Climate action platform Patch has made public a step-by-step playbook that can help chief sustainability officers navigate the complex landscape of incorporating carbon credits in their action plans.
One of the co-authors of the guide Bee Hui Yeh, Head of Climate Strategy and Solutions at Patch describes the reason behind creating it by saying: “A core part of our work is guiding Chief Sustainability Officers (CSOs) through the entire carbon credit journey- from identifying how credits fit into a broader climate strategy and strategic goals, to understanding regulatory and compliance needs, to budgeting and building portfolios.
CSOs have so much on their plate as it is and this particular track is one that’s uncharted for many, which unfortunately leads to inaction. We continue to run into CSOs who are eager to engage with the voluntary carbon market – they understand the climate and the business imperative – but they don’t have the roadmap for how to go about it. We wanted to change that.”
The 37-page guide was prepared in collaboration with finance and HR platform Workday, allowing the authors to create a comprehensive playbook that taps into Patch’s knowledge of the carbon market with the hands-on experience of a CSO in implementing climate strategies.
Erik Hansen, Workday’s CSO and co-author of the report, lends his knowledge in developing an effective approach to carbon credits and providing him with insights that are relevant to practitioners across various industries and financial scopes.
The playbook starts with an overview of the need to decarbonize company operations, as well as an explanation of why carbon credits are an invaluable tool to achieve it. It then moves through subjects like setting strategic goals for credits, navigating policy and regulatory compliance, market acceleration and budgeting and also includes a sample buyer specification sheet.
Together all of these components allow CSOs – who operate in multiple directions like regulations, policy and reputation management, often with limited financial and human resources – to achieve climate impact while keeping stakeholders happy.
Patch’s playbook allows them to simultanously see the bigger picture in terms of strategy but also goes granular on subjects like credit purchasing and setting an internal carbon price, through the practical examples from Workday who share their goals, portfolio and internal practices.
“The goal of the playbook is not to prescribe any one approach, but rather walk through each of the steps a company should be considering as they progress in their carbon credit journey. Patch is laser focused on serving as a guide to carbon markets for companies and this is another resource that helps deliver that value, drive informed action, and create positive impact.” says Bee Hui Yeh.
The playbook is available for download here.
