Climate week is back, here’s how businesses can refocus on climate goals

Climate Week is in full swing this week as executives, politicians, and financiers from around the world are gathering in New York to promote climate action and assess the progress of climate targets. This annual meeting is taking place alongside the United Nations General Assembly (UNGA), where climate change is a key topic among world leaders. 

With these high-level meetings will trickle down the renewed calls for organisations to ensure they are implementing climate strategies and working to reduce their greenhouse gas (GHG) emissions in line with Paris Agreement targets, which aim to limit global warming to 1.5 degrees Celsius.  

Businesses and their supply chains are increasingly under this demand for reduced emissions from their operations, as data shows supply chains generate around 60% of the world’s GHG output. 

Amid the UNGA, the United Nations released a ‘Pact for the Future’ to reaffirm sustainability pledges and declare actions toward a more sustainable and inclusive world. A key declaration in this report included ‘accelerating action’ toward Paris Agreement targets, rapidly reducing GHG emissions and calling on parties to contribute to global climate efforts.

Getting to grips with Scope 3 emissions    

For businesses, more and more climate requirements are focusing on not only Scope 1 and Scope 2 emissions, which refer to emissions related to more direct operations, but also Scope 3, or the indirect emissions relating to supply chain partners across the value chain.  

We know that supply chain complexity, data quality, and inefficient resources create challenges around tracking Scope 3 emissions. But to refocus on carbon data tracking and management, we recommend prioritising the following to get started: 

• Get your data in check: Tracking and managing your supply chain’s GHG emissions will only be as effective as the quality of your data. Organisations must prioritise consolidating their data and implementing quality data management systems to ensure they have an accurate view of where targeted emissions reductions can occur. 
• Establish science-based targets: Science-based targets help companies establish targets for climate action based on the latest climate science, aligned to the Paris Agreement goals and are established in the context of a company’s individual sector and market share. 
• Engage suppliers: A supply chain is only as effective as its weakest link. Therefore, organisations must engage and align every supply chain partner to ensure actions and emissions reduction strategies are aligning with the company’s targets.  
• Increase transparency: Data quality and transparency will continue to be a key driver in implementing real change and enabling climate progress. Measuring a company’s current emissions accurately is the only way to establish effective targets and cut carbon emissions with intent and to understand where in the supply chain emissions reduction must be prioritised. 

In a regulatory environment increasingly attuned to the broader ecological footprint of businesses, the need for comprehensive Scope 3 emissions tracking has never been more pressing. By prioritising this component of sustainability in both strategy and accurate data reporting, organisations position themselves as responsible entities of the environment, fostering resilience, credibility, and long-term viability. 

Contact us to learn how to improve your climate strategy and establish science-based targets. 

Centralising carbon data through EiQ 

Our supply chain due diligence software EiQ introduces an environmental module, which allows you to monitor and view your supply chain's greenhouse gas (GHG) emissions and environmental data. 

This function allows you to have a high-level overview of your GHG emissions and to understand the full scope of your environmental impact with clear, actionable data. EiQ’s environmental module also shows an organisation’s estimated total of supply chain’s emissions, which calculate the projected GHG emissions utilising the company’s current and estimated data. 

See how EiQ supports carbon data collection and climate strategies as part of its solutions with a free demo of the platform. EiQ helps businesses monitor and manage their supply chain ESG risks and increase supply chain visibility.  

Climate action through supplier engagement 

Aligning suppliers with expectations, targets, and regulatory compliance will support your supply chain risk management and remediation. Our digital learning service empowers suppliers to implement business best practice and offers training courses in local languages on various supply chain ESG topics.  

EiQ Learn offers a training course, ‘Climate Change and Greenhouse Gas Emissions’. Access the full version of the course for free by clicking here and entering the branch code ‘insights’. By taking the course you’ll learn how to measure, manage and report your emissions, and how you can support suppliers to do the same. 

Want to learn how to monitor and manage your supply chain ESG risks in real-time? Request a free demo of EiQ, our supply chain due diligence software to see how you can better identify and mitigate critical human rights risks and environmental impacts across your value chain.

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