In May, we hosted an executive breakfast briefing session together with Bain & Company to discuss the importance, and challenges, of companies addressing their Scope 3 emissions. Some of the key points discussed include:
Scope 3 is still seen as a burden. It’s one of many priorities but there is a general lack of urgency. It also feels a lot more challenging vs. scope 1 and 2.
The opportunity/challenge for companies is to derive a competitive advantage / 1st mover advantage from a robust scope 3 strategy.
There is a logical sequence of events to reduce scope 3 emissions:
Organization commitment and buy-in (this will partly be driven by regulation)
Definition of robust taxonomy and measurement mechanism
Strategy definition and target setting
Robust execution and monitoring of results
A comprehensive scope 3 strategy will encompass the entire value-chain / ecosystem (from suppliers to customers). Collaboration and partnerships are critical.
The BoD and individual BoD members have a significant role to play:
Alliance between BoD members and with Management to define and deliver a bold agenda. Next generation of shareholders can create a charter with expectations for the management
Objectives can be embedded in the incentive system, in company certifications and monitored via the Audit Committee on behalf of the BoD
The BoD has an opportunity to role model diversity
This event is part of a series of breakfast briefings that we will organise together with Bain & Company for our members. Stay tuned for the next ones later in the year!
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