This push for global conformity in carbon accounting and reduction strategies was a focal discussion at COP29.
Central bank representatives stressed the importance of consistent measurement methods that allow for an international comparison of environmental impacts.
“Effective climate action demands collaboration between Chief Sustainability Officers and Chief Financial Officers, as climate change has evolved from an ethical and environmental issue to a pressing financial imperative,” Sophia says.
“To accelerate progress, we need globally harmonised policies, rigorous carbon accounting frameworks and advanced technology solutions.
“By embedding AI-driven innovation, robust reporting standards and actionable insights into business operations, we can ensure that COP events, such as COP29 in Baku, are remembered as turning points – not just discussions.
“While the challenges ahead are formidable, the opportunities for transformative action are even greater – and SAP is here to lead the way on a low-carbon, circular future.”
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