Global Summit 2022
Ambition to Action
As the world’s attention shifted from one significant geopolitical event to the next, the extreme weather events experienced by many throughout 2022 brought the impacts of the changing climate into stark relief and carried a clear message: business can no longer continue as usual.
As more businesses signal readiness to develop robust climate plans, how can boards guide their companies to turn ambition into action?
In October 2022, the Climate Governance Initiative hosted its second annual Global Summit, bringing together more than 125 diverse non-executive directors and other eminent speakers to share their expertise, experiences, and timely reflections on pressing developments across key topics.
The Climate Governance Initiative (CGI) hosted the Global Summit 2022: Ambition to Action, a 24-hour virtual conference spanning the globe and bringing together highly motivated board members and other eminent speakers who champion effective climate governance.
The event programme featured region-specific keynotes and panels, as well as interactive sessions developed and delivered by CGI’s network of non-executive directors (NEDs), targeted at board members and directors from the business world ready to take effective climate governance to the next level.
Read the session summaries from the Global Summit 2022 as categorised by the World Economic Forum’s principles for effective climate governance:
The board should take responsibility for ensuring the company’s long-term resilience to climate risks.
The board should be properly informed about climate-related risks and opportunities and able to make relevant decisions.
The board should implement the right board and committee structures to ensure that climate risks and opportunities are understood, managed and reported.
The board should ensure that management fully identifies climate-related risks in the short, medium and long-term, assess their materiality, and takes appropriate action according to the materiality of the risks.
The board should ensure that management factors material climate-related risks and opportunities into the company’s strategy, risk management process and investment decisions.
The board should align executives’ incentives with the long-term success of the business. This may include climate-related targets in executive incentive schemes.
Reporting and Disclosure
The board should ensure that the company discloses its material climate-related risks, opportunities and strategic decisions to all stakeholders – especially investors and regulators. These disclosures should be included in financial reporting.
The board should stay informed on current best practice in climate governance by maintaining dialogue with peers, policy-makers, investors and others.