By Suzanne Orme Oct 28, 2021
“The science is clear. Without dramatic reductions in the use of fossil fuels, we will see untold destruction to our environment and continuing damage to people’s health and livelihoods. And the 1.5°C goal of the Paris Agreement will fall quickly out of reach.”Kristalina Georgieva, MD of the IMF, Sept 2021
With the advent of the Conference of the Parties (COP26) held in Glasgow during November 2021, the term “net zero by 2050” is getting lots of media coverage. But how relevant and important is this ambition and what’s the best way for a company to achieve it? The answer is that its very important for every business. The No. 1 cause of climate change is the combustion of fossil fuels which exist right throughout global supply chains.
The term “decarbonisation” means the conversion of a business and society that sustainably reduces CO2 and other greenhouse gas (GHG) emissions from human activity to a level that nature can absorb.
“Net zero by 2050”means that by the year 2050 the amount of CO2 and other GHGs being released into the atmosphere by human activity is to be matched by an equivalent amount taken out. Through purchasing and investment in Clean technology, individuals and businesses can drive a much faster transition to a climate-safe world.
But most businesses, despite their best efforts, will not have completely eliminated their GHGs due to technological and financial constraints. So as a short-term action there is an option to purchase the number of offsets equivalent to the total tonnes emitted. This will result in “net zero emissions” for direct and energy indirect emissions (Scope 1 and 2). The 3 interrelated and reinforcing elements of our decarbonisation strategy do this is the most cost effective way. They provide a credible and comparable approach to progress towards “net zero”, regardless of the business size, industry or geographic location. The strategy works equally well for micro businesses, SMEs and large corporations.