Last week over 900 professionals convened in New York City at GreenFin 2024 to discuss the latest ESG trends in finance and investing, as well as product and service innovations required to accelerate climate strategies and realize a net zero economy. 

Here are three key takeaways from the conference: 

We need to shift our collective focus to strategy development and implementation. 

ESG reporting methodology and strategy best practices are evolving at a rapid pace. ESG data disclosure continues to serve as a fundamental building block as it helps build trust through transparency and accountability. That said, greater investment in designing emissions reduction systems is still needed. Looking ahead, we anticipate reports becoming increasingly standardized and consolidated, with a greater emphasis on metrics, targets, and accountability. 

Climate and nature cannot be separated in a net zero transition. 

Climate continues to be material across industries, especially in the banking industry. We can no longer deny the direct link between nature and climate, as evidenced by the number of companies who are increasingly disclosing to TCFD and TNFD. 

The 30x30 Biodiversity Goal presented at COP28 also reflects an accelerated focus on biodiversity and ecosystem services. Researchers have debunked the myth that we don’t have enough nature-related data to drive action. In fact, we have substantial data, and data quality is only getting better with technological innovation and increased focus on supply chain and Scope 3. 

2024: The year of the transition plan. 

More companies than ever before are making climate commitments, but a commitment itself won’t help us avoid catastrophic climate change effects. Less than half (45%) of the leading listed companies in the US have a net-zero target, according to the S&P Global Sustainable Net-Zero Commitments Tracker dataset. Companies should not only make long-term commitments to science-based targets that reduce emissions in line with limiting global temperature rise to 1.5°C, they also need to. They should implement achievable near-term climate action plans for which they are also held accountable. 

The US is extremely well-resourced when it comes to human, financial, and technological capital needed to realize net-zero goals. Multiple sessions discussed how US companies should leverage these resources to drive profits by capitalizing on the co-benefits of a net-zero business strategy (including improved operational efficiency and meeting rising consumer demand for climate solutions) while simultaneously enabling the nation to reach its climate goals.

(Shameless plug: If you’re looking to make progress with your climate data, including Scopes 1, 2, and 3, thinkPARALLAX now offers carbon accounting and a full range of climate impact services. Connect with our Head of Sustainability Strategy and schedule a free demo.)

Were you at GreenFin? Connect with Laura about what stood out from the sessions, and share ideas on how we can collaborate to accelerate necessary action.