This year is forecasted to be significant for climate action, whether it be momentum with new policies, biodiversity playing a vital role in the energy industry or how we continue to tackle the green skills gap. The following year will be critical regarding climate for companies and how energy and climate action will progress throughout 2024.
Many organisations today have established a sustainable business, which is critical for a competitive edge and defining longevity. While the UK is falling behind Europe and the US on climate goals, the next political successor will likely focus on strengthening the nation’s climate goals. Combined with accelerated climate policies, businesses must focus on long-term goals and prioritise climate progress.
Other industry specialists believe women will continue driving climate measures and tackle the green skills gap. There has been a significant rise in hiring for green positions in the UK over the last few years, adding to the ongoing green skills gap. As the requirement for climate skills increases and new green industry jobs emerge, women are in an ideal position to take up leadership roles across organisations. Women’s contribution and leadership in climate measures are connected with better resource governance and higher productivity. In the private sector, more gender-balanced corporate teams and C-Suite have proven to deliver more sustainable and efficient policies.
C-Suite will prioritise climate action to secure business success
Business leaders recognise that the success of their company largely depends on how they approach and manage climate action. As a consequence, more executive-level leaders will explore the incentives associated with climate action. Funding will also become more influenced by the sustainability rating of an organisation, such as in France, where public procurement requires companies to be sustainable. Reputation and penalty implications for non-compliance with climate measures could also impact businesses significantly.
AI will drive further climate action but requires the right people in place
Innovation concerning AI in the climate tech industry will transform the rate of climate action, especially by measuring emission calculations and enhancing the overall process. This progress will allow companies to generate more reliable data on carbon emissions, enabling them to act and respond quickly. While there are many opportunities for implementing AI in climate data generation, it’s critical to have the right team that effectively understands and interprets the technology. CTOs and Chief Sustainability Officers will work closer to harness new technologies and avoid other solutions, which could impact their emission and overall impact on the environment.
Nature-based solutions will become a priority of climate strategies
While carbon has become the focus of sustainability discussions, 2024 will likely see biodiversity and corporate nature-related disclosures become a priority. In the UK, developers must achieve a 10% biodiversity net gain from January 2024 onwards.
With evident biodiversity and environmental challenges, companies will be committed to measuring and limiting their impact on ecosystems. Sustainability leaders must have the tools to measure their impact on biodiversity and the environment.
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