Key takeaways from the Economist Impact Sustainability Week: CCS, CDR, and achieving net-zero sustainably

Last week, CEEZER went to the Economist Impact Sustainability Week in London and returned with a wealth of insights. Centered on the role of energy transition in combating climate change, the 9th edition of the annual conference explored a wide spectrum of topics. These ranged from leveraging AI to tackle sustainability challenges, to scrutinizing the energy systems of the UK and European Union, clean energy sources, and the necessary routes to achieve these objectives. In the recent months, we’ve read calls for decarbonization of energy generation and shift behavior both in society and whole industries, including developing resilient supply chains for energy transition. This comes, obviously, with its own set of challenges: with more than 80% of emissions rooted there, it’s the businesses' time to lead with innovative solutions.

Read Dr. Carla Woydt and André Drochner’s takeaways and conference highlights, including how CSOs are tackling the accountability for Scope 3 emissions and partnering up with CFOs, how the youth is affected by climate change and why is intersectionality important, and how Carbon Capture and Storage (CCS) and carbon dioxide reduction (CDR) do not undermine each other, but instead, they are both necessary to achieve the common goal of mitigating climate change.

A powerful synergy: CSOs and CFOs partnerships

The "Rigorous Environmental Accounting for Net-Zero Accountability" panel, moderated by Vijay Vaitheeswaran, illuminated the critical role of CFOs in navigating the intersection of financial management and environmental sustainability. Addressing carbon's financial implications, including compliance with reporting standards and understanding tax ramifications, panelists highlighted the urgency for CFOs to lead in accurate carbon accounting efforts, particularly for Scope 3 emissions.

The session also brought to life how CFOs and Sustainability Officers are joining forces, weaving sustainability goals into the broader financial strategies of their organizations. Examples from leading companies showed how this synergy is driving organizational change together, turning sustainability investments from capital expenditures to operating expenses.

The panel concluded with a strong appeal for unified efforts towards establishing and following standardized carbon accounting practices. The panelists emphasized the urgency of developing comprehensive methods, highlighting their role in not only achieving competitive advantage but also supporting global sustainability goals. This call to action reinforced the role CFOs play as key drivers in the journey towards net-zero emissions.

The younger generations have a say

Amid the engineering of solutions for the energy transition to reduce emissions, Xiye Bastida, climate activist and co-founder of the Re-Earth Initiative, emphasized that the energy transition is about more than just technology; it's also about community, social justice, and respect for nature. Originating from the Otomi-Toltec indigenous community in Central Mexico, Bastida shared how witnessing climate-related events in her native region during her childhood inspired her path in climate activism. Highlighting that true climate justice cannot be achieved if it leaves vulnerable populations behind, she stressed the need for a community-based, diverse, and intersectional climate movement—a theme we also witnessed at GreenBiz.

Bastida also struck a chord by framing the climate crisis as a generational injustice. Amplifying the voice of the generations that will face the future consequences of today’s decision-making (which she called ‘climate warriors’), Bastida encouraged the companies among the audience to value the insights of youth, pointing to companies that have already seen benefits from incorporating youth advisory councils.

Leveraging CCS to reach net-zero

In the fireside discussion ‘Are investments in scaling carbon capture and storage (CCS) the key to keeping 1.5 alive?’, we heard how, for sectors where reducing emissions is particularly challenging, deploying CCS technologies is one of the few strategies available for decarbonization. Matthew Oxenford, Senior Analyst for Europe and climate policy at The Economist Intelligence Unit and moderator of the talk, questioned whether CCS is sometimes used as a rationale for continuing fossil fuel dependence when the imperative should be on direct emission reductions at their source. The participants reached a consensus: CCS and proactive emission cutting measures are not conflicting paths but integral, mutually supportive elements within the larger scheme of climate change mitigation. We at CEEZER hold the view that while these strategies are mutually supportive, prioritizing emissions reduction and phasing out fossil fuels is indispensable for net-zero.

Sustainability is at the core

In sum, Sustainability Week has made it clear that, while emission reduction across sectors may not yet be as rapid as we hoped for, sustainability has firmly rooted itself at the heart of the business world. It has also showcased the importance of long-term planning to future-proof business models against sustainability challenges. Here, CEEZER steps in to support companies on their path to net-zero, ensuring your credit portfolio is future-proof against supply risk and aligned with your climate targets.