The Week in Sustainability

This final episode of The Week in Sustainability reflects on two impactful years of insights, from groundbreaking regulations like the EU's CSRD and ISSB standards to climate science milestones and natural disasters reshaping the corporate sustainability landscape. We explore key moments, including advancements in climate disclosure, state-level policies, and global energy transitions, while emphasizing the importance of transparency and accountability in addressing our shared climate reality.  Looking ahead, sustainability efforts will likely expand through regulatory frameworks, technological innovations, and collective adaptation to climate impacts. Although this marks the end of the podcast, listeners can continue engaging with sustainability discussions on:  – ESG Talk  – Off the Books

The Week in Sustainability November 18–22, 2024 This week: We dive into the highlights, controversies, and challenges of COP29 in Azerbaijan. While ambitious climate commitments were announced, such as the UN's 81% emissions reduction target by 2035 and Indonesia's plans for net zero by 2060, skepticism remains about how these goals will be achieved. The conference also saw significant milestones, including the establishment of global carbon market standards under Article 6 of the Paris Agreement, which could dramatically reduce the cost of implementing NDCs. However, criticism marred the summit, with allegations of fossil fuel deals overshadowing its mission. As global negotiations continue, the podcast underscores the necessity of these forums despite their imperfections, emphasizing their pivotal role in advancing climate action.

The Week in Sustainability November 11–15, 2024 This week: After the 2024 U.S. election, several states took significant climate action despite federal uncertainties. Washington voters upheld the Climate Commitment Act, ensuring funding for carbon reduction projects, while California approved a $10 billion resilience fund targeting wildfire prevention, water conservation, and clean energy. Hawaii launched a Climate Resiliency Fund, and Louisiana allocated renewable energy revenue for coastal restoration. In South Dakota, voters repealed a law favoring pipeline development, prioritizing landowner rights. Meanwhile, Texas reinforced fossil fuel policies, leaving climate action to local efforts. These state-level initiatives reflect growing public support for policies that enhance safety and resilience.

This week: Covers two major climate-related developments in California. The University of California, San Diego has introduced a mandatory climate-focused course for all students, signaling the growing importance of climate education across all fields of study. The episode also explores California's leadership in climate policy, particularly as it faces political challenges, including potential rollbacks of environmental regulations and court battles over stricter emissions standards. Both stories emphasize California's ongoing efforts to integrate climate resilience into education and policy.

This week: Dives into two major reports spotlighting the urgency of climate action as COP29 approaches. Despite national pledges, current trajectories fall significantly short of the 43% emissions reduction scientists say is needed by 2030—an alarming gap with drastic implications. Additionally, COP29, known as the “finance COP,” will see countries renegotiate climate finance goals, aiming to replace the original $100 billion annual target with a more ambitious funding framework. With new commitments on the table, major emitters and financial contributors face increasing pressure to bring stronger, actionable pledges to the summit.

This week: Covers the potential impacts of the 2024 U.S. presidential election on climate policy, with anticipated rollbacks under a second Trump administration, including possible withdrawal from the Paris Agreement and increased fossil fuel production. However, strong state-level policies, investor demands, and market dynamics are likely to sustain sustainability progress. In addition, we recap Workiva's recent Amplify Conference in EMEA, where industry leaders discussed the complexity of financial and ESG reporting under regulations like the EU's CSRD. Keynotes emphasized the importance of cross-functional collaboration, digital transformation, and assured integrated reporting to meet stakeholder expectations in an evolving regulatory landscape.

The Week in Sustainability October 14–18, 2024 This week: We focused on the Climate Commitment Act in Washington State and the push to repeal it during this upcoming election. Launched in 2023 this legislation targets major business emitters, aiming to significantly reduce emissions and align with IPCC and SBTI targets. It has already generated $2 billion for various mitigation projects, including retrofitting buildings and electrifying transportation. Despite its successes, critics, notably the political action committee Let's Go Washington, attribute rising gas prices to the Act, though evidence contradicts this claim. Repealing the Act would not only undermine climate action but also prioritize business interests over community needs, potentially increasing the long-term costs of climate change.

