Recognize the importance represented by carbon reduction
The world is facing a climate emergency. Scientists have clearly demonstrated the need to limit global warming to 1.5°C to protect life on Earth, our home. Going above that threshold is likely to trigger irreversible consequences for nature and humans. To stay within 1.5ºC global warming by 2100, the world needs to halve global carbon emissions by 2030 and reduce emissions to net-zero by 2050 at the latest.
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The solution is to take a science-based approach to GHG emission reduction targets which need to be adopted and a price for carbon needs to be established and incentivized. We as a whole have overlooked natural capital for way too long. The importance of natural capital value such as clean air, freshwater, habit, need to be factored back into all economic and social decisions.
Meet the demands of the carbon economy
Companies need to be well-positioned to meet the many demands of the carbon economy and the environmentally-conscious customers who will begin to judge various aspects of your business and supply chain.
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Organizations big and small must have clear and credible plans to reduce and compensate for emissions in the near term while realizing cost-effective decarbonization opportunities over the long term. Decarbonization is a key opportunity to protect organizations from the risk of future external impacts that heavily depends on climate change.
Given that the risks and opportunities associated with climate change are so integral to the success of an organization, it is encouraged that C-level executives garner awareness of these issues in order to grow their trust beyond just the CSR staff. They must also take action now!
Significance of carbon-neutral and science-based targets
Every step in a greener direction counts, with every ounce of CO2 that we prevent from entering the atmosphere, buys us time to mature the innovation that will take us all the way to reaching carbon neutrality. The driver for us isn’t just to reduce cost. It’s to reduce our emissions.
Why is it so hard to reach these targets? Simply money. Burning diesel is cheaper than using various sustainable fuels. Companies need to stay competitive, so they are dependent on finding cost-competitive alternatives and rethinking ways to manage logistics. Organizations need to work hard to reach carbon neutral targets!
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Even though companies can set various carbon targets, they need to also develop decarbonization strategies in line with climate science. These strategies are integral parts of science-based targets (SBT) and therefore are conceivably a more ambitious commitment. It is worrisome that many companies are setting standard targets instead of science-based targets, as this may be an indication that while they are setting targets, they are not looking at the science-based steps needed to reach such targets. Check out SBT:
Carbon offsetting is only part of the strategy but it still helps
Carbon compensation, also known as carbon offsetting, is a useful strategy that helps accelerate emission reductions around the world by financing projects that either segregate carbon out of the air or scale renewable energy projects in order to phase out the development of fossil fuel ones.
While carbon offsetting is only part of an overall sustainability strategy, it is still essential in various business sectors such as travel, tourism, online shopping. However, offsetting cannot continue to always be the preferred get-out clause, especially for the travel, transport, and hospitality (TTH) sectors.
You Can't Manage What You Don't Measure
First, companies need to assess their emissions and formulate a strategy to reduce footprint.
Secondly, set up a dashboard with key sustainability indicators.
Finally, be certain about your sustainability strengths when making prospective decisions.
How do I offset?
Use a simple-to-use carbon calculator and offset tool powered by a science-based and recognized organization like South Pole, which works with large scale offsetting projects. Follow these 4 easy steps:
Calculate your Carbon Footprint
Choose Reduction Emission Projects
Invest in Carbon Offset Projects
Receive a Certificate
Where does my money go?
Around 80% of the money you invest in carbon offsetting goes to the project you choose to support, while the remaining 20% is used by South Pole to cover development, monitoring, credit issuance, administrative costs.
