What goals can businesses set in 2024 to get one step closer to net-zero?

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What goals can businesses set in 2024 to get closer to net-zero

In this guide about climate targets and goals on the journey to net-zero, we’ll cover:
<ul>
<li style="font-weight: 400;" aria-level="1"><a href="#difference">The difference between science-based targets and emission reduction goals</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="#examples">Examples of effective reduction targets and goals your business can set</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="#effective">How to set effective targets and goals</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="#communicate">How to communicate your goals</a></li>
<li style="font-weight: 400;" aria-level="1"><a href="#ecologi">How Ecologi can help your business on its net-zero journey</a></li>
</ul>
<h2>Introduction</h2>
At the start of 2024, business leaders are energetically crafting their annual strategies with a fresh focus on implementing climate action initiatives.
The way goal-setting and target-setting are approached by businesses depends on their maturity on their climate action journey. For businesses that are just starting on their goal-setting journey, there are multiple starter actions such as switching energy providers as well as pension providers to help kickstart momentum, however, as businesses mature on their climate action journey, more robust goal and target-setting must be pursued, alongside reporting their emissions inventories.
<h2>Different types of net-zero targets and goals you can set</h2>
When it comes to setting goals for your business on its route to net-zero, there are two types of goals that are relevant: science-based targets, and emissions reduction goals.
Science-based targets (SBTs) are quantitative commitments set via the <a href="https://sciencebasedtargets.org/" target="_blank" rel="noopener">SBTi Corporate Net-zero standard</a> to reduce greenhouse gas (GHG) emissions by an amount aligned with what the latest climate science deems necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels. SBTs are specific, quantified intended outcomes – which will vary for each company depending on what your company does and how ambitious your goals are.
Emissions reduction goals refer to a commitment to implement an action or initiative to achieve a reduction in Greenhouse Gas (GHG) emissions. These usually relate to inputs, and are typically achieved through a decrease in consumption, improvement in efficiency, or reduction in emissions intensity of an activity or good.

The difference between emissions reduction goals and science-based targets

The way these two types of goals interact is important, as emissions reduction goals tend to support science-based targets. A good analogy to help depict the interaction between the two can be represented by the Strategy &amp; Tactics relationship where the science-based targets represent the overarching strategy and the emission reduction goals represent the tactics used to achieve that strategy.
<h2>Why are different net-zero targets and goals used? </h2>
<h3>Science-based targets</h3>
Science-based targets are essential in declaring a long-term commitment to emissions reductions. One of the Science Based Targets Initiative (SBTi)’s core requirements for a business (in most sectors) to achieve net-zero is to achieve a minimum 90% reduction in emissions. This emissions-reduction journey will not be easy, since that’s a BIG task! Imagine having to reduce your financial budget by 90% &#8211; it would require a lot of planning, researching, and implementation, over a long period. The SBTi framework ensures that targets are set to a level of ambition sufficient to mitigate the worst effects of climate change, in line with the latest science. 
The SBTi reveals that while a growing number of companies have pledged to achieve net-zero emissions, the rate of action and the alignment of these commitments with scientific targets fall short.
<h3>Emissions reduction goals </h3>
While aligning with climate science, targets set against 2030 to 2050 may feel a long way away. As such, there is often a need for more urgency to initiate immediate action.
Setting interim commitments to action through the drag &amp; drop &#8220;emissions reduction goals&#8221; function within <a href="https://x.ecologi.com/business/zero" target="_blank" rel="noopener">Ecologi Zero</a> can help engage employees and elevate the net-zero journey on the agenda. Achieving more shorter term goals can be a good mechanism for generating momentum whilst prioritising initiatives that will contribute to achieving science-based targets.

