Australia & ISSB Climate Reporting: A Bold Future Unveiled

chart showing australia leading with ISSB climate reporting standards

Key takeaways

Estimated Reading Time: 5 minutes


In an age where the clarion call of climate change resonates louder than ever, Australia is not just listening but leading the charge towards a greener tomorrow. By aligning its mandatory climate reporting framework with the International Sustainability Standards Board (ISSB), Australia is writing a new chapter in the annals of corporate accountability and environmental guardianship. This pivotal move towards the Australia Climate Reporting ISSB initiative signifies more than mere regulatory adherence; it embodies a forward-thinking strategy designed to cultivate transparency, spur innovation, and drive sustainable growth across various sectors.

Through this transformative journey, Australia demonstrates a profound commitment to not only addressing the environmental challenges of today but also securing a healthier, more sustainable future for generations to come. It's a testament to the nation's resolve to set a global standard, showcasing how integrative approaches to climate reporting can underpin broader sustainability goals and foster an ethos of environmental responsibility that transcends borders.

Understanding Australia's Alignment with ISSB Standards

Australia's initiative to align its climate reporting framework with the International Sustainability Standards Board (ISSB) marks a pivotal shift towards global environmental accountability. This alignment underlines Australia's strong commitment to battling climate change, ensuring that Australian businesses align with a global standard that promotes transparency, comparability, and comprehensive reporting on climate-related issues. It is a transformative step that signifies Australia's role on the international stage as a leader in adopting sustainable practices and reporting standards.

The Essence of ISSB Standards

The ISSB is at the forefront of establishing global benchmarks for sustainability reporting, focusing intensively on how organisations report their environmental, social, and governance (ESG) impacts. This initiative is crucial, as it sets a uniform reporting framework that organisations worldwide can follow, ensuring consistency and reliability in the data presented. By aligning with these standards, Australian businesses are not only contributing to a sustainable future but are also ensuring that the information they provide to stakeholders is clear, consistent, and trustworthy. This alignment with ISSB standards underscores a significant move towards enhancing global sustainability efforts, with Australian businesses at the helm, driving change through actionable insights and transparent reporting.

Implications for Australian Businesses

For Australian businesses, this transition heralds a significant shift in how they approach their environmental reporting and overall sustainability practices. It is an unequivocal call to action for businesses to integrate sustainable practices into the core of their operations, aligning their growth strategies with the broader goals of environmental preservation and social responsibility. This means re-evaluating their operations, supply chains, and product life cycles to ensure that they are not only minimising their environmental impact but are also actively contributing to ecological conservation and community wellbeing. This shift is not merely about adhering to new reporting standards but about embedding sustainability into the DNA of Australian businesses, fostering a culture of responsibility towards the planet and future generations.

Navigating the Transition: A Closer Look at Mandatory Reporting

The move towards ISSB-aligned climate reporting represents a comprehensive approach to understanding and managing a business's environmental footprint. It goes beyond simple compliance, aiming to embed sustainability into the strategic framework of businesses.

Components of Climate Reporting

Greenhouse Gas Emissions: At the core of climate reporting lies the detailed analysis of a company’s emissions. This not only includes direct emissions from owned or controlled sources but also indirect emissions associated with the generation of purchased electricity, heating, and cooling consumed by the reporting company. Understanding these emissions is fundamental for businesses to identify areas where they can reduce their carbon footprint, setting the stage for implementing more sustainable operational practices.

Climate-related Risks and Opportunities: This component involves a thorough assessment of how climate change could pose risks or unveil opportunities for the business. Risks might include operational disruptions due to extreme weather events, while opportunities could arise from the increasing demand for sustainable products and services. Identifying these factors is crucial for strategic planning, enabling businesses to adapt to climate change's impacts proactively.

Strategic Planning: Developing strategies and goals to address identified risks, reduce emissions, and contribute positively to the environmental landscape forms the crux of strategic planning. This involves setting clear, achievable targets for emission reduction, integrating renewable energy sources, and investing in sustainable technologies and practices. It's about creating a roadmap that not only guides the business towards compliance with ISSB standards but also towards a position of environmental leadership.

Practical Steps for Compliance

Baseline Assessment: The first step in transitioning to ISSB-compliant reporting is conducting a baseline assessment. This involves a detailed analysis of current reporting practices against ISSB requirements, identifying gaps, and mapping out a strategy to address them. It sets the foundation for the entire transition process, providing a clear understanding of where the business stands and what needs to be done to align with global standards.

