Hubpay Panel at COP28
The recent panel discussion at COP28 Innovation Zone shed light on the importance of collaboration and data transparency in addressing climate change policies within supply chains.
The panelists, Catherine Bottrill - CEO & Co-Founder at Pilo, Veronica Giraldo - CPO at Producers Trust, and Simon Birkebaek - Director of Energy Transition at COP28 UAE, shared their insights and experiences, highlighting the need for collective action and improved data management to drive sustainable practices.
This blog post aims to summarize the key takeaways from the discussion and emphasize the significance of these factors in tackling climate change.
Collaboration for Sustainable Solutions
Catherine and Veronica emphasized the need for collaboration among various stakeholders, including sustainability professionals, marketing teams, finance departments, and external partners. By working together, companies can identify common goals and develop joint initiatives that contribute to sustainable supply chains.
Veronica specifically highlighted the importance of collaboration between impact investors, local partners, and consumer packaged goods (CPG) stakeholders to de-risk investments and support sustainable projects.
Simon further emphasized the role of collaboration in the context of climate negotiations. He highlighted the challenges faced by companies in implementing sustainable practices due to fragmented supply chains and the need for standards and requirements to be set by conglomerates.
Collaboration between companies, governments, and other stakeholders is crucial to drive policy changes and accelerate the transition to sustainable energy sources.
Data Transparency for Informed Decision-Making
The panelists acknowledged the fragmented nature of supply chain data and the challenges associated with capturing and managing it effectively.
Simon highlighted the difficulty faced by companies in identifying their producers and understanding the origin of their raw materials.
This lack of transparency hinders informed decision-making and prevents companies from implementing sustainable practices throughout their supply chains.
Veronica shared insights from her work with Producer's Trust, where they aim to establish trust between farmers and companies by working directly with farmers and creating programs that promote transparency. By collecting and validating data at the farm level, they enable the flow of transparent information throughout the supply chain, ultimately benefiting end consumers.
Catherine discussed the importance of data transparency in the context of Better Cotton, a leading certification for cotton production. Better Cotton has committed to reducing greenhouse gas emissions by 50% by 2030.
To achieve this, standardized data collection and cross-referencing methodologies are essential. The Trace the Bale program initiated by Better Cotton aims to trace the journey of a bale of cotton, enabling brands to make informed decisions based on reliable data.
The panel discussion highlighted the urgent need for collaboration and data transparency in addressing climate change policies within supply chains. Companies must work together, along with governments and other stakeholders, to set standards, share best practices, and drive sustainable initiatives.
Improved data management and transparency are crucial for informed decision-making and the implementation of sustainable practices throughout the supply chain.
As we move forward, it is essential for companies to prioritize collaboration, establish long-term contracts with farmers, and invest in technologies that enable accurate data collection.
By doing so, we can create resilient and sustainable supply chains that contribute to the global fight against climate change.