As most of us know, the main reason behind increasing global warming is the increase in greenhouse emissions. And, what are the drivers of greenhouse emissions? Carbon dioxide and heat-trapping gases. While climate change and its impact cannot be eliminated right away, it can certainly be slowed down with the collaborative efforts for climate action by companies as well as other stakeholders.
In order to avoid the severe consequences of climate change, it is required to reach net-zero carbon emissions by 2050 or maybe sooner. And to achieve this, a massive transformation is required in the way companies operate. In addition, significant climate action by companies would require federal policies and frameworks that would put a price on carbon and international cooperation, such as Paris Agreement.
The main question that arises here is, how can companies help in significantly reducing global emissions? Surprisingly, some companies are already on the track of achieving the climate action targets which can support other companies in setting goals and accelerating their process, while achieving their goals. We have mentioned below the ways in which companies can themselves rapidly move towards achieving sustainability, by significantly reducing their emissions while assisting other companies in their sustainability journey.
Measuring and Analyzing Greenhouse Gas Emissions
Firstly, the companies taking up climate action and aiming to reduce their impact on the environment need to measure their greenhouse gas emissions. For this, even carbon footprint certified agencies can help other companies measure and reduce CO2 emissions. Once these greenhouse gas emissions are known, it would be easy to analyze which activities of the companies are the highest pollutants. And, as soon as this analysis is done, the companies can begin to consider different solutions for reducing emissions.
Choose Sustainable Infrastructures and Equipment
In regard to their building and equipment, they can use advanced technologies such as artificial intelligence, the internet of things, automation systems, monitoring systems, etc. and choose the most energy-efficient and sustainable ones. In addition, they can insist their employees to shift to electric vehicles which can make considerable impact.
Mobilize for the Climate Change Challenge
Companies can mobilize the climate change challenge by setting different science-based targets and taking up initiatives such as RE 100, EP 100, etc. Apart from this, they can influence other companies to join such initiatives to have a significant influence across the world. And if these companies participate actively, this can lead to setting new environmental regulations to mitigate the impact of global warming.
Supply Chain Decarbonization
Supply chain decarbonization has become a game-changing opportunity for companies to fight climate change. Let’s take a look at how can companies address supply chain emissions:
Setting ambitious targets for reducing emissions and building of robust view of emissions using supplier-specific data.
Redesigning the products and reconsidering the strategies of geographical sourcing for optimizing CO2 emissions.
With the help of co-funding the abatement measures, helping and educating their suppliers on implementing the low-carbon solutions.
Actively engaging with the industrial ecosystems in order to share the best practices and creating a demand for green products.
They can also do this by aligning incentives internally, ensuring decision-makers focus on lowering the emissions.
Collaborating and Creating a Digital Ecosystem
It is challenging for businesses to fight climate change alone; therefore, to achieve such critical goals, it is imperative for businesses to take up innovative and collaborative climate action solutions. For this, digital ecosystems would prove to be of great significance. Digital ecosystem basically means having a common climate action platform to connect everyone, including the service providers, businesses, experts, etc., to achieve the climate action targets.
Therefore, it is important for companies to do their part and make it a better and sustainable world to live in.