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<h2>Example net-zero targets and goals you might use </h2>
<h3>Science-based targets (SBTs)</h3>
The SBTi’s Corporate Net-Zero Standard requires businesses to set both Long-term and Near-term Science-based Targets (SBTs) in order to reach net-zero in the long run.
Long-term SBTs. The Standard requires companies to directly reduce absolute emissions across scopes 1, 2 and 3 by at least 90% by 2050 or before, as compared to a base year no earlier than 2022. This means that the overall emissions produced must come down &#8211; rather than just the relative amount of emissions (e.g. by product or by revenue). They must also commit to balancing the impact of any residual emissions (up to 10% of the baseline emissions), by purchasing carbon removal credits in order to reach net-zero.
Near-term SBTs. Here are some examples of Near-term SBTs your business could set:
<ul>
<li style="font-weight: 400;" aria-level="1">“Our company commits to reduce absolute scope 1 and 2 emissions 42% by 2030 from a 2022 base year, and to measure and reduce its scope 3 emissions.”</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">“Our company commits to reduce absolute scope 1 emissions 42% by 2030 from a 2022 base year, to maintain zero scope 2 emissions through 2030, and to measure and reduce its scope 3 emissions.”</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">&#8220;Our company commits to maintain zero scope 1 emissions through 2030, to reduce absolute scope 2 GHG emissions 42 % by 2030 from a 2022 base year, and to measure and reduce its scope 3 emissions.”</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">“Our company commits to maintain zero scope 1 and scope 2 emissions through 2030, and to measure and reduce its scope 3 emissions from a 2023 base year&#8221;</li>
</ul>
<h3>Emissions reduction goals</h3>
Emissions reduction goals, which you can set directly through your Ecologi Zero account, tend to be softer or more generalised goals than your Science-based Targets. They can be helpful in setting the direction of your business’s sustainability agenda for the coming year.
It may feel overwhelming to address all environmental aspects simultaneously &#8211; that’s why Ecologi will automatically suggest goals based on your emissions hotspots so you can identify the most significant areas of improvement and focus on them initially. As you achieve success and gain momentum, gradually expand your efforts to address other areas of concern. 
Here are some examples:
<ul>
<li style="font-weight: 400;" aria-level="1">&#8220;We will implement a sustainable procurement strategy that prioritises suppliers who actively track and are working to reduce their emissions.&#8221;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">&#8220;We will use pension providers that have sustainable investment policies, providing employees the opportunity to invest in pension funds that avoid fossil fuels.&#8221;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">&#8220;We will install renewable energy sources to generate electricity onsite.&#8221;</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">“We will use server providers who use renewable energy to power their services.”</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">“We will implement smart energy management practices including energy monitoring systems.”</li>
</ul>

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<h2>How to set effective net-zero goals and targets for your business</h2>
Once you have your footprint, you will want your goals to be effective.
<h3>What makes an effective commitment?</h3>
You’re probably familiar with the SMART target-setting process. Here’s what it means for your emissions goals and targets:
Specific: Translate your reduction goals into steps that can be implemented throughout your organisation. Establish a clear action plan with specific initiatives, responsible parties, timelines, and allocated resources. Breaking down goals into smaller tasks not only makes them more manageable but also ensures that progress is continuously monitored and adjustments can be made if needed.
Measurable: It’s important to measure and monitor your progress towards your goals. Implementing an internal monitoring and reporting system will help you track progress towards your reduction goals. You should continuously measure and analyse data, review key performance indicators, and evaluate the effectiveness of your initiatives. Regular reporting to stakeholders demonstrates transparency, fosters accountability, and allows for course corrections if required.
Achievable: Engaging employees, customers and suppliers fosters a sense of shared responsibility and increases the likelihood of achieving your reduction goals. Seek feedback, conduct workshops, and collaborate with stakeholders to ensure a comprehensive and inclusive approach.
Relevant: Ensure your reduction goals align with your business&#8217;s carbon footprint. Goals should address the most significant environmental impacts and support your long-term sustainability vision. To help with this, Ecologi Zero will identify your emission hotspots and advise on actions you can take to reduce emissions from these areas.
Timely: Ecologi Zero will help you set a timeframe for achieving your reduction goals; we advise goals are completed within the upcoming reporting period. You may wish to set your own timeframe and complete goals sooner or stagger your goals throughout the year. Time-bound goals create a sense of urgency and provide a timeline for progress evaluation.
<h2>What are the most frequent goals set by SMEs?</h2>
After calculating their business carbon footprint with Ecologi Zero, businesses get to select emissions reduction goals that are tackling the key emission hotspots of their footprint. While every business will have different emission hotspots and areas of improvement, our Ecologi Zero data shows the following key goals that have been set by businesses:
<ul>
<li style="font-weight: 400;" aria-level="1">We will conduct our meetings virtually to avoid unnecessary travel.</li>
</ul>
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<li style="font-weight: 400;" aria-level="1">We will use suppliers who track their own emissions.</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">We will avoid using single use products where possible.</li>
</ul>
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<li style="font-weight: 400;" aria-level="1">We will review our supply chain to ensure our suppliers are taking their own actions to reduce their footprint.</li>
</ul>
<ul>
<li style="font-weight: 400;" aria-level="1">We will use environmentally friendly cloud computing services.</li>
</ul>
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<li style="font-weight: 400;" aria-level="1">When buying office equipment, we will always choose the most energy efficient option.</li>
</ul>
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<li style="font-weight: 400;" aria-level="1">We will avoid flying for any short duration trips.</li>
</ul>