Stakeholder Engagement: Involving stakeholders — including investors, customers, employees, and the broader community — in the transition process is essential. This engagement ensures that the transition to ISSB-aligned reporting is inclusive, taking into consideration the expectations and insights of all stakeholders. It fosters a culture of transparency and collaboration, essential for the successful implementation of sustainability practices.

Data Management: Implementing robust systems for accurately collecting and analysing environmental data is crucial for ISSB-compliant reporting. This step ensures that businesses have access to reliable data to inform their sustainability strategies, track their progress, and report their achievements with confidence.

Strategic Implementation: With a clear understanding of their current position, stakeholder expectations, and the data to support their strategies, businesses can develop and execute a plan to address their environmental impact. This involves setting clear targets, outlining actionable steps, and regularly reviewing progress to ensure that the business remains on track to achieving its sustainability goals and complying with ISSB reporting standards.

The Role of Energy Action and Similar Consultancies

In the sweeping transition towards sustainable business practices and compliance with the International Sustainability Standards Board (ISSB) guidelines, consultancies like Energy Action play an indispensable role. These organisations are not just advisors but partners in transformation, offering a deep well of expertise in navigating the complex landscape of climate reporting and sustainability strategy.

Energy Action, among others, stands at the forefront of this shift, providing tailored guidance to businesses across Australia. Their services range from conducting initial assessments of a company's current reporting framework to identifying gaps in compliance with ISSB standards. But their role extends far beyond mere compliance. They assist businesses in weaving sustainability into the fabric of their operations, helping them to not just understand but to live the ethos of environmental stewardship.

This process involves detailed strategizing, where consultancies help businesses set realistic yet ambitious sustainability targets, implement effective data management systems for tracking progress, and engage stakeholders in meaningful dialogue about environmental impacts and initiatives. Through workshops, training, and ongoing support, they empower businesses to make informed decisions that align with global best practices in sustainability, turning the challenge of ISSB compliance into an opportunity for innovation and leadership in environmental responsibility.

Conclusion: Embracing a Sustainable Future

The alignment of Australia's climate reporting framework with the ISSB standards represents a watershed moment in the nation's environmental policy. It's a clear signal that Australia is not merely responding to the global call for climate action but is determined to lead by example. This initiative transcends regulatory compliance, embodying a broader commitment to a sustainable future where economic growth and environmental stewardship go hand in hand.

By adopting ISSB standards, Australian businesses are not just aligning with a set of guidelines; they are embracing a vision of sustainability that can drive significant positive change. This commitment to transparent, consistent, and comprehensive reporting on climate-related matters enables businesses to identify areas for improvement, innovate in response to environmental challenges, and communicate their progress with authenticity and confidence.

The benefits of this transition are manifold, from enhanced brand reputation and investor confidence to operational efficiencies and access to new markets. Moreover, businesses that lead in sustainability are better positioned to attract talent, with an increasing number of professionals seeking employers that share their values of environmental responsibility and social equity.

Australia's Commitment to a Greener Tomorrow

The Australia Climate Reporting ISSB initiative is a clarion call for businesses across the nation to step up their commitment to environmental stewardship. It reflects a profound understanding of the role that the private sector must play in combating climate change and preserving our planet for future generations. This initiative is not just about adapting to new reporting standards; it's about reimagining the way businesses operate, making sustainability a core part of their identity and mission.

As businesses across Australia respond to this call, they join a global movement towards sustainability that is reshaping industries and economies around the world. The path forward is clear: by embedding sustainability into their operations, businesses can not only comply with ISSB standards but also contribute to a more sustainable, resilient, and equitable world.

In embracing the ISSB-aligned reporting framework, Australian businesses, supported by consultancies like Energy Action, are not just safeguarding their own future but are contributing to a larger, collective effort to ensure a sustainable future for all. This transition marks a significant step in Australia's ongoing journey towards sustainability, showcasing the nation's readiness to lead, innovate, and inspire in the global fight against climate change.

