Dear ,

Welcome to the first Chapter Zero member bulletin of 2026. In this edition we will look to the year ahead and spotlight insights on leadership, impact, and key climate themes. 

Letter from Vicky Moffatt, CEO at Chapter Zero

2025 was the year of polarity. Strong headwinds caused a sustainability backlash and slowdown for many firms, while simultaneously accelerating progress for many entities and sectors, as sustainability became embedded into core business strategy. Our survey with Kantar revealed that 40% of directors now approach climate and sustainability as critical aspects of culture and operations, placing it firmly within the domains of the CFO and the COO.

In 2025, we spoke about the sustainability narrative evolving. In 2026, our focus must shift to tangible implementation: uncovering concrete examples of how climate factors are becoming central to the business case. 

Your membership for the year ahead  

This year, Chapter Zero will offer you:

1. Case studies of every kind: Examples demonstrating how climate concerns are transforming business models, from Board Chair leadership to transition planning and real-world execution. 
    

2. Peer community: A platform for lively, robust peer-to-peer exchange—a more critical and less "polite" environment. I personally invite you to write to me at vicky@chapterzero.org.uk with topics and convenings that would provide the most value right now.  
    

3. Broader perspectives from a larger community: and an invitation to bring your board colleagues and company secretaries to join our growing Chapter Zero membership network. 

The inevitability of transformation 

The climate agenda will not dissipate despite ongoing geopolitical turmoil; the urgency remains undiminished.  

Despite exhaustion, the "crisis of grievance" outlined in the Edelman Trust Barometer, and the "deep uncertainty" or "rift" described by Chatham House, the system is transforming because it must. Every board in the land should read HM Government's Nature Security Assessment, published this month which identifies global biodiversity loss and ecosystem collapse as fundamental threats to UK national security and international stability. Environmental degradation could lead to a "pathway to collapse," causing severe food shortages and mass migration that could overwhelm national systems. The assessment recommends treating healthy ecosystems as critical national infrastructure and incorporating nature-based solutions into long-term resilience and economic planning. 

Meanwhile Mark Carney’s Davos speech describes Trump 2.0 as a "rupture," not a transition. Is this geopolitical turmoil an accidental gift that could force the emergence of Carney's proposed "new world order"?  

In this complex context, our members' stewardship and strategic oversight has never been more critical. In navigating complex interdependent issues all related to climate; from AI to data, from policy to geopolitics, Chairs and board directors are challenged in ways that have never occurred before. 

This is why Chapter Zero’s UK membership has reached nearly 4,000, despite the headwinds, and why we have expanded to 34 Chapters across 73 countries in just three years. We offer members stability to stay the course and a peer network to sharpen and share perspectives on how the climate topic underpins the very business model itself. 

We must not lose focus in 2026. Climate change is not a distant concern; it is the preeminent issue of our lifetimes. Let us invent Carney’s ‘new world order’, because for boards and their shareholders, the commercial winners of tomorrow will be the entities that recognize how the climate crisis must redefine the commercial opportunity and rethink the way our societies and economies function within our ecosystems.  

Vicky Moffatt, Chief Executive Officer, Chapter Zero

Chapter Zero's Annual Impact Report 2024/25

Following the publication of the report, Tom Delay, Chapter Zero Chair, said:

"I am committed to ensuring that there is positive, material impact from boards on climate and that they set out the business case for acting on climate impacts in spite of a rapidly changing context, and that they understand and participate in the systemic approach to climate action that will shift the dial.”

Board leadership during geopolitical uncertainty

How can boards lead through geopolitical uncertainty and maintain momentum on climate? This topic was discussed at a recent Chapter Zero event in partnership with McKinsey. Experts discussed the shift in the status quo, understanding the system we are working within, and the importance of board and executive leadership during uncertainty while continuing to innovate and decarbonise. Watch our video featuring Dame Ruth Cairnie DBE, Bryan Joseph, and Vicky Moffatt following the event here.

Chapter Zero is hiring

As Chapter Zero enters an exciting new phase of growth and impact, we are seeking a Senior Director, Finance & Operations to partner closely with our CEO and support the organisation through its next stage of development. This senior role will lead organisational delivery, financial management and operational effectiveness, helping ensure that Chapter Zero continues to deliver consistently and effectively for its members, funders and partners. Working alongside the CEO, the postholder will strengthen how we plan, execute and sustain our work, while remaining values-led and fit for purpose. For details please contact greg.elton@day-2.com.

Climate, brand and board leadership

In a new video series on brand and climate, Rita Clifton, Portfolio Chair and Non-executive Director provides invaluable insights on how the humanity of boards can drive the transition forward while in conversation with Vicky Moffatt, CEO at Chapter Zero. Together, they discuss transition planning, how to build an effective company vision, the importance of effective communications, and how businesses can maintain momentum on purpose. Click here to watch the series.