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<h2>How to communicate your goals in your annual reporting</h2>
Reducing business emissions is the most important step on your journey to net-zero, and once you’ve set achievable goals based on your emissions hotspots, you can start creating your yearly report. With Ecologi Zero, you can create your yearly report that will automatically show the emissions reduction goals you’ve set so you can start sharing your progress transparently (even if you’re not perfect).

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<h2>Ready to start setting emission reduction goals? </h2>
If this article has inspired your business to start its climate journey and set emissions reduction goals, then why not get started today? 
Fewer than 250 employees? <a href="https://x.ecologi.com/business/zero" target="_blank" rel="noopener">Sign up to Ecologi Zero.</a>
250 or more employees? Schedule a call with our team to discuss a bespoke solution using the form below.

Speak to our team. We're here to help find your perfect climate solution.

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Meet our Impact Team

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:
<ol>
<li style="font-weight: 400;" aria-level="1">Planet first</li>
<li style="font-weight: 400;" aria-level="1">Always accountable</li>
<li style="font-weight: 400;" aria-level="1">Change-makers</li>
<li style="font-weight: 400;" aria-level="1">Act, together.</li>
</ol>
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.

<h2>Meeting the Impact Team </h2>
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:
<ul>
<li>Ensuring adherence to best practice through our research bases, rigorous due diligence processes, and expert understanding of key sustainability frameworks.</li>
<li>Building and managing relationships with some of the world’s leading implementation partners to facilitate the delivery of high-impact climate solutions.</li>
<li>Delivery of emissions measurement and reporting projects, assisting customers with data collection, emissions calculations, and helping them identify effective decarbonisation strategies.</li>
<li>Engaging with academia, including the stewardship of the Ecologi Climate Committee — our advisory network of academic and industry experts on topics relevant to our work.</li>
<li>Providing climate and sustainability expertise 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.</li>
<li>Driving our industry forward through participating in industry advisory groups, policy advocacy groups, consortia and alliances with Ecologi’s peers and partners in corporate sustainability, </li>
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</ul>
In this article, we’ll meet the team making it all possible!

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<h2>Sam Jackson, Director of Climate Science &amp; Impact</h2>
MSc, MA, PIEMA REnvP, FRSA
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.
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.

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<h2>Eleanor Turner, Climate Solutions Manager</h2>
MSc, BSc, PIEMA 
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.
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.

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<h2>George Gibson, Senior Carbon Accounting Manager</h2>
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.
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.

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<h2>Katie Pownall, Impact Partnerships Manager</h2>
MBiol, MRSB, ACIEEM
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.
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.

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<h2>Lucy Gemmell, Carbon Portfolio Manager</h2>
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. 
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.

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.

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<h2>Monsoon Modi, Commercial Operations Executive</h2>
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. 
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. 
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.

<h2>Climate Committee </h2>
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.
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.