The Week in Sustainability October 7–11, 2024 This week: This episode explores the increasing frequency and intensity of hurricanes, focusing on recent storms Helene and Milton– examining how climate change is fueling stronger storms through warmer ocean temperatures and rising sea levels, leading to widespread damage and displacement. There is an urgent need for improved disaster preparedness, stronger climate policies, and a balanced approach to both climate adaptation and mitigation to protect vulnerable regions and reduce future risks.

The Week in Sustainability September 30 – October 4, 2024 This week: Our team covers three important climate updates. We begin with the introduction of the Task Force on Inequality and Socially Related Financial Disclosures (TISFD), aimed at helping companies disclose socially related financial risks. Next, we examine California's Senate Bill 219, which consolidates climate legislation and revises scope 3 emissions reporting timelines. Lastly, we recap New York City's Climate Week, where discussions focused on accelerating the green economy, the evolving role of voluntary carbon markets, and the increasing alignment between sustainability and profitability. #theweekinsustainability #sustainability #carbon #climateweek #climateregulations #climateframworks #GHP #globalwarming CA219 #TISFD

In this week's episode of The Week in Sustainability, we explore groundbreaking research that reconstructs Earth's surface temperatures over the past 500 million years. The study reveals that the Phanerozoic eon, dating back to the Cambrian explosion, was much hotter than previously thought, providing a striking contrast to the current climate crisis. Asofsky highlights two key insights: the unprecedented speed of today's warming and the direct link between atmospheric carbon and temperature shifts. With clear evidence tying fossil fuel combustion to modern climate change, she emphasizes the critical role of businesses in mitigating the impact.

The Week in Sustainability x ESG Talk September 16–20, 2024 This week: In the fourth and final episode of the ESG Talk Climate Week series, Nancy Mahon, chief sustainability officer of the Estée Lauder Companies, joins host Alyssa Zucker to discuss the company's approach to Scope 3 measurement and reporting. They cover the impact of consumer sustainability preferences and the unique challenges of leading sustainability efforts across a diverse portfolio of brands.

In the third installment of ESG Talk's Climate Week series, Frank Koch, CEO of Swiss Steel Group, and Alberto Carrillo Pineda, CTO of the Science Based Targets initiative (SBTi), join Mandi McReynolds to discuss long-term decarbonization strategies, the steel industry's commitment to sustainable production, and the importance of full emissions transparency.

In the second episode of the ESG Talk Climate Week series, Amelia DeLuca, Delta Air Lines' chief sustainability officer, speaks with Andie Wood about Delta Air Lines' strategies for reducing its direct carbon emissions and efforts to increase sustainable aviation fuel production within the airline industry.

In this special Climate Week episode, ESG Talk and The Week in Sustainability team up to demystify greenhouse gas emissions. Join us as hosts Steve Soter, Andie Wood, and Alyssa Zucker kick off a four-part series focused on practical solutions for carbon accounting, management, and achieving net-zero goals.

This week: – Recent extreme weather events in North America underscore the growing need for cities to adopt robust climate resilience strategies, including infrastructure upgrades and comprehensive climate risk assessments. –Attribution science is increasingly vital in understanding how climate change amplifies the severity of weather events, guiding policymakers to implement more effective mitigation and adaptation measures.

This week: – Shift in power dynamics: The Supreme Court's decision to overturn the Chevron Doctrine significantly alters the balance of power between federal agencies and the judiciary, granting courts more authority to interpret laws and potentially limiting the ability of agencies like the EPA and SEC to enact and enforce climate-related regulations without explicit congressional authorization. – Impact on climate policy: This ruling presents challenges for federal agencies, as it may lead to regulatory rollbacks and increased legal battles over climate policies. The decision could slow progress on environmental regulations and require Congress to pass more explicit legislation to empower agencies to address complex issues like climate change.

– Biden's climate legacy: President Biden's administration has invested $4.3 billion in EPA grants to combat climate change, reduce pollution, and promote environmental justice, alongside significant climate legislation like the Inflation Reduction Act. However, his policies, including the approval of the Willow oil drilling project, reflect a complex balance between advancing clean energy and making concessions to fossil fuel interests. – Harris's potential impact: Vice President Kamala Harris, with a strong history in climate action and environmental justice, is poised to build on Biden's climate legacy if she becomes the Democratic nominee. Her challenge will be distinguishing herself from Biden, particularly on controversial issues like the Willow project, while accelerating the transition to clean energy.

