Why should I attend the #CTS2022?

Hello again and welcome to the second blog entry on this year’s CLIMATE TRANSFORMATION Summit, here is Chiara, the Event Project Manager of the Summit. In case you missed the first blog post and do not want to leave anything behind, I suggest you read here before proceeding.

SO FAR SO GOOD

Three weeks have passed since we last spoke and SO MUCH has happened! Everyday we have had super interesting calls with potential speakers, exhibitors, workshop hosts and media partners and I can assure you that the #CTS2022 will be a great learning and networking experience!

You don’t have a ticket yet? Register here and enjoy the Early Bird Discount, only available for a limited amount of time! 

WHAT ARE WE GOING TO TALK ABOUT?

That’s a very good question and the answer is: Climate Data & Supply Chain Transformation. These two will respectively be the focus points of the 2 days of the Summit, happening on the 2^nd & 3^rd June 2022.

The Supply Chain is where the majority of corporate CO₂ emissions stem from, and is also the most difficult aspect to tackle, as it is (mostly) out of one’s control. However, at the #CTS2022 we want to show how Climate Data and Procurement are intrinsically related and how the only way to REALLY change things is to take responsibility beyond the borders of your company.

A HOT TOPIC YOU DON’T WANT TO MISS

The Decarbonisation of the Supply Chain is a highly debated topic and we read it more and more often on the news. The European Commission has recently adopted a proposal for a Directive on corporate sustainability due diligence, which aims to foster sustainable and responsible corporate behaviour throughout global value chains. This means that soon corporations will need to identify and if necessary, prevent, end or mitigate adverse impacts of their activities on human rights and on the environment. This is easier said than done, and it will be the main focus of the #CTS2022!

DOES ONLINE MEAN BORING?

Of course not! Even if the CLIMATE TRANSFORMATION Summit is 100% online, it is also 100% live! This means that all attendees will have the opportunity to connect and chat with the people present, to exchange contact information and interact with one another. We want to offer you a great experience and will make sure to deliver it to you!

#StayTuned to find out the technical details for the #CTS2022, coming up soon!

WHAT’S ON THE AGENDA? ONE PANEL AT A TIME

I guess you are all dying to know more about the agenda of the Summit and I’m here to tell you exactly this.

1. KEYNOTE

Each day we will start with a Keynote Speech, where Sustainability Experts and Practitioners will give impactful insights linked to the Decarbonisation of the Supply Chains. Why? It’s always good to hear from the experts their viewpoints and it’s a good way to get you started on the summit.

2. FIRST PANEL

How can companies and corporates improve their sustainability performance, if they don’t know where they’re standing? To have clear and reliable climate data it’s equally important and hard for companies, and this will be the starting point of discussion during the First Main Panel. I bet you cannot wait to hear what will come out of this Panel – neither can I!

3. WORKSHOPS

After having “passively” heard our Speakers, it’s time to get into action and participate in one of the selected Workshops! We will have around 5 Workshops happening simultaneously and attendees will register in advance to their most preferred ones (one for each day). This is the time where attendees can actively contribute and participate in what our Workshop hosts prepared for them – details on the workshops will soon be published on the ClimateSummit.de!

4. ONLINE FAIR

And then what’s next? After the workshops it’s time to visit our amazing CLIMATE Online Fair! Start-ups and Innovators, providing B2B climate solutions will welcome you at their virtual Exhibitor Booth, where they will present you their services and products. So you will have the chance to get your personal deep dive into climate transformation. You certainly don’t want to miss what is out there. You aim to become an exhibitor yourself, you can still apply to become one here.

5. FIRESIDE CHAT

Last but not least, the afternoon will be all about the interactive Fireside Chats, where three speakers at a time will exchange ideas and experiences on the chosen topic. Additionally, the moderators of the panel discussions will ask questions coming from the audience via the live chat.

The program is truly exciting and interactive, the line up of the Speakers is very promising – anything that is still missing is you! Check out the agenda here and get ready to join!

I hope this gave you an overview of what the Summit will all be about, but the only way to truly be part of the climate transformation is by attending it! We are looking forward to meeting you in June. 

Get your ticket now and join the CLIMATE Community!

Any question remained? Please feel free to write to me, I am happy to help.

Chiara

Carbon Credits – current Trends and Best Practices for Companies

Companies are increasingly being held accountable to ensure a climate-compatible future. In order to compensate for their unavoidable remaining emissions, carbon credits are a popular ingredient of climate strategies. But what effects do carbon credits actually have on the climate transformation, and how can companies use them properly and ensure their offsetting approach is credible? In the CHOICE Event #30, Adele Marie Grundmann and Julia Hunziker from South Pole explained the basics of building a successful carbon portfolio and explained current trends in the offset market. In the following, you can find the most important key takeways.

Best Practice in Corporate Climate Action

Although the global community has just recently agreed on new plans and pledges for climate protection at COP26 in Glasgow, these government pledges are currently not enough to keep us within +1.5 degrees warming. Therefore, it is key for the private sector to act, and more and more companies are taking their responsibility seriously and setting themselves climate targets. 