FAQs: Unveiling the Details

  1. What is the ISSB? The International Sustainability Standards Board (ISSB) develops and sets global standards for sustainability reporting, focusing on environmental, social, and governance (ESG) impacts.
  2. Why is aligning with ISSB standards important for Australian businesses? This alignment enhances transparency, accountability, and sustainability in business practices, aligning Australian companies with global best practices in environmental stewardship.
  3. What does mandatory climate reporting entail? Mandatory climate reporting requires businesses to disclose their environmental impact comprehensively, including emissions, climate-related risks, and strategic sustainability targets.
  4. How can Australian businesses prepare for ISSB-aligned reporting? Businesses can prepare by conducting a baseline assessment of current practices, engaging with stakeholders, establishing robust data management systems, and developing strategic sustainability plans.
  5. Where can businesses find support for transitioning to ISSB-compliant reporting? Consultancies like Energy Action offer expert guidance and services to help businesses navigate the complexities of ISSB-aligned reporting and sustainability strategy development.

Maximise Benefits with Renewable Energy PPAs

business benefits from a renewable energy power purchase agreement

Key takeaways

Estimated Reading Time: 9 minutes


In the pursuit of a more sustainable future and a business model that can weather the unpredictability of global markets, Renewable Energy Power Purchase Agreements (PPAs) stand out as a guiding light. Far more than mere contracts, these PPAs embody a partnership that strides towards a sustainable future, bridging the gap between corporate responsibility and practical, economic benefit.

By committing to Renewable Energy PPAs, businesses are not just signing up for a source of green energy; they are aligning themselves with a movement that champions environmental stewardship, financial predictability, and a stronger, more resilient corporate image. These agreements offer an unparalleled advantage, seamlessly integrating renewable energy into business operations, reducing carbon footprints, and locking in energy costs at predictable rates.

This strategic embrace of Renewable Energy PPAs marks a significant pivot towards eco-conscious corporate strategies, positioning businesses at the forefront of the global shift towards sustainability and clean energy. In essence, Renewable Energy PPAs are becoming the cornerstone of modern, environmentally aware business practices, heralding a new era where corporate success is intrinsically linked to planetary wellbeing.

Understanding Renewable Energy PPAs

At its heart, a Renewable Energy Power Purchase Agreement (PPA) is a forward-thinking arrangement that forms a symbiotic relationship between a business and a renewable energy provider. This innovative contract allows companies to secure electricity directly from renewable sources, like the sun's endless radiance or the wind's perpetual motion, often at a pre-agreed, stable price over an extended timeframe. The magnetic appeal of Renewable Energy PPAs lies in their tri-fold capacity to furnish businesses with a reliable supply of green energy, ensure financial predictability amidst market volatilities, and make a significant, tangible impact on achieving environmental benchmarks. It's a strategy that not only mirrors the evolving societal values towards sustainability but also aligns with the economic imperatives of cost management and risk mitigation in today's ever-fluctuating energy markets.

The Core Advantages

Sustainability at Its Best

Choosing a Renewable Energy PPA is akin to casting a vote for the planet's future with every kilowatt-hour of electricity consumed. It’s a direct action that significantly lowers a business's carbon footprint, steering the collective journey towards a low-carbon economy. By opting for energy sources that are as renewable as the morning sun, companies can contribute actively to the global reduction of carbon emissions and the expansion of renewable energy infrastructure. This conscious choice not only helps mitigate the effects of climate change but also positions businesses as leaders in the transition to a sustainable future.

Predictable Costs in Unpredictable Times

In the current global landscape, where energy markets are as unpredictable as the weather, securing a fixed-price Renewable Energy PPA is akin to finding an oasis in a desert. This arrangement guarantees price stability for the duration of the agreement, which can span several years, insulating businesses from the wild swings of energy prices. Such predictability is invaluable for financial planning and budgeting, offering a clear, unchanging line item in an otherwise fluctuating expense category. This stability can provide a competitive edge, enabling businesses to allocate resources more efficiently and with greater confidence in their long-term financial outlook.

Reinforcing Your Green Credentials

In today's eco-conscious market, the environmental impact of a company's operations is not just a matter of regulatory compliance but a key component of its brand identity and consumer appeal. By leveraging Renewable Energy PPAs, businesses can substantiate their commitment to sustainability, not just in words but in measurable, impactful actions. This can enhance a company's reputation, attract a growing demographic of environmentally aware customers, and differentiate it from competitors. In essence, it's a powerful tool for brand building in an age where consumers increasingly align their spending with their environmental values.

