The imperative of corporate sustainability in the face of COP28

These sobering words are a reminder that we are falling behind in our commitment to the Paris Agreement. COP28 is just around the corner, and the urgency to address climate change has never been more apparent.

The introduction of the EU Corporate Sustainability Reporting Directive will hopefully provide a framework that makes meeting The Paris Agreement commitments achievable. This directive will steer businesses back on the path to Net Zero, focusing on the transparency of businesses’ scope 1, 2 and 3 emissions declarations, and allowing for groundbreaking benchmarking. A similar directive is being implemented in The United States in 2024, The Security and Exchange Commission (SEC), and the United Kingdom is set to introduce the UK Sustainability Disclosure Standards (SDS) also in 2024. It is anticipated that other regions will be soon to follow suit.

Ahead of COP28, We sat down with Pippa Ganderton, Product Director ATPI Halo, to gain further insight into the ever-increasing importance of corporations’ sustainability plans:

With COP28 being hosted at the end of the month, sustainability is becoming a core focus at events such as the IADC, which you will shortly be talking at. Is this a positive step forward or is there more work to be done in the event industry?

This is certainly a positive step towards greener events, and raising awareness that every event leaves a carbon footprint. At the same time, there is still a long way to go to enable events to be truly sustainable, and for a broad range of event organisers, and those that supply the events industry, to get on board and embrace the changes required.

COP28 and other major climate events have put significant focus on Scope 3 emissions. Why are Scope 3 emissions becoming increasingly more relevant?

For many companies the initial focus has been on addressing their Scope 1 & 2 emissions, directly linked to their operations. Yet, Scope 3, indirect emissions linked to the value chain, have been left to the side as “hard to get a grip on”. They can be significant, and for some businesses greater than Scope 1 & 2 emissions. 

The new EU Corporate Sustainability Reporting Directive (CSRD) will be a game-changer in this respect. It is not to be underestimated in terms of its reach, as it applies to companies operating in Europe that meet certain criteria around employee numbers and/or turnover, even if they are not EU HQ’d. 

Between 2024 and 2029 more and more companies will fall into the scope of expanding criteria that require them to submit transparent sustainability reports at the same time they submit annual financial reports about their business. Similar directives apply in the UK and will be introduced in the US by the end of 2024. So, we are talking very much about global impact. As with all such impactful regulation, being ahead of the game is an advantage.

What initiatives have ATPI put in place to help our clients reduce and offset their Scope 3 emissions?

ATPI launched ATPI Halo, its client-facing proposition for more sustainable travel and events in October 2021. The solution focuses on three core focus areas: MEASURE (the corporate travel & events CO2e footprint). Analyse data for ways to REDUCE the footprint, through behavioural changes, choice of suppliers and travel policy, and finally options to OFFSET the unavoidable travel GHG footprint. 

ATPI pre-invested in a portfolio of high-quality carbon offset and nature-based carbon removal projects to enable clients access to affordable carbon credits that perform to strict due diligence criteria and withstand the scrutiny of auditors. We have clients who are embracing this end-to-end solution for their travel and events CO2, as well as some who have existing company-wide programmes in place for addressing their emissions but wish to focus on the MEASURE and REDUCE aspects to complement their corporate strategy.

ATPI believes that visibility is key throughout the travel booking cycle, and not just in post-trip reporting. So, we have ensured we can make CO2e visible on offers, itineraries and invoices, in line with client requirements. This has the advantage of making bookers and travellers aware of the impact of their choices.

In this era of climate responsibility, there’s no time to waste and ATPI is here to support you in this crucial journey. With ATPI Halo, Analytics 2.0, and a range of solutions, we are ready to help you measure, reduce and offset your travel-related Scope 3 emissions.

For more information on how we can partner with you to make a meaningful impact on your sustainability journey, please visit our ATPI Halo webpage and don’t hesitate to contact Pippa.