With the clock ticking on this critical decade for our planet, the 29th Conference of the Parties (COP29) turned Baku, Azerbaijan, into the epicenter of global climate action from November 11–22 2024. The yearly climate summit brings together global leaders, policymakers, and stakeholders to accelerate climate action and innovation.

We were thrilled to contribute to the conversation by hosting two engaging sessions in collaboration with our Global Compact colleagues from Spain and Portugal. On Friday the 15th of November we kicked off with a dynamic panel discussion on challenges and opportunities for climate reporting, followed by a session on a multi-stakeholder approach to Just Transition on Saturday the 16th of November. These discussions delved into actionable strategies for ensuring a Just Transition to sustainable practices and explored how transparent reporting can drive accountability and progress.

Challenges and opportunities for climate reporting

International reporting standards on the environment, and specifically on climate change, are becoming increasingly demanding. In turn, the work of international organizations such as SBTi, CDP, GRI and EFRAG, provide guidance and standards tailored to different types of companies to encourage them to move towards decarbonisation and emission reductions.

During our panel session ‘Challenges and Opportunities for Climate Reporting’ we explored the implications of these international standards for companies from various sectors. Together with panelists Saila Vicente (Sustainability Manager at Bentley Systems), Nuria Rodriguez Peinado (Director Environment at Naturgy Group) and Vincent Cheng (Climate & Sustainability Leader East Asia at Arup Group) we discussed how businesses can adapt their reporting practices to meet these rigorous requirements, their importance in achieving transparency and most importantly: the opportunities for companies.

The key takeaways of the session is that the three pillars for successful climate reporting consist of regulations, remuneration and transparency. These elements drive the importance of data-driven decisions across various sectors. Saila highlighted that a robust data infrastructure, free from vendor lock-ins and outdated silos, is critical. By promoting data sharing and transparency, we can develop systems that not only measure climate impacts but also guide design for circularity, using tools like digital twins and Internet of Things (IoT) to improve understanding and design quality. Climate reporting, structured around clear data standards, can also help businesses save money and create a positive long-term impact.

Nuria stressed the importance of incorporating climate change into the business strategy, emphasizing the need for clear metrics across all areas, from CO2 emissions to the impact on nature and communities. She advocated for a 360-degree view on risk, especially around asset management and transitions to sustainable energy sources. With a focus on double materiality assessments, the board should own this responsibility, as it guides business decisions while also providing a framework for climate-related risks and opportunities that affect the bottom line.

Vincent shared insights from a global perspective, emphasizing the challenges and importance of addressing Scope 3 emissions, particularly in the supply chain and construction sectors. Cheng suggested focusing on both the carbon footprint and handprint, which measures the emissions reductions a company helps achieve through its products and services. He also offered four pieces of advice for improving climate reporting:

• Unify stakeholders
• Create a common language
• Benchmark sector-specific metrics
• Introduce regulations

A multi-stakeholder approach to Just Transition

Achieving a truly Just Transition demands transparency, robust governance, and accountability—qualities that are currently insufficient across global systems. During our session on a Just Transition, panelists Kaj Hoogeboom, Virginia Yanquilevich and Marco Giuvili highlighted the urgent need to move beyond commitments and take actionable steps toward equality and sustainability. The discussion underscored that this transition is a shared responsibility, requiring collaboration among governments, companies, and individuals.

Kaj Hoogeboom of the Youth Climate Movement stressed that weak governance and deceptive sustainability claims might be our biggest challenge when it comes to a Just Transition. Transparency must be the cornerstone of climate action, with stronger regulations ensuring that all stakeholders, particularly underrepresented groups, have a voice in decision-making. Emphasizing intergenerational justice, Kaj advocated for policies which evaluate decisions based on their impact on future generations.

Dopper’s CEO Virginia Yanquilevich, called for systemic change to make tap water the global standard, eliminating the environmental and social harms of packaged water. By reducing single-use plastics and ensuring access to clean water, we can address pressing public health and environmental issues. 

Marco Giuvili, head of ESG at Edison, highlighted the role of energy companies in fostering inclusive energy communities, helping customers decarbonize while building resilience to price volatility. Together, these insights reaffirmed that collaboration, transparency, and innovation are the pathways to achieving a fair and sustainable future for all.