Latest from our Knowledge Hub

Systemiq and Chapter Zero are collaborating on "The new resource economy – a vision for business resilience"

We are working in partnership with thought leaders Systemiq to explore the promise of a new resource economy – one rooted in resilience – that is rising from profound changes in energy, materials and land use. It is a vision that places forward-thinking non-executive directors at the heart of strategic business transformation, capturing value and ensuring longevity.   

We continued the process of co-creating this vision with our Chapter Zero Fellows and members at an exclusive roundtable on 27 January 2026. We look forward to sharing the results with members and hearing your ideas about the future economy in early spring 2026. We hope that this will mark a new way of working in partnership with you to develop ideas about climate resilience and innovation. 

Climate Dialogue: Audit Committee Chairs and Members 
Tuesday 24 February 2026, 4:00pm-6:00pm GMT 
Climate Dialogue, In Person, Central London, Audit Committee Chairs and members only 

This exclusive in-person event brings together Audit Committee Chairs and members for a focused peer exchange on the evolving role of Audit Committees in overseeing climate- and nature-related risks and disclosures. Designed as a peer-to-peer dialogue in partnership with Accounting for Sustainability (A4S), the session will provide a forum to share insights, experiences and approaches with fellow Audit Committee Chairs and members. Register your interest here.

Latest from our Programme 

Global fashion: navigating dilemmas around climate- and nature-related risks  
Thursday 26 February 2026, 12:00pm-1:30pm GMT 
Webinar, Online, NEDs and Associate Members 

Can you guide the board of global fashion brand through a climate- and nature-positive transition? In our latest interactive online scenario game with GARP, you will act on the board of a global fashion brand and time travel through to 2031, making real-time strategic decisions for the company over the next 5 years and navigating a series of realistic, complex dilemmas around climate- and nature-related risks, leaving equipped with practical insights and fresh perspectives on this important area of risk management. Register your interest here.

Financing the UK's energy future  
Wednesday 4 March, 9am-10.30am GMT 
Hybrid event, NEDs only 

As the UK faces a monumental transformation to modernise and expand its energy system, join Chapter Zero and the Deloitte Academy for a hybrid discussion into the impacts of policy on investor confidence, the transition technologies investors are interested in, and the future of the grid's supply chain. Register your interest here.

What does the future hold? From regulation to strategic advantage 
Monday 23 March 2026, 5pm-7:30pm GMT 
Hybrid event, NEDs only   

This event will explore how boards can turn emerging sustainability regulations into meaningful opportunities for long‑term value creation. It is the latest discussion in Chapter Zero’s What does the future hold? Boards and the future of climate action series, delivered in collaboration with Deloitte.

Featuring Sacha Sadan, Director of Sustainable Finance at the Financial Conduct Authority (FCA), in conversation with Vicky Moffatt, Chapter Zero CEO, the session will offer NEDs from the real economy and the financial services sector timely insight into the FCA’s recent consultation on new sustainability reporting requirements for listed companies. The discussion will look beyond compliance to consider how organisations can build capability, respond strategically to shifting expectations, and position themselves for advantage in a rapidly changing environment. 

The event will also feature an audience Q&A, followed by networking drinks for in-person attendees, offering a chance to exchange ideas with fellow board directors. If you would like to join us, please register your interest. 

Sustainability Committee Dialogue: driving value from sustainability reporting  
Monday 30 March 2026, 2:15pm-3:45pm BST 
Online, Sustainability and ESG Committee Chairs and members only  

Exclusively for Sustainability and ESG Committee Chairs and members, our latest climate dialogue will focus on sustainability reporting. Through interactive peer discussions facilitated by Chapter Zero Fellows, we will explore a range of themes, including emerging trends, common gaps and inconsistencies, the practical challenges of obtaining and validating sustainability information, and the implications of Provision 29 for board oversight and management of climate change risks. Register your interest here. 

Intelligence

The latest climate developments for boards.

World Economic Forum Global Risks Report 2026

The 21st edition of this annual report marks the second half of a turbulent decade. The report analyses global risks through three timeframes to support decision-makers in balancing current crises and longer-term priorities. Chapter 1 presents the findings of this year’s Global Risks Perception Survey, which captures insights from over 1,300 experts worldwide. It explores risks in the current or immediate term (in 2026), the short-to-medium term (to 2028) and in the long term (to 2036). Chapter 2 explores the range of implications of these risks and their interconnections, through six in-depth analyses of selected themes. Below are the key findings of the report, in which we compare the risk outlooks across the three-time horizons. Click here to read more. 

