Skip to main content
  • Homepage
  • News
  • Insights
  • 2024 in review: An overview of IIGCC’s key resources for climate and nature action

Insights

2024 in review: An overview of IIGCC’s key resources for climate and nature action

2024 in review: An overview of IIGCC’s key resources for climate and nature action

Kritti Bhalla

Communications Officer
18.12.24

Known as ‘the year of elections’, 2024 has been marked by challenges and progress for climate action. At IIGCC, our work followed four strategic priorities: net zero, nature, adaptation and resilience, and emerging markets and developing markets. Here’s a look at some of our most popular releases of the year. 

COP29 brought renewed focus on Nationally Determined Contributions (NDCs) and ambitious climate finance goals, with a clear ambition to unlock and scale up private sector investments, though the final goal fell well short of what is needed. At Biodiversity COP16, investors were in greater attendance than ever before, highlighting the growing importance of nature considerations. 

The UK worked towards re-establishing its position as a global hub for green finance and a clean energy superpower. Meanwhile, the EU’s re-elected President, Ursula von der Leyen, reaffirmed her commitment to climate action, situating it within the broader framework of industrial competitiveness as the EU’s top priority for the next five years. 

Amidst these developments, IIGCC continued to work with our members and other stakeholders to accelerate climate and nature action, addressing the current and future challenges facing investors on climate under our four priorities. Here are some of the highlights: 


Most popular resources of 2024 
1. The Net Zero Investment Framework 2.0 

The Net Zero Investment Framework (NZIF) is the most widely used guidance by investors who have set a net zero commitment, designed to help them develop their individual net zero strategies and transition plans. We updated and published 'NZIF 2.0' in June 2024, summarizing three years of best practices shared by investors, collected from three years of implementation, converting them into more than 40 potential actions an investor can choose to take. 

➡️Understand NZIF 2.0 better 

2. Understanding scope 3 for investors
Typically, the largest source of emissions within an investment portfolio sits in the value chains of investors’ assets – known as scope 3 emissions under the Greenhouse Gas Protocol. In 2024 we published a discussion paper and insight, followed by supplementary guidance later in the year, to help investors take action on this crucial topic.  

️Know more about ‘Investor approaches to scope 3' 
➡️ Supplementary guidance offering further context to scope 3 

3. Net zero standard for oil and gas assessments 
Climate Action 100+ — the world’s largest investor engagement initiative on climate change — published assessments of ten oil and gas focus companies using the
Net Zero Standard for Oil & Gas (NZS O&G), which was published in 2023. The findings highlighted that current disclosures are insufficient for investors to accurately gauge transition risk. The most detailed transition plan met 52% of metrics overall, indicating that good practices can yet be adopted and encouraged by investors.

➡️Access the assessment of ten oil & gas focus companies  

4. PCRAM in Practice
Case studies from the first phase of the Physical Climate Risk Assessment Methodology (PCRAM) were published this year, revealing improvements for investors who integrate physical climate risks into their investment processes, leading to stronger and more resilient management of assets. Detailed guidance followed, aiming to standardise risk assessment with a specific focus on infrastructure real estate investments.   

➡️Read all about ‘PCRAM in Practice’ 
➡️ Learn more about ‘Physical Climate Risk Divergence: PCRAM for investors’ 

5. Investor priorities for transitioning the European steel sector
Considering the European steel sector, we worked with a group of investors to identify four areas for enhanced policy interventions that would most effectively de-risk and support the sector’s transition. This high-emitting sector is strategically important to the EU’s decarbonisation targets and its push towards industrial competitiveness, as well as the net zero alignment of investment portfolios. 

➡️ ‘Investor priorities for transitioning the European steel sector’ 


Must reads from 2024 

1. Governments may face greater legal scrutiny on climate action plans ahead
A new study revealed that governments could see increased litigation challenging the ambition and implementation of their climate policy responses. At least 230 new climate cases were filed in 2023, the 'Global trends in climate change litigation: 2024 snapshot’ revealed, with many seeking to hold governments and companies accountable for climate action. The report points to three possible future trends in climate litigation. 

➡️Get a glimpse into climate litigation trends  

2. How the Draghi report on European competitiveness lines up with investor recommendations
Former European Central Bank President and ex-Prime Minister of Italy, Mario Draghi, delivered his long-anticipated report on the future of European competitiveness in September 2024, setting out a vision for a “new industrial strategy for Europe”. We dug deep into Draghi's recommendations and evaluated how they stacked up against our EU Call to Action a set of investor-led policy recommendations to advance EU’s climate goals. 

️Read the Draghi report analysis

3. From COP29 to Mansion House, has the UK reclaimed climate leadership?
A wave of recent domestic and international announcements signalled serious intent from the new government to re-establish the UK as a clean energy superpower and green finance capital. We explored whether the current wave of action could be enough to cement leadership status.  

➡️ From COP29 to Mansion House, has the UK reclaimed climate leadership? 
️Investor-friendliness of Labour Government's promises for climate action  

4. Explainer: Why deforestation matters for investors and IIGCC’s new role with FSDA
Deforestation is firmly at the centre of the climate-nature nexus. Stephanie Pfeifer, IIGCC CEO, outlines the issue, its relevance to investors, and IIGCC’s priorities for the Finance Sector Deforestation Action (FSDA) as its new Secretariat. 

Separately, IIGCC and the Finance Sector Deforestation Action initiative (FSDA) launched the first-ever investor expectations for banks on eliminating commodity-driven deforestation, conversion and associated human rights abuses in their lending and investment practices. 

➡️Read why deforestation matters for investors 
➡️Learn more about investor expectations on deforestation   

5. COP29: Outstanding questions, progress made and opportunities ahead
Developed countries committed to channel USD 300 billion a year to developing countries by 2035, a figure far short of the USD 1.3 trillion required. The presidencies of COP29 and COP30 must now brainstorm ways to bridge this finance gap under the ‘Baku to Belem roadmap’ ahead of the next climate conference. 

Our global policy expert breaks what happened at COP29 and shares insights into the opportunities and next steps for investors, including ways to foster private-public collaboration to help close the finance gap. 

️Know more about post-COP29 opportunities available to investors 


If you’d like to take part in our working groups and help shape the outputs of our resources, why not get in touch today to learn more about becoming a part of IIGCC?