Significant impact: Scope 3 emissions in supply chains are 26 times higher than direct operational emissions, highlighting the need for companies to address upstream emissions alongside Scopes 1 and 2. – Challenges and gaps: Only 15% of companies have set targets for upstream Scope 3 emissions due to complexities in data collection, lack of supply chain transparency, and prioritization of direct emissions. – Key actions for improvement: The report suggests three critical factors for addressing Scope 3 emissions: having a climate-responsible board, engaging suppliers for transparency and emission reductions, and adopting internal carbon pricing to incentivize low-carbon practices.

This week: –Kern County wildfires: Recent wildfires in Kern County caused major evacuations and extensive damage, highlighting the urgent need for climate action as extreme heat and dry conditions fuel more frequent and severe fires. –Climate regulation landscape: The SEC's new climate-risk disclosure rule aims to standardize ESG reporting despite legal challenges. Companies must proactively address regulations and prepare for complex reporting, including Scope 3 emissions.

– Federal rule to protect workers from extreme heat: President Biden announced a rule to protect 36 million outdoor and partially indoor workers. The rule requires employers to implement Heat Injury and Illness Prevention Plans with measures like water provision, rest breaks, and shaded areas. Implementation faces delays and legal challenges, especially in Texas and Florida. –Impact of Hurricane Beryl: Hurricane Beryl, which hit Texas as a Category 1 storm after devastating Jamaica and Mexico, set records for rapid intensification and highlighted climate risks– underscoring the need for businesses to invest in resilience and prepare for disruptions from extreme weather events.

This week, our team breaks down the Supreme Court's decision that redefined how federal agencies interpret environmental laws, emphasizing Chevron's deference.  This legal principle, which requires courts to defer to agency interpretations of ambiguous statutes, has sparked debates over regulatory stability and clarity, particularly in light of challenges like Ohio v EPA. The decision underscores ongoing tensions between judicial oversight and agency expertise in shaping future environmental regulations.

–We're thrilled to announce that Sustain.Life has been acquired by Workiva, the leading cloud platform for assured integrated reporting! –The acquisition paves the way for the launch of Workiva Carbon, a groundbreaking platform designed to streamline the measurement, management, and reporting of carbon emissions. Sustain.Life, which is now part of Workiva Carbon, is poised to revolutionize how companies approach sustainability reporting and carbon management. https://www.workiva.com/solutions/carbon-management

Green hydrogen in Europe: TotalEnergies and Air Products have formed a 15-year partnership to supply green hydrogen to TotalEnergies' European refineries, aiming to reduce CO2 emissions by approximately 5 million tonnes annually by 2030, highlighting a significant step in Europe's clean energy transition. Rise of solar power in the U.S.: Solar energy is rapidly expanding, with installations increasing fivefold since 2016. The U.S. aims to boost solar capacity to meet 100% clean electricity by 2035, despite challenges like improving storage technology, streamlining permitting processes, and overcoming fossil fuel industry opposition.

We have a special episode for you this week. With the release of the 2024 CDP questionnaire, we thought it would be helpful to share an abbreviated version of a recent webinar to help you prepare for your 2024 submission. The 2024 CDP questionnaire has arrived, and reporting season is underway. This year's updates include integrating climate, water, and forest disclosures into a single document, simplifying data submission, and enhancing report quality. It features dedicated sections for SMEs and aligns with global standards like TNFD and CSRD, ensuring compliance and investor confidence. New topics cover biodiversity and plastics, and the Activity Classification System tailors questions to specific business models. For a successful submission, organizations should start early, collect high-quality data, engage internally, and align responses with sustainability goals.

The 2024 CDP questionnaire is here, and reporting season is underway. Key updates include integrating climate, water, and forest disclosures into a single document, simplifying data submission, and enhancing report quality. It emphasizes SMEs with dedicated sections and aligns with global standards like TNFD and CSRD, ensuring compliance and investor confidence. New topics include biodiversity and plastics, and the Activity Classification System tailors questions to specific business models. For successful submission, organizations should prepare early, collect high-quality data, engage internally, and align responses with sustainability goals.

Last year, the global average person experienced 26 more days of abnormally high heat due to climate change, significantly impacting vulnerable populations and prompting cities to adopt heat action plans despite the unreliable relief from natural climate patterns like La Niña. Additionally, increased flight turbulence incidents, rising 15% this year, are linked to climate change-altering jet streams. These challenges highlight the need for advanced prediction models, updated air travel safety policies, and better preparedness for evolving aviation risks.

