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COP29 brought renewed focus on Nationally Determined Contributions (NDCs) and ambitious climate finance goals, with a clear ambition to unlock and scale up private sector investments, though the final goal fell well short of what is needed. At Biodiversity COP16, investors were in greater attendance than ever before, highlighting the growing importance of nature considerations.
The UK worked towards re-establishing its position as a global hub for green finance and a clean energy superpower. Meanwhile, the EU’s re-elected President, Ursula von der Leyen, reaffirmed her commitment to climate action, situating it within the broader framework of industrial competitiveness as the EU’s top priority for the next five years.
Amidst these developments, IIGCC continued to work with our members and other stakeholders to accelerate climate and nature action, addressing the current and future challenges facing investors on climate under our four priorities. Here are some of the highlights:
The Net Zero Investment Framework (NZIF) is the most widely used guidance by investors who have set a net zero commitment, designed to help them develop their individual net zero strategies and transition plans. We updated and published 'NZIF 2.0' in June 2024, summarizing three years of best practices shared by investors, collected from three years of implementation, converting them into more than 40 potential actions an investor can choose to take.
2. Understanding scope 3 for investors
Typically, the largest source of emissions within an investment portfolio sits in the value chains of investors’ assets – known as scope 3 emissions under the Greenhouse Gas Protocol. In 2024 we published a discussion paper and insight, followed by supplementary guidance later in the year, to help investors take action on this crucial topic.
➡️Know more about ‘Investor approaches to scope 3'
➡️Here’s a supplementary guidance offering further context to scope 3
3. Net zero standard for oil and gas assessments
Climate Action 100+ — the world’s largest investor engagement initiative on climate change — published assessments of ten oil and gas focus companies using the Net Zero Standard for Oil & Gas (NZS O&G), which was published in 2023. The findings highlighted that current disclosures are insufficient for investors to accurately gauge transition risk. The most detailed transition plan met 52% of metrics overall, indicating that good practices can yet be adopted and encouraged by investors.