COP29 Global Innovation Hub – Avoided emissions and a climate solution agenda: Ways forward for a climate solution agenda – The next generation of tools and initiatives
This COP29 session discussed the sad fact that the world is stuck in a pre-Paris world where almost all companies only focus on reducing scope 1-3 emissions from companies. This is such an outdated and innovation killing approach, coined “fossil free typewriter approach” by us in NCI.
But there is hope… In this session some of the world’s leading stakeholders with a focus on a climate solution agenda, using avoided emissions, gathered. Avoided emissions focus on how a company contribute to what actually happens in society, not just how their own emissions should be accounted for.
Dennis Pamlin provided an introduction to the session and presented two challenges:
- The fact that many stakeholders are so stuck in the outdated scope 1-3 approach
- The second challenge is to ensure that the initiatives, tools and frameworks for avoided emissions deliver what is actually needed.
To counter these challenges Dennis presented an “Avoided emission matrix for global sustainability”.
After that Haruka Kasai from METI in Japan presented their ongoing work with avoided emissions. Japan was the first major country the introduced avoided emissions on the world scene, during their G7 presidency in 2023.
Pourya Salehi, ICLEI provided an overview of how cities are also expanding their climate and innovation agendas, both by supporting companies as solution providers, and include incubators and start-ups in their climate solution work.
Marco Duso from EY shared his experience and highlighted the challenge to move from a climate risk agenda (scope 1-3) to a climate opportunity agenda (avoided emissions).
Marvin Henry, PhD presented ongoing work in WBCSD and how members have focused on scope 1-3 emissions for many years, but where an increasing number now want to explore avoided emissions.
After that James Varkey from Icebug AB spoke about their journey as a company with a vision to be a changemaker for a society where people can thrive on a planet in balance.
Stefan Henningsson presented how Nordea is working with avoided emissions in areas such as bonds, but also noted that the regulation from EU is still not helping a solution agenda, but is stuck in a compliance agenda.
The final speaker was Laura Beaulier that provided an overview of the work with Climate Dividends and invited everyone to review their work.
This group have an opportunity make sure that the first COP with a clear solution agenda, and also work together to ensure that avoided emissions move beyond simple product substitution, and that the goal is not only 1.5C compatible avoided emissions, but solutions that are compatible with a future where everyone can live flourishing lives on a flourishing planet.