We are not in a position to meander towards decarbonisation
Updated: Sep 2, 2020
The Net Zero movement is gathering pace
At the Reuters Net Zero event this week two messages came out loud and clear:
· The North Star has changed towards 1.5 degree scenario
· Targets to achieve net zero need to be aligned to 2030
We know that many leading companies are doing this already but for those who aren’t this is a stark reminder of the commitment needed to keep moving along the path to decarbonisation.
Numerous initiatives are being set up to advise, support and stimulate action.
The UNFCC’s pre-COP26 initiative Race to Zero is gaining traction. Supported by the We Mean Business coalition, the B Corporation and the World Business Council for Sustainable Development amongst others, businesses compete to reach net zero. And it’s not just for businesses, it includes other organisations, cities, universities and investors all looking to build momentum towards decarbonisation ahead of the COP26 (now in 2021).
The time is now to step up and transform in line with the worldwide vision of decarbonisation. Businesses are announcing net zero targets daily. BP recently stepped up progress towards their 2050 target by announcing increased investment in low carbon technologies and a reduction in oil and gas production by 40%; Iceland foods have announced they are on track to reach net zero by 2042 and Cap Gemini are targeting 2030.
The investor community is getting on board too. The Net Zero Investment Framework has just been launched for consultation – developed by the Institutional Investor’s Group on Climate Change (IIGCC) the framework is a step by step guide to help investors align their portfolios to Paris Agreement targets.
To add to this, Icebreaker One’s Project Cygnus has been set up as a Covid-19 response project to analyse current investment trends in terms of economic and environmental impact creating blueprints for investors and policymakers seeking to deliver more environmentally sustainable economies post crisis. Their focus on data is vital here – highlighting the need for data to assess the impact of net zero strategies and unpack how to unlock access to data flows to fuel informed future investment and policy decisions.
To recap – the time is now to act and join the growing band of companies committing to Net Zero because, in the words of Christina Figueres, “we are not in the position to meander on the path to decarbonisation”.