News and Insights
FINN Clients Take Center Stage at Extreme Hangout during COP29
November 19, 2024
Extreme Hangout is a uniquely diverse, inclusive and dynamic platform at COP29 designed to engage and inspire people to take action to address climate change.
FINN is a proud partner of Extreme Hangout at this year’s COP, and several of our clients are taking center stage to facilitate conversations that bring together cross-generational voices from across public and private sectors to promote climate action.
Follow along here to stay up to date on the critical conversations happening at Extreme Hangout:
Workiva Takes Over Extreme Hangout at COP29
Day four’s conversations at COP29 centered around finance, investment and trade, a theme mirrored at Extreme Hangout. Experts from Workiva, a FINN client, held a series of powerful sessions, workshops, and discussions tackling the complex relationship between economics and the environment—highlighting innovative policies and financial mechanisms that drive sustainability, from green investments to climate risk insurance.
Trust as a Catalyst: Driving the Climate Transition Forward
After delivering the opening remarks, Workiva’s Chief Sustainability Officer Mandi McReynolds led a panel featuring young leaders and activists seeking to tackle the challenges of:
- making financial systems accessible
- building trust and equity
- ensuring accountability in climate action
“What shoes will you walk in over the next five years? Are they shoes that fit everyone, enabling equity and progress?” – Mandi McReynolds, chief sustainability officer at Workiva.
Youth Empowerment and Inclusion
“Bring along all of us because we cannot talk about young people when we’re not there; we cannot bring solutions when we’re not there. Nothing for us without us.” – Tafadzwa Kurotwi, ambassador for SHE Changes Climate.
Workforce Development in Climate
“There’s a mismatch between the green jobs being posted and the people who can fill them. We need more entry-level roles and pipelines to ensure young professionals can contribute to the climate movement.” – Angela Zhong, climate impacts researcher.
Collaboration and Equity
“Partnerships between countries require understanding the psychology of local communities, their cultural codes, and the written and unwritten rules of communication. This makes it easier to introduce innovations and adapt them effectively.” – Sara Rajabli, business psychologist and researcher on ego development.
Navigating Internal Debates: How Sustainability Executives Are Confronting Challenge
Workiva’s Mandi McReynolds later convened a panel of Chief Sustainability Officers (CSOs), including Allyson Anderson Book of Baker Hughes and Mary De Wyocki of Cisco to discuss sustainability challenges and strategies.
The trio reflected on the internal struggles they face while balancing economic goals with environmental responsibilities. They emphasized the need for data rigor and moving beyond traditional mindsets to embrace sustainability as a core business principle.
“If you’re making the business value decision about accountability and global transparency, there really is no internal debate.” – Mandi McReynolds
Challenges and Solutions
Allyson Anderson Book highlighted the challenge of transitioning from oil and gas to sustainable energy while maintaining high emissions reduction standards without relying on credits or external offsets.
Mary De Wyocki stressed embedding sustainability into product design, balancing sustainability with cost, and addressing misconceptions through relatable business continuity discussions.
Inspirations and Commitments
The CSOs shared innovative internal programs and commitments, such as Baker Hughes’ “Carbon Out” initiative and Cisco’s net-zero goals.
“Cost out, carbon out—when done right, they go hand in hand. Taking carbon out isn’t just good for the planet; it’s good for business.” – Allyson Anderson Book
They emphasized the importance of personal motivation, like connecting to what individuals value most (e.g., family, landscapes), to drive sustainable action.
“Look at your lock screen—whether it’s a child, a rescue dog, or a landscape, connect your work to what you love. That’s what makes the challenge of sustainability deeply personal and inspiring.” – Mary De Wyocki
The Great Debate: Corporate Decarbonization—Reality or Rhetoric?
Are corporations living up to their decarbonization and net-zero commitments? Erik Saito, senior VP at Workiva, sat down with Nura Taef, partner at Deloitte specializing in ESG reporting, Silvain Vanston, executive director at MSCI focusing on climate and biodiversity research, to take a critical lens to the question.
Greenwashing Risks
Companies often set long-term net-zero targets, but stakeholders are increasingly wary of the credibility and interim progress toward these goals. This opens them up to criticism of greenwashing, when gaps between commitments and measurable actions persist.
Importance of Targets, Transparency and Transition Plans
Both short-term and long-term targets are critical for building credibility. Transparency and detailed transition plans are essential to demonstrate how targets will be met.
“Transparency is key—if you don’t have the right level of transparency, the users of your information will fill the gaps for you, and that’s the last thing you want.” – Nura Taef
Investors value credible data and clear plans, even if they reveal short-term financial pressures due to decarbonization investments.
Overcoming Challenges
Governance systems and internal policies are critical for accurate and consistent data. Reliable ESG data collection and reporting require robust governance frameworks and technology solutions.
Decarbonizing core business operations often affects competitiveness and requires significant changes in processes and mindset.
“Decarbonizing your core business is hard; it goes beyond low-hanging fruit and challenges your core products, competitiveness, and long-term horizons.” – Silvain Vanston
Transparency and honesty about progress and limitations are crucial to building trust with stakeholders.
“Decarbonization is a long-term game, and while there are short-term costs, the long-term benefits of building a more resilient organization far outweigh them.” – Erik Saito