Deeper Dive: The Business Implications

Delving into the mechanics of Renewable Energy PPAs reveals a comprehensive range of benefits that extend beyond the environmental to the strategic and financial realms.

Direct Access to Green Energy

Renewable Energy PPAs offer businesses a direct line to clean, green energy, much like the concept of farm-to-table revolutionised the food industry. This direct access ensures that the energy powering a business is harvested from renewable sources, thereby reducing reliance on fossil fuels and diminishing the associated environmental impact. It's a step towards self-sufficiency and sustainability, reducing the carbon footprint of business operations and contributing positively to the global renewable energy capacity.

Cost Stability

One of the most compelling advantages of Renewable Energy PPAs is the financial predictability they offer. By locking in energy prices at a fixed rate, businesses are shielded from the volatility inherent in the energy markets. This stability is crucial for long-term financial planning and budgeting, providing a predictable cost that can be factored into financial forecasts with confidence. In an economic environment marked by uncertainty, such predictability is a valuable asset, enabling businesses to plan with greater certainty and focus on core operations without the distraction of fluctuating energy costs.

Boost to Sustainability Goals

Renewable Energy PPAs are not just a means to secure energy; they are a strategic investment in a company's sustainability profile. They offer a clear, quantifiable way to meet and exceed corporate sustainability targets, demonstrating a firm commitment to reducing environmental impact. The reductions in carbon emissions achieved through PPAs are tangible and can be communicated to stakeholders, customers, and regulators, showcasing the company's dedication to environmental stewardship. This commitment can enhance corporate reputation, satisfy stakeholder demands for sustainability, and potentially open up new business opportunities with like-minded partners and clients.

Renewable Energy PPAs: A Closer Look

Delving into the essence of Renewable Energy Power Purchase Agreements (PPAs) reveals a strategic framework designed to bolster sustainable energy consumption while securing economic advantages for businesses. These agreements serve as a pivotal tool in the transition towards a more sustainable and resilient energy future. To better understand the multifaceted benefits of Renewable Energy PPAs, let's dissect their impact through a detailed breakdown:

SustainabilityBy sourcing energy directly from renewable resources, businesses dramatically reduce their carbon footprint, contributing actively to the fight against climate change.
Cost PredictabilityFixed pricing over the agreement term ensures that energy costs remain stable, irrespective of market volatility, allowing for more accurate and reliable financial planning.
Brand EnhancementCommitting to renewable energy enhances a company’s reputation, signalling a genuine dedication to sustainability that resonates with customers, employees, and stakeholders alike.

In Conclusion: Embrace the Future

Renewable Energy PPAs represent much more than a mere adjustment to how businesses source their energy; they embody a significant leap towards the integration of sustainable practices into the core of corporate strategies. This transition not only aids in combating the pressing issue of climate change but also positions businesses to capitalise on the financial predictability and brand enhancement opportunities that come with a commitment to renewable energy.

By embracing Renewable Energy PPAs, companies can align themselves with the global momentum towards energy sustainability, ensuring they are part of the solution to environmental challenges while also securing a competitive edge in the increasingly green-conscious market landscape. The future beckons with a promise of green innovation and sustainability, and Renewable Energy PPAs are the conduit through which businesses can journey towards this brighter, more sustainable horizon.

A Call to Action

Now is the opportune moment for businesses to take bold, decisive steps towards embedding sustainability and cost predictability into their operations through Renewable Energy PPAs. Energy Action stands at the forefront of this transformative journey, offering bespoke solutions that cater to the unique energy needs of each business. By partnering with Energy Action, companies can navigate the complexities of transitioning to renewable energy with ease and confidence, unlocking the myriad benefits that Renewable Energy PPAs have to offer. The path to a greener, more financially stable future is clear, and it is paved with the principles of renewable energy. The time to act is now. By investing in Renewable Energy PPAs, businesses not only contribute to the global imperative of sustainability but also secure a stronghold in the future's green economy. The future is undeniably green, and with Renewable Energy PPAs, it is also predictably prosperous.

