SECOND-QUARTER 2024 EDITION: THE GREAT CLIMATE BALANCING ACT
Sustainability Quarterly
Research in the latest edition of the S&P Global Sustainability Quarterly explores the major climate risks companies face and the opportunities a green transition presents.
Published: June 28, 2024
Countries and companies around the world face increasing climate risks that, when properly managed, can also present opportunities — what we refer to in the title of this Second-Quarter Edition of the S&P Global Sustainability Quarterly as the great climate balancing act.
On one hand, the rising risks are clear. Physical climate hazards are becoming more severe and more frequent. Yet the research that follows finds that many large companies around the world are not engaging in climate adaptation efforts to build resilience to these hazards. S&P Global Sustainable1 data also shows that many leading US companies lack a net-zero goal. At the same time, research from S&P Global Ratings finds that the overall volume of climate litigation has increased exponentially over the past 10 years. While the strategic and financial impact of climate litigation on companies could be significant, the direct and indirect costs remain difficult to measure.
The risks have implications beyond companies’ direct operations. Supply chain due diligence regulations are becoming more common around the world, yet S&P Global Sustainable1 research finds that supplier codes of conduct are not widely disclosed.
Governments are also facing these risks. Research from S&P Global Ratings explores the potential credit risks that climate change poses to US governments, absent adaptation measures.
On the other hand, not all is doom and gloom. Research from S&P Global Ratings economists describes a shifting climate policy paradigm, from a view where economic growth is not possible toward a more constructive model in which growth and a sustainable environment can coexist. That, in turn, presents opportunities for innovation and growth. Research from S&P Global Energy finds that clean technology has reached parity with upstream oil and gas in global energy supply spending in real terms and will drive spending growth for the foreseeable future.
We hope that the research that follows will strike a balance — on the one side, shining light on the major climate and sustainability risks companies face; on the other, identifying places to better measure and manage these challenges while harnessing transition opportunities.
S&P Global Sustainable1
Lindsey Hall
Global Head of Thought Leadership
Lindsey Hall is Head of ESG Thought Leadership at S&P Global Horizons, where she co-hosts the ESG Insider podcast and is a steering member of S&P Global's Diversity Research Lab.
She got her start in financial journalism writing for various Financial Times publications in London before joining SNL Financial in 2010, where she spent a decade covering financial news and regulation as a reporter and editor.
Lindsey holds a Masters from the London School of Economics.
Project Leads & Contributors
S&P Global Sustainable1
Lindsey Hall
Global Head of Thought Leadership
Lindsey Hall is Head of ESG Thought Leadership at S&P Global Horizons, where she co-hosts the ESG Insider podcast and is a steering member of S&P Global's Diversity Research Lab.
She got her start in financial journalism writing for various Financial Times publications in London before joining SNL Financial in 2010, where she spent a decade covering financial news and regulation as a reporter and editor.
Lindsey holds a Masters from the London School of Economics.
S&P Global Sustainable1
Matt Macfarland
Senior Editor, Thought Leadership Editorial Manager, S&P Global Sustainability Quarterly
Matt MacFarland is the industry editor for nonbank financial services news at S&P Global Market Intelligence. His coverage includes investment banking, asset management, financial technology and capital markets. A particular focus is equity market structure, which he covered as a reporter for SNL Financial.
Matt holds a master’s degree in creative writing from the University of Virginia and a bachelor’s degree in English from Hampden-Sydney College.
S&P Global Ratings
Marion Amiot
Head of Climate Economics & European Economist
Marion Amiot is Head of Climate Economics & European Economist at S&P Global Ratings, based in London. In this position, she develops the Eurozone economic forecasts, provides insight into the economic outlook and conducts in-depth research on key macroeconomic developments and policies.
S&P Global
Drew Fryer
Research Manager
S&P Global Ratings
Paul Munday, Ph.D.
Director, Global Climate Adaptation & Resilience Specialist
Paul Munday is a Director, Global Climate Adaptation & Resilience Specialist at S&P Global Ratings, where he leads and coordinates S&P Global Ratings’ research and application of climate adaptation and resilience analytics. He works at the interface between data and research, leveraging his expertise to help improve clarity of the credit impacts from climate risks.
Paul has over 10 years of experience in both the UK and abroad, providing advice to private and public sector clients across multiple sectors to help mainstream consideration of climate resilience into projects and programmes. Prior to joining S&P Global Ratings, Paul worked in climate risk consultancy.
He is a Chartered Scientist, Chartered Water and Environment Manager and certified expert in climate adaptation finance by the Frankfurt School of Finance & Management.