However, companies are committing to different climate actions, and it is important to understand exactly what each of these means. The three targets of companies are:

Climate Neutral – Reducing and compensating the company’s GHG emissions with any type of certified carbon credits resulting in no net increase of global GHG emission in the atmosphere. 

Net Zero – Reducing emissions in line with science to as close to zero as possible while ramping up carbon removal to balance out any remaining emissions. These solutions can be natural and technical (WRI, 2020). 

Climate Positive – Doing more than becoming climate neutral and net zero, meaning removing more emissions than the company is generating.

Companies can gradually achieve each of these goals as follows. 

1. First, they should measure their own Scope 1, 2 and 3 emissions and provide a detailed overview of their holistic corporate climate performance.
2. Based on this, companies can develop and implement effective measures to reduce their own carbon footprint. These reduction measures should always be the number one priority in their climate strategy. 
3. By investing in carbon avoidance projects, companies can afterwards compensate for their unavoidable remaining emissions and become climate neutral. 
4. Over time, the residual emissions that could not be reduced are neutralized with carbon removal credits. If all residual emissions are addressed, the company has reached net-zero.

Carbon Credits 101

To understand exactly how carbon credits can help achieve these goals, let’s take a look at the basics and define what a carbon credit actually is: A carbon credit is a tradeable certificate that represents the avoidance or removal of one tonne of carbon dioxide emissions resulting from a specific project activity. One carbon credit is equal to 1 tonne of CO₂ being reduced or removed from the atmosphere.

In order to acquire carbon credits, an organisation invests in a project which is aligned with its values. That project generates a carbon certificate which in turn can help the organisation to become climate neutral or reach net-zero. 

These carbon projects must meet certain criteria. One of the most important ones is additionality. This means that the project would not have been established and would not be viable without the income from the carbon credit. Simply put, there is no business case behind the project. Also important is that the projects need to be verified by several third parties.

What to consider when purchasing carbon credits?

When buying a carbon credit, there are several important factors to consider. First: What category falls the project in? There are avoidance projects and removal projects. Avoidance projects avoid or reduce GHG emission in comparison to a baseline scenario. For example you could develop a renewable power generation by a solar power project instead of the “average” power plant technology using fossil fuels. Removal projects on the other hand actually remove CO₂ from the atmosphere and durably store it. These projects can either be technical – e.g. direct air capture and storage – or natural in the form of natural sinks – e.g. planting trees.

Next to the categories, there are also different types of carbon projects. These can for example be subdivided into household projects that reduce the amount of fuel needed for household tasks, innovation in industry that promotes green growth through energy efficiency or clean water projects that reduce fuel needed to boil water for purification.

The next question you want to ask yourself: Is the project certified with an internationally recognized standard? The two most important standards are The Gold Standard and the Verified Carbon Standard (VCS). The Gold Standard is endorsed by more than 80 NGOs and has 1400+ certified projects in over 80 countries. Gold Standard certified projects need to fulfill 3 Sustainable Development Goals to assure social co-benefits. The Verified Carbon Standard (VCS) is the world’s most widely used voluntary emissions reduction standard. It was developed and is managed by Verra, a registered not-for-profit organization founded in 2005. 

Voluntary Carbon Market Trends

A lot is happening at the moment on the carbon market. Most recently, at COP26 there was a great deal of discussion and ultimately also a decision that transferring carbon credits between countries would still be possible. However, the COP agreement concerning the voluntary carbon markets for organization is purposefully vague, and it will be up to voluntary carbon standards, governments, and market participants to determine whether the voluntary use of carbon credits needs corresponding adjustments.

Beyond the regulatory changes, there is currently a strong increase in demand. Since 2020, the annual retirement of carbon credits has grown 56% with a specifically high demand in nature based avoidance projects. Accordingly, prices have also risen significantly, and this trend will continue in the near future. According to the results of a survey conducted by the Taskforce on Scaling Voluntary Carbon Markets, the volume and price of carbon offsets transacted is expected to soar in the coming decades, to 3.6 GtCO₂ and US$ 54/tCO₂e by 2050. Other market sizing models suggest the voluntary carbon market could even grow to 7 GtCO₂e per annum. 

What to remember

In summary: In order to reach the targets set under the Paris Agreement (Net Zero), it is vital for organisations to invest in climate action projects. The voluntary carbon market is transparent and helps organisations to really measure their impact today and show their efforts. Nevertheless, in a successful climate transformation, carbon credits must only be treated as a complementary measure. The first priority should be to analyse and understand one’s own climate performance, then to set science-based targets and implement appropriate reduction measures, and finally to achieve climate neutrality with the help of carbon projects. Only with this approach and a holistic climate strategy is your company credible and able to actually reach the net-zero target. 

Your CHOICE EVENT
Would you also like to present your innovation or best practice in climate transformation? Then get in touch with us! Or join the next free CHOICE event and become part of the #TeamClimate community.

Your company wants to drive forwards climate transformation? Get information about the free CLIMATE Readiness Check and take the first steps towards a low-carbon economy!