California's recent budget approval to fund the implementation of SB climate package bills signifies a monumental stride in climate accountability. With $22 million allocated, California must enforce legislation like SB 253 and SB 261, solidifying its position as a leader in environmental regulation. Spearheaded by organizations like Ceres, this funding ensures transparent climate disclosures, empowering companies and investors to navigate climate risks and opportunities with clarity and confidence.

This week: We sat down with AArete, who supports higher education institutions in leveraging data to enhance sustainability and profitability. Universities face unique challenges due to their non-profit status, focusing on long-term impact rather than short-term financial returns.  Effective procurement strategies involve choosing suppliers committed to achieving net-zero emissions and implementing automated data collection, which is essential for simplifying reporting and implementing actionable climate strategies.  

This week: – The interoperability guidance released by ESRS and ISSB standards, aiming to streamline reporting efforts across different sustainability reporting frameworks. – The release of the new CDP's 2024 reporting questionnaire, highlighting its alignment with various reporting standards and frameworks such as TCFD, TNFD, SEC's climate disclosure rule, and EU's ESRS, along with the support provided by Sustained Life as an accredited solution provider.

The U.S. and E.U. are taking decisive regulatory steps towards decarbonization, emphasizing cleaner energy and tighter pollution controls. In the U.S., the EPA's new power plant regulations prioritize environmental safeguards, while the E.U.'s Net Zero Industry Act promotes decarbonization technologies and competitiveness. Despite challenges, both regions showcase determination and innovation in driving global climate action.

A recent study predicts a $38 trillion annual loss by 2049 due to climate change, disproportionately affecting poorer nations and regions like the southeastern United States and southern Europe. Meanwhile, legal scholars are proposing to hold oil companies accountable for climate-related deaths, akin to past cases against tobacco companies. These discussions highlight the urgent need for collective action to address economic forecasts and legal accountability in combating climate change.

Today is Earth Day, and with this special episode, we sat down with Ali Cammisa, senior director of sustainability at CRG Restaurant Group. CRG's commitment to integrating sustainable practices, like composting programs, reflects a broader movement within the restaurant industry. Through storytelling and accessible communication, CRG aims to engage both customers and executives in their journey towards environmental stewardship, exemplifying the evolving significance of Earth Day beyond an annual event.

The Week in Sustainability April 8–12, 2024 This week: Our team dived into three crucial sustainability topics: –The influence of financed emissions on businesses –The importance of external assurance in emissions reporting –The grid challenges brought on by a recent solar eclipse This eclipse resulted in a significant drop in solar energy generation, forcing grid operators to increase their reliance on fossil fuels to maintain energy balance.

In this episode of The Week in Sustainability, we chat with Gehry Oatey, manager of ESG data and analytics at leading plumbing manufacturer Oatey. We cover the often-daunting challenges surrounding scope 3 emissions—indirect emissions that occur across a company's entire value chain, including its suppliers and customers. The Oatey's experience serves as a valuable roadmap, not just for the plumbing industry, but for any organization looking to navigate scope 3 complexities and create a more sustainable supply chain.

As we continue to unpack the U.S. Securities and Exchange Commission's (SEC) final Climate Disclosure rule, we look to bring you interesting expert perspectives. This week, we're joined by special guest Mallory Thomas, a risk advisory partner at Baker Tilly, a leading advisory CPA firm, who brings additional perspective for companies looking to get an overview of what it will take to comply with the SEC rules.

–We discuss the release of the IEA 2023 report, highlighting the modest success in curbing CO2 emissions through clean energy growth despite challenges posed by weather patterns and the pandemic. The report emphasizes record emissions decline in advanced economies driven by clean energy technologies. Still, it warns of the persistent rise in global emissions, mainly from coal combustion in emerging economies. The report stresses the need for global proactive policy interventions and technological advancements to address the interconnected emissions issue and urges collective action to achieve sustainable goals.

As predicted, the U.S. Securities and Exchange Commission approved the long-awaited climate disclosure rule this week. The impact? Now, thousands of public companies will be required to disclose material scope 1 and 2 emissions. The disclosure law marks a significant milestone in corporate climate reporting, driving the imperative for strategic alignment and comprehensive risk management. In this episode of The Week in Sustainability, we welcome Christopher McClure a partner and ESG services leader for Crowe LLP, a leading public accounting, consulting, and technology firm.