FAQs: Answering Your Queries

  1. What is a Renewable Energy PPA? It's a long-term agreement to buy power directly from a renewable energy generator, locking in energy costs and ensuring the use of green energy.
  2. How do Renewable Energy PPAs provide cost predictability? They fix the price of energy for the term of the agreement, shielding businesses from market volatility.
  3. Are Renewable Energy PPAs good for the environment? Absolutely. They support renewable energy projects, reducing reliance on fossil fuels and cutting carbon emissions.
  4. Is it complicated to switch to a Renewable Energy PPA? While it may seem daunting, the process is streamlined with the right partner, making it accessible and beneficial for businesses of all sizes.
  5. How can I start with a Renewable Energy PPA? Visit Energy Action for expert advice and tailored solutions that fit your business needs.

Guide to Financed Emissions & Mandatory Climate Reporting

overview of financed emissions in mandatory climate reporting

In this defining moment, as we navigate the complexities of climate change, the spotlight has turned towards the financial corridors where the battle is being waged not just with policies and green initiatives but through the strategic alignment of financial assets and investments. "Financed Emissions Reporting" and "Mandatory Climate Reporting" have emerged as pivotal elements in the sustainability discourse, embodying the fusion of financial acumen with environmental stewardship.

This comprehensive guide aims to unpack the layers of these frameworks, offering a deep dive into their essence, operational dynamics, and the profound impact they wield on the corporate landscape and societal welfare at large. By integrating the focus keyphrase – Financed emissions reporting - Mandatory climate reporting – we aim to underscore the transformative potential these practices hold in steering the global economy towards a greener, more sustainable future, highlighting their role not just in mitigating environmental risks but in shaping a new paradigm of responsible and transparent financial engagement.

Understanding the Core: Financed Emissions Reporting

Delving into the heart of our subject, the concept of "Financed Emissions Reporting - Mandatory Climate Reporting" plays a pivotal role in contemporary environmental discourse. This notion brings to light the extensive scope of carbon emissions, stretching the responsibility from direct operational outputs to the expansive influence of financial manoeuvres and investments.

What is Financed Emissions Reporting?

Financed emissions encapsulate the greenhouse gas emissions that are intricately linked with the lending and investment endeavours of financial institutions. This broadened perspective on carbon accountability goes beyond mere operational activities, shedding light on the significant impact of financial decisions and investments on our climate.

This reporting paradigm is indispensable as it unveils the intricate ways through which financial flows are contributing to climate change. By meticulously identifying and quantifying these emissions, financial entities can devise strategies aimed at mitigating climate risks. This involves aligning investment portfolios with low-carbon pathways and championing the transition towards a sustainable economic framework, thereby playing a crucial role in combatting climate change.

The Significance of Financed Emissions in Mandatory Climate Reporting

The emergence of mandatory climate reporting frameworks marks a critical evolution in regulatory measures. These frameworks mandate businesses and financial institutions to disclose their environmental footprint, which crucially includes financed emissions. This drive towards transparency transcends mere accountability; it signifies a strategic pivot towards comprehending and mitigating the financial sector's environmental impact.

Such regulatory mandates compel institutions to reassess their financial practices, nudging the global economic machinery towards the Sustainable Development Goals (SDGs). This shift is not just about environmental stewardship but also about ensuring the long-term viability and resilience of financial institutions against the backdrop of a changing climate.

Mandatory Climate Reporting Frameworks: A Global Perspective

The landscape of mandatory climate reporting is diverse, with different countries and regions charting their paths. This variance presents a tapestry of regulatory frameworks, each contributing uniquely to the global effort towards sustainability.

The European Union stands as a beacon of progress in this realm with its Non-Financial Reporting Directive (NFRD), a pioneering initiative that has paved the way for the Corporate Sustainability Reporting Directive (CSRD). The CSRD promises a more robust and comprehensive approach to sustainability reporting, setting new benchmarks for transparency. This evolution in reporting standards underscores the critical importance of financed emissions reporting within the broader context of financial reporting practices.

Such frameworks are instrumental in fostering a culture of transparency and accountability, ensuring that the financial sector's impact on the environment is not only acknowledged but actively managed. By mandating the disclosure of financed emissions, these frameworks push institutions towards more sustainable practices, aligning financial flows with environmental sustainability objectives.

The global march towards mandatory climate reporting reflects a collective acknowledgement of the pivotal role the financial sector plays in addressing climate change. As countries and regions continue to evolve their regulatory frameworks, the emphasis on financed emissions reporting will undoubtedly grow, reinforcing its significance in the global pursuit of sustainability.

