Emissions trading in safe hands
Vertis, a MiFID II trading firm, supports companies in navigating through carbon compliance schemes, including different EU Emissions Trading Systems, CBAM and CORSIA, in a cost-effective way
Emissions trading in safe hands
Vertis, a MiFID II trading firm, supports companies in navigating through carbon compliance schemes, including different EU Emissions Trading Systems, CBAM and CORSIA, in a cost-effective way
Traders of Environmental Progress
STX Group is a global environmental commodities trader offering physical and financial solutions across compliance and voluntary systems for energy, fuels, gas and carbon markets.
Blog Articles
Leaders from politics, business and sustainability met in New York City for Climate Week NYC 2024 (September 22 to 29) to address the challenge of limiting global warming to 1.5°C above pre-industrial levels. With a record 900 events, a 50% increase from the previous year, each event contributed to the collective call for action under the theme “It’s Time.”
Secretary General of the World Meteorological Organization, Professor Celeste Saulo, offered a stark view of where decarbonization stands and where action is needed. “Every single indicator that is monitored, greenhouse gases, sea level temperature, surface temperature, ocean acidity levels, they are all breaking new records. The science is here. The question is, what do we do with it?”
As the week progressed, key themes emerged: Policy and Leadership, Urgency of Action, Innovation and Sustainability and Economic Impact.
Climate Week NYC 2024 was a platform for global leaders to reaffirm their commitment to addressing climate change while facing real challenges in business, government and public sectors.
President Joe Biden and others discussed critical policies like the Inflation Reduction Act (IRA). Debate focused on concerns that parts of the legislation affecting hydrogen, offshore wind and electric vehicles may face setbacks as the U.S. election draws near.
Investors and developers called for stable policy and predictable market conditions, arguing uncertainty in permitting slows down major projects. Political shifts, including possible changes under a future administration, add further unpredictability. Time is short and cross-sector collaboration is more essential than ever.
Will Jackson-Moore, Global Sustainability Leader at PwC, highlighted that even large companies find it hard to navigate programs like the EU Green Deal or IRA. He urged businesses to focus on short-term no-regret actions rather than getting overwhelmed by long-term complexity.
The Climate Group opened Climate Week NYC 2024 by unveiling their Global To-Do List, which highlights “seven ambitious actions that governments and businesses must deliver to get back on track.” The To-Do list features objectives such as urging governments to break down barriers to “unleash renewables” to triple global renewable energy capacity by 2030, increase resources and talent to “get serious on methane,” and incentivize large companies to “set climate as a pre-qualification-criteria for their procurement processes.”
Intent on scaling sustainable market action, STX Group’s Head of Carbon Sales, Katerina Kolaciova, joined over 1,000 other carbon leaders in town for Climate Week NYC 2024 for IETA’s North America Climate Summit 2024 (NACS 2024). Kolaciova, in partnership with ICROA, led the Summit’s “Advancing Integrity for Service Providers in the Voluntary Carbon Market” roundtable where industry leaders explored how to ensure ethical practices in carbon trading and project implementation.
At the inaugural VCM Day, Kolaciova shared that “It’s imperative that the voluntary carbon markets scale with integrity and enable flow of financing to the climate mitigation measures. Carbon markets can be a powerful tool to enable nations to achieve their climate targets, but we must ensure credibility in everything we do.” This event co-hosted by the Integrity Council for the Voluntary Carbon Market (ICVCM), the Global Carbon Market Utility (GCMU), and the Voluntary Carbon Markets Integrity Initiative (VCMI), and launched at this year’s Climate Week NYC, brought together industry thought leaders on the necessary reforms and actions needed to increase the impact of voluntary carbon markets.
Cutting edge solutions at the intersection of innovation and sustainability, such as highly efficient solar panels and “liquid trees,” made their debut on the global stage.
However, hard-to-abate sectors and large global companies shared the spotlight with startups. U.S. Steel announced its partnership with ResponsibleSteel, making it the first steel company to produce ResponsibleSteel Certified Steel in their Big River facility in Osceola, Arkansas, showcasing the potential for legacy industries to transition toward greener practices. Meanwhile, the Climate Group introduced its 24/7 Carbon-Free Coalition, aimed at transitioning large global corporates to 24/7 carbon-free electricity. These initiatives demonstrated that innovation is not only about new technologies but also about reshaping how industries operate to reduce emissions and drive long-term sustainability. It is important to note that RE100 has been clear that granularity and 24/7 matching are to be discussed at the next GHG Protocol in 2026, and there is currently no update to guidelines for RE100-compliant companies at this time.
A central thread appeared throughout policy, innovation, and action-oriented discussions during the week: the economic impact of sustainability and the financial advantages of investing in clean energy is growing. Washington State Governor Jay Inslee showcased how the state has balanced economic growth with climate action, reducing CO2 emissions per unit of GDP by 30% while implementing policies that foster a clean energy economy. Inslee stressed the importance of creating frameworks that both “push and pull” entrepreneurs toward sustainable innovation, pointing to the investment funneled into clean energy technologies such as heat pumps and EVs through Washington’s carbon trading system. His message reinforced the idea that climate action is not just an environmental imperative, but an economic opportunity.
With the SEC and California climate disclosure mandates released earlier this year, though currently stayed, companies and investors are starting to see the financial and legal impact of corporate sustainability inaction. Sustainability reporting is now becoming an integral part of corporate governance and risk management as climate risk has now been deemed a long-term commercial risk. “While there’s uncertainty about mandatory disclosures in the U.S. and where voluntary initiatives like the GHG Protocol will land on emissions accounting, the best step for companies is to start understanding their emissions. This allows them to make informed decisions and apply climate solutions. Any action is better than inaction,” remarked Morgan Beeler, Policy and Governmental Affairs, STX Group, during Perkins Coie’s “Building a Sustainable Economy: Corporates, Founders, Investors and Legal Frameworks” Climate Week panel.
From innovative business models to job creation and regulatory compliance, the economic future is closely tied to how effectively sustainability initiatives are embraced and scaled.
As the 2030 deadline approaches, the pressure is on. The overarching conclusion from Climate Week NYC 2024 is clear: taking action on climate, even if imperfect, is far better than inaction. By taking the first steps toward measuring and reducing emissions, companies will gain the knowledge and insights needed to scale their efforts and capitalize on the green economy. Those who invest early in sustainability, innovation, and clean energy stand to reap the greatest rewards, positioning themselves as leaders in both the fight against climate change and the global economy of the future.
Take the next step in your climate action with one of our experts and see how we can collaborate towards the UN’s 1.5°C goal.