– Our team sat down with MERZ Aesthetics to discuss learnings from Global ESG Project Manager Molly Bonas, who spearheaded the company's Environmental, Social, and Governance (ESG) baseline inventory. During this discussion, she unveils challenges and insights crucial for a successful sustainability strategy, including stakeholder engagement, data collection, system integration, and collaborating with the right technology solution provider.

–After attending The Verdantix Climate Summit, our team reflects on dynamic conversations surrounding climate disclosure, pathways to net-zero, decarbonization challenges, emission boundary definitions, corporate incentives, and the strategic leverage of regulations for fostering sustainable business transformation.

This week: – CDP's 2023 reporting cycle showcases global leaders in environmental transparency, with only 2% of respondents achieving the coveted 'A-list' status, underscoring the growing importance of comprehensive sustainability disclosure. – China's new sustainability guidelines mandate reporting across governance, strategy, and emissions for listed companies, signaling a significant step towards integrating environmental considerations into corporate decision-making and fostering economic resilience.

In the ongoing push for environmental accountability and transparency, state-level legislative efforts for climate disclosure are gaining traction across the United States. California, known for its leadership in environmental legislation, stands at the forefront with recent comprehensive corporate climate disclosure laws signed into effect by Governor Gavin Newsom. These laws primarily target large corporations operating in California and those making net zero and carbon-neutral claims. One of the key laws, SB 253, the Climate Corporate Data Accountability Act, mandates emissions disclosure, including greenhouse gases across Scopes 1, 2, and 3. Companies doing business in California with annual revenues exceeding one billion dollars fall under its purview. The phased timeline for reporting begins in 2026, with third-party assurance requirements starting in 2030. Notably, penalties for Scope 3 misstatements are deferred until 2030 due to the inherent challenges in measuring these emissions accurately. Another significant law, SB 261, the Climate-Related Financial Risk Act, requires companies with annual revenues exceeding 500 million to prepare annual climate-related financial risk disclosures aligned with the Task Force on Climate-Related Financial Disclosure (TCFD). Penalties for violations under this law can reach up to $50,000. AB 1305, the Voluntary Carbon Market Disclosures Act, focuses on companies making net zero or carbon neutrality claims and those involved in voluntary carbon markets. It mandates public disclosure of carbon offset projects, including verification measures and calculation methods, aiming to bring accountability and transparency to these markets. Non-compliance with this law can result in civil penalties of up to $500,000. While California leads the way, similar legislative efforts are emerging in other states like Washington and New York, with proposed corporate climate accountability acts mirroring California's laws. These laws often prescribe compliance with the Greenhouse Gas Protocols Corporate Accounting and Reporting Standard and the Scope 3 Corporate Value Chain Standard. As these standards undergo review and modernization, selecting a carbon management partner aligned with these standards becomes essential for mandated disclosure compliance. Despite the importance of these laws in driving decarbonization and enhancing accountability, they are not without challenges. Legal opposition, such as lawsuits filed by business groups, may impede their implementation. However, many corporate actors recognize the inevitability of disclosure mandates and are proactively preparing for compliance, evidenced by the surge of corporate inventories and readiness checks for third-party assurance requirements. While challenges and legal battles may arise, the momentum toward climate disclosure mandates remains strong. These laws represent a critical step towards fostering environmental responsibility, providing valuable information to financial and capital markets, and ultimately advancing global sustainability efforts.