S&P Global Ratings
Catherine Baddeley
Analyst, Credit Analysis
S&P Global Ratings
Taos Fudji
Director, Ratings Analytical
S&P Global Sustainable1
Ha-Chau Ngo
Associate Sustainability Analyst, S&P Global Energy Horizons
S&P Global Ratings
Yogesh Balasubramanian
Sector Lead
S&P Global Ratings
Pierre Georges
Managing Director, Credit Ratings
S&P Global Ratings
Paul O'Donnell
Associate Director, Credit – Analysis
S&P Global Sustainable1
Nicola Ballerini
Associate ESG Analyst
S&P Global Energy
Amy Groeschel
Principal Research Analyst, Costs and Technology
Amy Groeschel is a principal research analyst in Costs and Technology team at S&P Global Energy
Amy is an Upstream service sector market intelligence expert with a specific focus on offshore helicopter services. She has more than 10 years of experience in the energy sector, with special dedication to service sector company strategies and market forecasting. She has worked on strategy and market assessments for some of the most important national oil companies and service sector companies. Her contributions include market segmentation analysis and research, competitive intelligence, financial due diligence, and segment-specific supply and demand dynamics. At PFC Energy, she led a number of consulting engagements focused on offshore helicopter services and on service sector market analysis. Prior to joining PFC, Amy worked for ExxonMobil in the Global Security Department as an Intelligence Analyst, specializing in threat analysis and security vulnerability assessment.
She holds an MA with a concentration in Southeast Asian Studies from the Johns Hopkins University School of Advanced International Studies (SAIS), Washington, D.C., and a BA in Political Science from the University of California, Santa Barbara, United States.
S&P Global Sustainable1
Filippo Sebastio
ESG Methodology Specialist
Mr. Filippo Sebastio is a Manager at Horizons, S&P Global, overviewing the work related to methodology development, ESG regulation, and related environmental data work. Before joining S&P, Filippo worked as Head of the Analytics Department at ELEVATE, an ESG consulting firm, developing data-based solutions for retailers, brands, and buyers to help them assess the ESG risk in their supply chain. Filippo holds a MSc in International Trade, Finance, and Development from the Barcelona Graduate School of Economics and an MSc and BA in Development Studies from the University of Bologna.
S&P Global Ratings
Bruno Bastit
Global Corporate Governance Specialist
S&P Global Ratings
Paul Gruenwald
Global Chief Economist
S&P Global Ratings
Chelsy Shipman
Senior Analyst, Credit Analysis
S&P Global Sustainable1
Hana Beckwith
ESG Specialist
S&P Global Ratings
Imre Guba
Director, Accounting Specialist, Credit – Analysis
S&P Global Sustainable1
Martin Staeheli
Director, Sustainability Research, Research & Development
S&P Global Ratings
Kenneth Biddison
Senior Analyst, Credit Analysis
S&P Global Ratings
Randy Layman
Director, Credit Analysis
Patrizio Trapletti
Senior Analyst, Financial Institutions Analytics, Research & Methodology
Patrizio is a Senior Analyst within the Financial Institutions Analytics, Research & Methodology team at S&P Global Horizons. In his role, he leads the development of climate- and sustainability-related analytical methodologies and solutions underpinning S&P Global Horizons's product suite for financial institutions.
S&P Global Sustainable1
Lauren Costello
Analyst, Sustainability Research, Research & Development
S&P Global Sustainable1
So Lefebvre
Associate ESG Analyst
Esther Whieldon
Senior Writer and Co-Host of ESG Insider Podcast
S&P Global Energy
Francesco d'Avack
Principal Analyst, Global Power and Renewables, Climate & Sustainability
Francesco d’Avack focusses on market analysis for renewable power technologies worldwide at S&P Global Energy.
Francesco coordinates global long-term outlooks for power and renewable market fundamentals including capacity and generation outlooks, and he leads the global cost analysis for renewables. He writes about the changing policy and market environment for renewable power generation as well as storage, emerging technology trends, business models, and the impacts for renewable supply chains. He regularly contributes to consulting engagements and multiclient studies.
Before joining S&P Global Francesco worked for Capgemini, a consultancy, and for Bloomberg New Energy Finance where he has analyzed global solar markets since 2007.
Francesco holds a Bsc in Economics and Environmental Policy from the London School of Economics and a Master's degree from Sciences Po Paris in Economic Governance. He speaks English, French, and German.
S&P Global Ratings
Alex Louie
Director, Credit Analysis
S&P Global Ratings
Nora Wittstruck
Chief Analytical Officer for Governments
S&P Global Ratings
Thomas Englerth
Associate Director, Sustainable Finance
S&P Global Ratings
Lai Ly
Global Head of Sustainability Research
Thank you to all our colleagues across S&P Global who contributed to the design, production and publication of the S&P Global Sustainability Quarterly: Rameez Ali, Lauren Capolupo, Carla Donaghey, Ila Negi, Stephanie Oxford, Cat VanVliet.