So what are the practical steps organizations can take? We believe that organizations need to adopt an integrated approach and embrace – to quote the UN environment program – “nature-based solutions”.
1. The Science-Based Targets Initiative (SBTI): The SBTI is a great initiative that organizations can sign up to and work with to build best practice guides and create the targets that are right for their business. The focus is on using these to increase innovation, reduce regulatory uncertainty, strengthen investor confidence and drive better profitability.
2. Green our buildings: the World Green Buildings Council’s Net-Zero Carbon Building program acknowledges that the built environment is a crucial aspect of a business’ impact on the world around it. The goal of this commitment is for the entire portfolio in the control of its signatories to be net carbon-neutral by 2030, and to push for all buildings to hit the same standards by 2050.
3. Decarbonize transport and promote the EV100: Transport accounts for 23% of global greenhouse gas emissions and is the fastest-growing contributor to climate change. The EV100 global initiative from The Climate Group promotes the shift to hybrid and electric transport models by demonstrating the business case for doing so.
4. Accelerate the shift to renewable energy: Energy imports cost the EU €26.1bn per month in 2018 – 70.2% of that was crude oil and 20.1% was natural gas. If EU businesses move towards renewable energy sources and focus on driving more efficient energy usage, we can break this reliance on costly imports of fossil fuels and drive high-skilled jobs in new industries at the same time.