Global Climate Highlights 2025

The Global Climate Highlights 2025 report provides authoritative climate data and concise insight on a global scale about 2025's climate conditions, covering surface and sea surface temperature, heat stress, sea ice extent in the Arctic and Antarctic, among others. Click here to read the full report. 

Our top picks

1. The UK's latest auction round for renewable energy projects has secured a record-breaking amount of new offshore wind capacity. The new capacity, totalling 8.4GW, is an increase from last year’s sixth auction which delivered 5.3GW. The Government states that this will unlock £22 billion in private investment and support 7,000 skilled jobs across the country. 

2. The ‘Chasing Net Zero’ series from Trellis offers a hub of case studies, exploring corporate progress on 2030 climate goals – from Nestlé and IKEA to GSK and Salesforce, these in-depth company studies offer perspectives on the challenges faced and opportunities realised across a range of sectors. Explore more here: Chasing Net Zero: A case-by-case look at corporate progress on 2030 climate goals 

3. This OneStopESG piece explores the evolving role of the board in sustainability leadership, highlighting the importance of an integrated sustainability strategy for ongoing business resilience. Find out more here. 

4. CDP has published its annual A-List, with over 800 companies achieving recognition for action on climate, forests and water security, with increasing investor expectation driving disclosure. 

5. According to Carbon Brief, nearly 100 UK newspaper editorials voiced opposition to climate action in 2025 – more than double the number of editorials that backed climate action. This marks the first time in 15 years that editorials opposing climate action have overtaken those supporting it.

Policy and regulatory updates

1. ISSB has issued IFRS S2 Greenhouse Gas Emissions Disclosures amendment to limit the disclosures of Scope 3, category 15 emissions to financed emissions only (i.e. those attributable to loans and investments made by the entity to counterparties or investees or, for asset managers, emissions attributable to assets under management). This will come into effect for reporting periods beginning on or after 1 January 2027.

2. On 1 January 2026, the EU’s Carbon Border Adjustment Mechanism came into effect, requiring EU importers to maintain records and tracking of embedded emissions from the point of import, and purchase and surrender CBAM certificates to cover embedded emissions, and submit annual declarations.  

3. At the end of last year, the UK Emissions Trading Scheme was reviewed, with plans to expand the scope to waste incineration and energy from waste, as well as maritime transport. Details of proposed changes and active consultations can be found on the UK Government website. 

4. The Prudential Regulation Authority and Bank of England published its final policy statement on "Enhancing banks’ and insurers’ approaches to managing climate-related risks", after consultations closed at the end of last year. The final policy statement recognises that heightened physical climate risks and emerging transition risks as the economy decarbonises pose “growing threats to financial institutions”. It outlines key expectations on effective risk assessment and risk management capabilities in relation to the material impacts of climate and transition. 

Directors' Duties Navigator launches

Chapter Zero Alliance has published its refreshed Directors’ Duties Navigator to help directors make informed decisions and understand their legal duties regarding how to manage that risk and understand the broader climate-related regulatory landscape in which they operate. This is the 5th edition of the Navigator and is authored by the Commonwealth Climate and Law Initiative. 

The updated UK segment of the navigator can be found here: Directors' Duties in United Kingdom | Chapter Zero Alliance   

“This is an extremely practical navigation tool for Directors of all quoted and small companies. It’s a guide on what you have to do as a matter of law, what you ought to do because it is expected and what to expect in the years ahead. It will help all directors to pursue their duties in the area of climate change and more widely.”

Rosalyn Schofield, Chapter Zero Fellow, portfolio NED and solicitor

Latest from our Global Network

Driving Growth Amid Climate Disruption
A new report published at the World Economic Forum Annual Meeting in Davos reveals how boards globally face a sobering reality: climate and nature are no longer background issues. Effective governance is central to organisational resilience, investment confidence and strategic positioning as markets evolve.  

Climate NED26 Programme,
Chapter Zero France is pleased to invite members to join the Climate NED26 Programme, kindly hosted by CMS' Paris office and Chapter Zero France, alongside fellow Chapters from the global network of Chapter Zero Alliance. The NED26 Programme will take place in Paris, from 30 March to 1 April 2026, in collaboration with the ChangeNOW annual conference at the Grand Palais, to which you will also be given a complimentary invitation. This programme is specially tailored for Non-Executive Directors currently serving on the boards of listed, private or state-owned companies.

• Pre-register your interest using this form. Please be specific about your NED mandates and Chapter Zero affiliation if applicable.
• When your pre-registration has been confirmed, you will then be invited to select your workshop topics.