Table 1: Global Mandatory Climate Reporting Frameworks

RegionFrameworkKey Features
European UnionCSRDComprehensive sustainability reporting requirements
United StatesSEC RegulationsProposed rules for climate risk disclosures
AustraliaNGERSNational greenhouse and energy reporting scheme
United KingdomTCFD AlignmentsTask Force on Climate-related Financial Disclosures

The Process of Financed Emissions Reporting: Simplified


At the core of financed emissions reporting is the identification phase. This crucial first step requires financial institutions to meticulously sift through their portfolios to pinpoint where their money is making an environmental impact. From the direct financing of coal-fired power plants to investments in cutting-edge renewable energy technologies, every dollar counts. It's about mapping the financial footprint in the vast expanse of global emissions, a task that demands both diligence and a deep understanding of the interconnectedness of finance and sustainability.


The complexity ramps up as we move to the measurement phase. It's here that the raw data of financial transactions is transformed into coherent insights about emissions. Utilising a blend of established methodologies and bespoke calculations, institutions strive to not only quantify but also contextualise their emissions impact. This step is far from straightforward, requiring a sophisticated mix of financial acumen and environmental science to ensure the emissions are accurately captured and reported.


Disclosure is where transparency meets accountability. Reporting the calculated emissions is not merely about ticking a box; it's a declaration of an institution's commitment to a sustainable future. This transparency is not just beneficial for regulatory compliance but serves as a beacon for investors, customers, and society at large, signalling the institution's role as a proactive player in the global sustainability arena.

The Role of Data and Technology in Streamlining Reporting

The digital revolution has been a boon for financed emissions reporting. High-quality data and cutting-edge technology are the linchpins in the efficient and accurate reporting of financed emissions. Advanced software platforms and analytical tools have demystified the process, enabling institutions to navigate the complexities of data collection and analysis with unprecedented ease. These technological solutions offer a dual advantage: they not only enhance the precision of emissions reporting but also significantly reduce the associated time and resource expenditure.

Why Australian Businesses Should Care

For Australian businesses, the significance of financed emissions reporting extends far beyond compliance. In a landscape increasingly defined by sustainability, how businesses manage and report their financed emissions has become a litmus test for their commitment to environmental stewardship. Leading the charge in this domain not only helps mitigate climate-related risks but also positions businesses at the forefront of the transition to a low-carbon economy. This proactive approach is not just about safeguarding the planet; it's a strategic move that opens up new avenues for growth, innovation, and competitive advantage in the global market.

Conclusion: The Path Forward

The journey towards sustainable finance is fraught with challenges, yet it is imbued with immense potential. Financed emissions reporting and mandatory climate reporting are not mere regulatory hurdles but pivotal steps towards embedding sustainability into the very fabric of the financial sector. For Australian businesses, this represents a unique opportunity to redefine their legacy, transforming their operations to not only withstand the challenges of a changing climate but to thrive in a sustainable future.

A Call to Action for Australian Businesses

The call to action for Australian businesses is clear: embrace financed emissions reporting not as a burdensome obligation but as a strategic asset. This journey towards sustainability is a collective endeavour, where every initiative, no matter how small, contributes to the monumental task of combating climate change. By adopting financed emissions reporting, businesses can play a crucial role in this global movement, driving innovation, fostering transparency, and ultimately paving the way for a sustainable economic landscape. This is more than a call to action; it's an invitation to be at the forefront of one of the most significant transformations of our time.


  1. What is the difference between financed emissions and direct emissions? Financed emissions are the indirect emissions associated with a financial institution's lending and investment activities, while direct emissions are those produced from the institution's own operations.
  2. Why is financed emissions reporting important? It highlights the indirect impact of financial activities on the climate, encouraging institutions to support environmentally sustainable investments.
  3. How do regulatory frameworks impact financed emissions reporting? They mandate the disclosure of financed emissions, increasing transparency and accountability in the financial sector's contribution to climate change.
  4. Can technology simplify the process of financed emissions reporting? Yes, advancements in data analysis and software solutions streamline the collection, calculation, and disclosure of emissions data.
  5. What role do Australian businesses play in global sustainability efforts? By adopting financed emissions reporting, Australian businesses can lead in sustainability, contributing to global climate goals and enhancing their market position.