.</p>
<p>Energy and Science are also high on the agenda, while Nature and Biodiversity and Oceans and Coastal Zones take more of a back seat, only being scheduled for the final day before negotiations; naturally, this comes as a disappointment as this signals these areas of discussion are considered lower priority when compared with energy and finance.</p>
<p>It is likely momentum and attendance will decrease by the end of week two and could undermine the urgency needed to address the implications of climate change on nature globally and reduce their integration into wider climate strategies.</p>
<p>The following key priorities are expected to lead discussions at COP29;</p>
<h3><strong>New Collective Quantified Goal (NCQG)</strong></h3>
<p>Developing countries, particularly those most vulnerable to climate change, require substantial financial support to transition to green economies and adapt to climate impacts. COP29 aims to agree on a new commitment to provide annual climate finance to developing countries, replacing a goal of $100 billion per annum set in 2009 at COP15. The World Economic Forum states that ‘<i>the NCQG must be ambitious yet realistic, balancing the financial capacities of developed countries with the urgent needs of developing nations’.</i></p>
<h3><strong>Growing the loss and damage fund</strong></h3>
<p>Established and operationalised at COP27 in Sharm El-Sheikh, the loss and damage fund acknowledges the disproportionate burden that climate change places on vulnerable nations. It is a financial mechanism that helps countries cope with the loss and damages they face due to climate change – this includes loss of life, damage to infrastructure and displacement.</p>
<p>At COP29, there is hope to see significant progress in the fund’s operationalisation and funding. Countries are expected to make substantial pledges to the fund to ensure it can meet the needs of developing countries. To date, major contributors include the UAE, Germany and the United States. Other big-emitting countries such as China and Saudi Arabia are yet to announce their intention to contribute to the fund.</p>
<h3><strong>Nationally Determined Contributions (NDCs)</strong></h3>
<p>At COP29, nations will be encouraged to commit to more ambitious and robust Nationally Determined Contributions; these are climate action commitments made by countries to reduce their greenhouse gas emissions and contribute to climate change mitigation, aligning with the goal of limiting global warming to 1.5 degrees Celsius.</p>
<p>NDCs are submitted every 5 years to the UNFCCC, and with the next global stocktake approaching NDCs are to be put forward by February 2025, demonstrating increased ambition and concrete action plans. At COP29, there is likely to be a push to provide financial and technical support to developing countries to enable them to outline and implement NDCs of their own.</p>
<h3><strong>Article 6 of the Paris Agreement</strong></h3>
<p>Article 6 of the Paris Agreement aims to promote the use of carbon markets to achieve their climate targets. At COP29 we can expect discussions with regards to how a robust and well-regulated international carbon market can be developed and maintained. A key goal of COP29 is to finalise the rulebook for Article 6, which will provide clear guidelines for its implementation, and address concerns with regards to the quality of carbon credits, double counting and sustainable development.</p>


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<h2><b>Who is attending COP29</b></h2>
<p>With just 2 months to go until COP29 kicks off, there has been minimal discussion with regards to which World Leaders we can expect at the event.</p>
<p>From the UK, Ed Miliband, the newly appointed Secretary of State for Energy and Net Zero, is confirmed to be leading UK negotiations for COP29. However, with the USA election taking place just 5 days before COP29 begins, it is unlikely that the President will be in attendance. As the event draws closer, we can expect more countries to confirm which delegates will attend.</p>


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<h2><strong>What to expect during COP29</strong></h2>
<p>An anticipated 40,000 participants are heading to COP29, almost half the number of attendees than at <a href="https://x.ecologi.com/articles/blog/whats-happening-at-cop28" target="_blank" rel="noopener">COP28</a> in Dubai last year; this poses the question of if bigger is necessarily better, fewer attendees reduce the environmental impact of the conferences, with the UN Climate Chief Simon Stiell <a href="https://www.climatechangenews.com/2024/04/24/peak-cop-un-looks-to-shrink-baku-and-belem-climate-summits/" target="_blank" rel="noopener">saying he hopes to see fewer people attending COPs </a>as size does not necessarily translate to the quality of outcomes.</p>
<p>COP29 still presents a crucial opportunity to make significant strides in climate action, by focusing on climate finance and reaffirming climate goals, countries can collectively work together to provide the funding and tools necessary to shape the trajectory of global climate efforts.</p>


<h2><strong>Partner with us for COP29 and beyond</strong></h2>
<p>Over the next 12 months we want to support as many businesses as possible to tackle climate change.</p>
<p>If your business is interested in a partnership to help scale climate action or starting its climate journey during COP29 or beyond, get in touch.</p>


	Requires Scope 1, 2 and 3 reporting	Supports the use of carbon offsets	Offsets restricted to residual emissions	Third-party verified	Requires ongoing reporting of progress against targets
PAS 2060	Scope 1, 2 and some scope 3	Yes - avoidance and removal credits	Yes	No	No
ISO 14086-1: 2023	Yes, all scopes required	Yes - removal credits only	No	No	Yes - ongoing reporting is required to maintain carbon neutral status
ISO14064-1	No, only requires the reporting of Scope 1 and 2	Yes - avoidance and removal credits	No	No	No
NCS	Yes, all scopes required	Yes - avoidance and removal credits	Yes	Yes	Yes
SBTi	Yes, all scopes	Yes - removal	Yes	Yes	Yes

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