To promote industry dialogue on this topic and discuss forward-looking solutions, ClimatePartner initiated an online roundtable with leading experts from SBTi, Gold Standard, WWF and PwC.
Achieving global net zero targets is one of the most urgent and challenging tasks facing our society. In addition to setting reduction targets within their own value chains, it is therefore crucial that companies also contribute to reducing emissions beyond their own value chains and thus to achieving global climate goals. One trend that can be observed in the market is the increasing shift from traditional carbon offsetting to contribution claims.
An increasing amount of companies are looking for guidance on how to define and implement effective reduction measures. On 28 February, ClimatePartner hosted an online roundtable on the topic of Beyond Value Chain Mitigation (BVCM), bringing together some of the key players in the market with an audience of almost 500 industry representatives from more than 30 countries.
The overall aim of the event was to provide information on current BVCM approaches and their possible implementation in the context of science-based climate targets. Various concepts for financial contributions to climate action by companies, e.g. on the basis of an internal carbon budget, as well as the environmental and social benefits of climate projects were presented.
All of the expert presentations and discussions made one basic appeal clear: in order to achieve the necessary speed in climate action, companies must also take responsibility beyond the reduction measures in their own value chain. But it is decisive that companies find the most workable contribution approach for their individual business model. A long-term climate strategy and transparency about the measures taken and their impact are key to success. The common goal of the market representatives is to develop alternative solutions to the current approach of offsetting, thus setting new quality standards for companies’ voluntary climate action. The new, forward-looking solutions for financial climate contributions are to be put into practice in a joint dialogue in the near future.
“It is the collective that creates change. We need to raise awareness and find new solutions. This future-orientated panel is a very valuable platform to achieve this. Only together can we develop and implement the measures that are so urgently needed for global climate action”, said Klaus-Peter Siemssen, CEO of ClimatePartner GmbH.
Leading experts from the Science Based Targets Initiative (SBTi), Gold Standard, PwC, WWF and ClimatePartner were on board to share their expertise and discuss the implementation of the BVCM in corporate climate strategies in an open panel.
Owen Hewlett, Gold Standard:
“Taking responsibility for your emissions still occurring, while you reduce them has always been essential to credibility. BVCM is a strong evolution, backed by key NGOs, of how to take this responsibility. Great to see ClimatePartner convene industry discourse in their virtual roundtable. The conversation was rich and informative, and I recommend listening back to this. Look out also for publications by SBTi (yesterday) and ourselves (Mid-March) that set out all the good practices you need to know.“
Lene Petersen, WWF Switzerland:
“WWF encourages consultancies to engage around the BVCM discussion. We are happy to be invited to present a credible successor approach to CO2-offsetting and our vision of best practice BVCM focusing on contribution to global goals and transformation.”
Emilien Hoet, Head of ClimatePartner UK:
“We desperately need companies to engage in BVCM if we want to have any chance of reaching global Net Zero. Amidst the different approaches, we encourage everyone to remember one thing: BVCM is simply about defining a meaningful budget for climate action and acting on it.”
Watch the recording of the bvcm online event:
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