In recent sustainability reporting updates, all eyes are on the Corporate Sustainable Reporting Directive (CSRD) issued by the European Union. This directive, evolving from the Non-Financial Reporting Directive (NFRD), has encountered a two-year delay, prompting organizations worldwide to reassess their reporting strategies. CSRD unveiled: a significant expansion For those unacquainted with CSRD, it signifies a substantial expansion of the NFRD, incorporating more companies and imposing extensive reporting requirements. The EU aims to guide investments towards sustainable initiatives, aligning with the EU Green New Deal principles. Initially adopted in November 2022, non-EU companies and those subject to sector-specific reporting now have an extended reporting deadline, moving from 2024 to 2026 for large public and private entities. Navigating complexity: reporting challenges unveiled Reflecting on these changes, sustainability experts emphasize the intricate nature of reporting due to the absence of standardized guidelines across sectors. The complexity extends to calculations, data representation, and the challenge of delivering high-quality reporting. The delay, particularly for sector-specific standards, underscores the prevailing uncertainties both public and private entities face. Organizations outside the EU and in specific sectors receive extra time to collect essential data and set up transparent reporting systems. EU's commitment to quality implementation Experts underscore the EU's unwavering commitment to achieving high-quality implementation of CSRD, ensuring that organizations meet the directive's stringent standards. The delay, far from a setback, signifies the EU's dedication to discouraging subpar reporting and promoting transparency. Strategic action in the face of postponement During this postponement, organizations should strategically use the time– this involves planning sustainability initiatives, comprehending their impact, and building internal capacity, including training and essential systems. Procrastination is not an option; companies should focus on fostering transparency and engaging internal and external stakeholders. Turning hurdles into opportunities: strengthening sustainability initiatives While companies might perceive the delay as a hurdle, it allows them to strengthen their sustainability initiatives. Experts advocate for meaningful action, integrating sustainability goals into core business strategies, and continuously improving practices. Global reflections on sustainability reporting In a broader context, the CSRD delay prompts reflection on the ongoing discussions surrounding the SEC climate disclosure rule in the United States. Experts acknowledge the evolving nature of carbon accounting and ESG initiatives, urging organizations not to let uncertainties hinder their sustainability efforts. Adapting to a dynamic landscape Companies should take this time to reevaluate their sustainability strategies during this delay. Transparency remains paramount, and organizations are encouraged to leverage this time to strategically plan, engage stakeholders, and integrate sustainable practices into their core business strategies. Organizations must adapt and thrive in this dynamic environment as the corporate sustainability landscape continues to evolve.

In the aftermath of the prestigious World Economic Forum in Davos, Switzerland—a gathering that brings together global leaders, business executives, policymakers, and experts from various fields—numerous insights have surfaced, setting the stage for a transformative year in sustainability. Davos is renowned for providing a platform where influential figures engage in discussions and share perspectives on pressing global issues. Attended by key decision-makers, the forum serves as a melting pot of ideas, shaping the agenda for the year ahead. Here are the key takeaways steering the discourse on sustainability in 2024.

he NRF Big Show Conference 2024, a landmark event across the retail industry, concluded this week in New York City. This year, we decided to attend, and to our surprise, the conference took an unexpected yet critical turn towards sustainability, signaling a significant shift in the industry's priorities. As one of retail's most significant technology-focused events, we were pleased to see the sector locked in on emphasizing minimizing risk, enhancing resilience through ESG (Environmental, Social, and Governance) initiatives, and leveraging technology for operational efficiency. There was much to take in– we were able to take away some compelling insights from the show: ‍ESG and resilience in focus: The conference showcased a solid commitment to ESG principles, emphasizing building resilient supply chains. This shift reflects a growing awareness of the need for sustainable practices in retail.Retail leaders now prioritize sustainability, a notable change given the industry's traditional focus on profit and growth. Technological innovations in supply chain management: A key highlight was using AI and predictive modeling to minimize supply chain disruptions. This approach is not only innovative but also a critical step in ensuring smooth retail operations amidst increasing environmental uncertainties.Technology integration in supply chains paves the way for more efficient and reliable operations, crucial for the retail sector's success. Walmart's pioneering approach to sustainable supply chains: Walmart's session, led by their EVP of Supply Chain Operations and SVP of Sustainability, stood out. They discussed creating value through sustainable supply chains, linking resilience, efficiency, product availability, risk mitigation, and worker opportunities.This session highlighted the practical benefits of sustainable practices regarding environmental impact and business efficiency. Tech-driven solutions for supply chain weather-related disruptions Innovations by major players like IBM and smaller companies in AI-driven predictive modeling for weather-related supply chain disruptions were impressive.These technologies embody the idea of physical risk mitigation, which is crucial for maintaining steady and reliable supply chains in the face of increasing natural disasters and climate change impacts. TCFD and its practical implications: The conference illustrated the practical application of TCFD (Task Force on Climate-related Financial Disclosures) principles in retail. The focus was on building resilience and strategic value creation through climate risk assessment and management.TCFD's framework was implicitly present in the tools and technologies showcased, highlighting the industry's move towards comprehensive climate risk management. Sustainability as a cross-functional priority: The conference wasn't solely aimed at sustainability experts but attracted a diverse group of retail professionals. This diversity underscores the universal importance of sustainability across all retail sectors.Discussions on AI, technology, and supplier engagement in decarbonization indicate a holistic approach to sustainability, integrating it into every aspect of retail operations. The NRF Big Show Conference 2024 marked a pivotal moment for the retail industry, with a clear shift towards sustainability and technological innovation. The conference highlighted the latest trends and solutions and underscored the industry's commitment to a more sustainable future. The insights gained from this event are vital for anyone involved in retail, showcasing how sustainability and technology are becoming integral to the sector's success and resilience. The energy and engagement at the conference promise an even more impactful event next year, driving the industry toward a more sustainable and technologically advanced future.

