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COP29 Leaders | Julien Gattoni, CFO of the World Economic Forum: From Finance to Carbon Management, How Financial Leaders Can Drive Net Zero

Ben Cheng 鄭翔瑋 by Ben Cheng 鄭翔瑋
November 10, 2024
Julien Gattoni, CFO of the World Economic Forum(Photography:media.licdn)

Julien Gattoni, CFO of the World Economic Forum(Photography:media.licdn)

In 2023, a year marked by global economic uncertainty, the world continues to face challenges such as the pandemic, the war in Ukraine, and climate change. For financial leaders, this is a time that demands courage and action. Julien Gattoni, CFO of the World Economic Forum, believes that in order to achieve the net-zero emissions target by 2030, the private sector—especially Chief Financial Officers (CFOs)—must play a crucial role in this transformation:

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“We need to translate a company’s sustainability goals from high-level objectives into concrete financial actions.”

Acknowledging Knowledge Gaps and Seeking External Expertise

Gattoni believes that, in the face of climate change challenges, acknowledging our knowledge gaps and actively seeking external expertise is key. “Financial leaders should ask questions, as this can initiate a process of knowledge influx and foster the generation of substantial impact.” Many CFOs have already begun to consider how to incorporate carbon credits into corporate strategies and explore more effective ways to reduce emissions. He emphasized that CFOs also need to focus on the value of biodiversity and human capital, which are essential factors that cannot be overlooked in a company’s journey toward sustainability.

Under the pressure of climate action, CFOs can no longer simply follow a “less commitment, more delivery” approach to ensure stable financial performance. Gattoni pointed out, “Now, we must be willing to take risks, even if the outcomes may not meet expectations.” As the impacts of climate change intensify, businesses that fail to take proactive measures may face even higher risks. He encourages CFOs to create an environment that allows for experimentation and learning from mistakes, as this will lead to greater success in the pursuit of a sustainable future.

Enhancing Transparency and Accountability Mechanisms

Financial reporting has always been one of the core responsibilities of the CFO, and Gattoni believes that the scope of reporting now needs to expand to include metrics for all stakeholders. “We need to ensure that businesses are accountable for their sustainability commitments and publicly disclose them.” The Measuring Stakeholder Capitalism report, launched by the World Economic Forum in 2020, provided businesses with a set of standards to track their contributions to the Sustainable Development Goals (SDG). He noted that over 121 companies have already integrated these metrics into their mainstream reporting and encouraged more businesses to continue exploring more detailed ways to measure their impact.

Pursuing a Just Transition and Supporting Vulnerable Regions

Gattoni emphasized that the net-zero transformation must take fairness into account, especially for developing countries that have a small climate responsibility but are significantly impacted. He pointed out, “We must ensure that these countries have the necessary resources to participate in the net-zero transformation.” He suggested that CFOs should consider the needs of different regions when measuring success, ensuring that the distribution of resources aligns with social equity principles, particularly when it comes to small and medium-sized enterprises and vulnerable groups.

Gattoni believes that real impact requires a coordinated shift in the market, which must be achieved through collective efforts from the private sector. The “Sustainable Markets Initiative” is a global effort launched by Charles III at the 2020 Davos Annual Meeting, aimed at accelerating the global net-zero transformation through corporate collaboration. He emphasized that “pressure creates talent,” urging CFOs to embrace the challenge and work together to build climate resilience in supply chains and markets, thus achieving mutual growth for both businesses and society.

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Tags: Climate ChangeCOP LeadersCOP29Julien GattoniSDGSustainability
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Ben Cheng 鄭翔瑋

Ben Cheng 鄭翔瑋

Ben Cheng, 《The Icons》的業務開發經理。透過資訊分享、交流合作,推動各界領袖共同努力,為人類社會及地球環境創造更美好的未來。我們的願景是成為連結世界各地領導人的重要橋樑,引領全球朝向更永續、包容、公平的方向前進。讓我們一起為可持續發展而努力,因為每一個小行動都能改變世界!與我們一起追求永續目標,開創未來的綠色篇章! Ben Cheng, Business Development Manager at 《The Icons》, drives collaboration among leaders across various sectors through information sharing and partnership initiatives, fostering collective efforts for a brighter future for humanity and the environment. Our vision is to become a vital bridge connecting leaders worldwide, guiding the global community towards a more sustainable, inclusive, and equitable future. Let’s strive together for sustainable development, knowing that even the smallest actions can change the world! Join us in pursuing sustainability goals and shaping a green future for generations to come!

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