Schedule a call

Case studies

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Case study: the Focusrite Group

<h2>About the Focusrite Group </h2>
<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.
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. 
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.

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<h2>Issue</h2>
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.
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. 
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.

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<h2>Challenges</h2>
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. 
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.
Focusrite is striving to become a sustainability leader in its industry, setting the standard for peers to emulate. 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.

<h2>Solution </h2>
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. 
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.
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. 
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.

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<h2>Outcome</h2>
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.

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<h2>Is your business ready to take climate action?</h2>
If this article has inspired your business to start its climate journey, talk to our team today.

Schedule a call with our team

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What happened at COP29

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. 
What is COP29? Click <a href="https://x.ecologi.com/articles/uncategorised/what-to-expect-at-cop29" target="_blank" rel="noopener">here</a> for a comprehensive guide to all things COP29. 
What happened at COP28? Click <a href="https://x.ecologi.com/articles/blog/whats-happening-at-cop28" target="_blank" rel="noopener">here</a> to read a full report of the event in 2023.

<h2>Overall sentiment &#8211; COP29 wrap-up</h2>
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.
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.
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 <a href="https://www.gov.br/planalto/pt-br/media/18-11-2024-declaracao-de-lideres-g20.pdf" target="_blank" rel="noopener">a multilateral G20 declaration</a> which seemed to both celebrate and chastise the country negotiators back in Baku. 
Geopolitics making things difficult – 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.
Poor management by the Presidency – 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 Fossil of the Day 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.
Somehow, fossil fuels are still the elephant in the room – we heard from UNEP before COP29 started that <a href="https://www.unep.org/resources/emissions-gap-report-2024" target="_blank" rel="noopener">global emissions are still rising</a>, 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. 
Article 6 and UK government provide a few reasons to be positive for businesses 
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. 
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.

COP29 - Daily updates 

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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.
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.

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<h2>The key talking points and priorities in the run up to COP29</h2>
This year, priorities are focused on climate finance, with COP29 being coined the Finance COP, this is reiterated by the programme of scheduling with Finance, Investment and Trade taking priority spot on the first day of discussions.
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.
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.
The following key priorities are expected to lead discussions at COP29;
<h3>New Collective Quantified Goal (NCQG)</h3>
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 ‘the NCQG must be ambitious yet realistic, balancing the financial capacities of developed countries with the urgent needs of developing nations’.
<h3>Growing the loss and damage fund</h3>
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.
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.
<h3>Nationally Determined Contributions (NDCs)</h3>
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.
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.
<h3>Article 6 of the Paris Agreement</h3>
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.

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<h2>Who is attending COP29</h2>
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.
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.

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<h2>What to expect during COP29</h2>
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.
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.

<h2>Partner with us for COP29 and beyond</h2>
Over the next 12 months we want to support as many businesses as possible to tackle climate change.
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.

DIFFERENCES	EMISSIONS REDUCTION GOALS	SCIENCE-BASED TARGETS (SBTs)
Aiming at?	Inputs	Outcomes
SBTi Corporate Net-zero Standard alignment?	Not required, but complementary to the Standard	Required as part of the Standard
SMART alignment?	Do not have to be SMART (Specific, Measurable, Achievable, Realistic, Timely)	Are SMART (Specific, Measurable, Achievable, Realistic, Timely)
Qualitative or quantitative?	Can be either, but tend to be more qualitative	Quantitative
Scope coverage?	Don’t have be specific about covering scopes 1, 2 and 3	Must cover Scopes 1, 2 and 3
Verification?	Not necessarily explicitly tied to scientific benchmarks, global climate targets or verification.	Science-based targets undergo independent assessment to ensure they are consistent with the latest climate science.
Timelines?	Timelines tend to be shorter-term (under 5 years) because the objectives are smaller and easier to achieve.	Because of the 90% reduction in emissions across all 3 scopes, target setting usually involves setting near-term and long-term targets leading up to 2030, 2040 or 2050.
Ecologi platform?	Through the Ecologi Zero Platform.	Through Ecologi consultancy services.

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