Australia is making significant strides in climate action, with the anticipated mandate for climate disclosure by 2024 marking a new era of environmental accountability. This legislative change is a global trend towards greater transparency and responsibility in addressing climate challenges. Key to Australia's evolving environmental strategy is its commitment to reducing emissions and transitioning away from coal dependency, as highlighted in the recent COP28. This shift is particularly significant for a traditionally coal-reliant nation, signaling a major transformation in its approach to sustainable energy. Australia's proactive involvement in the Loss and Damage fund on the international stage demonstrates its commitment to global climate initiatives. Recent extreme weather events in South Australia, including bushfires and flooding, underscore the urgency of this commitment, bringing the realities of climate change into sharp focus. In the corporate arena, Australian businesses are rapidly adapting to the changing energy landscape. A noticeable trend towards renewable energy reflects a broader transformation within the corporate sector. The move from voluntary to mandatory climate reporting brings new challenges and opportunities, emphasizing the need for robust governance, accurate data management, and high-quality data assurance. The narrative around climate change in Australia is evolving from viewing it as a challenge to recognizing it as an opportunity for innovation and value creation. This positive shift drives forward-thinking strategies and solutions, underscoring Australia's role as a dynamic player in the global effort towards a more sustainable future.

Every year, we like to pause to reflect on the progress made in the sustainability and ESG space. 2023 was no exception, emerging as a landmark period of transformation and growth. This year, there have been significant strides in regulations and the interoperability of sustainability reporting. It set new benchmarks for corporate accountability and climate action, impacting businesses globally. Below are some key highlights discussed in this week's episode.  Key developments: International Sustainability Standards Board (ISSB) release: This year witnessed the highly anticipated release of the ISSB's IFRS global reporting standards. These standards marked a pivotal moment in creating a unified framework for sustainability reporting, aiming to consolidate various reporting requirements under a cohesive global standard.EU's Corporate Sustainability Reporting Directive (CSRD): The formal adoption of the EU's CSRD represented a significant regulatory milestone. It emphasized the need for companies to disclose their environmental and social impacts, enhancing transparency and accountability in corporate governance.Alignment and harmonization efforts: Despite delays in finalizing certain rules and details, the year saw efforts to align and harmonize the various ESG standards. This endeavor aimed to simplify the complex landscape of sustainability reporting, making it more accessible for stakeholders.Private market initiatives: In response to regulatory developments, giant private market corporations announced ambitious climate plans focusing on supply chain decarbonization. This proactive stance demonstrated leadership and commitment to sustainability beyond regulatory requirements.Focus on scope 3 emissions: The year cemented the consensus on the criticality of scope 3 emissions in climate accountability. There was a notable shift in efforts towards understanding and mitigating these indirect emissions, highlighting the need for comprehensive strategies in supply chain decarbonization.Notable regulatory and reporting developments: The year also saw the official release of ISSB's IFRS S1 Sustainability and S2 Climate disclosures, California's Climate Package SB-253 and SB-261, and the formal adoption of ESRS reporting standards to facilitate the EU's CSRD.  This past year, regulatory frameworks, corporate initiatives, and a heightened focus on comprehensive climate accountability converged, creating a more unified and actionable approach to sustainability. With this shift, companies must adapt and prepare for an evolving landscape in 2024 and beyond, emphasizing strategic decision-making and long-term value creation in the face of climate challenges.