Is your company playing an active role in climate change? If you burn fossils or cut down trees, you’re likely contributing to greenhouse emissions. We know that these greenhouse gasses come from both natural sources and human activities. However, we continue to emit large amounts of greenhouse gasses due to industrial activities. Eliminating greenhouse gasses isn’t a viable solution since it is functional. In this piece, you will learn what companies can do and are already doing to fight climate change.
The Greenhouse Challenge
Research has shown that greenhouse gas is part of the reason the Earth’s temperature is suitable for life. Without it, the Earth would be too cold. The problem, however, is that an excess of these gasses is partly the reason for a shift in the climate. As such, the solution to this problem will be to curb emissions as much as possible without ruining the ecosystem.
With a combined effort, we can make our planet a better place to live. Hence, the reason why instruments have been put in place to address these climate challenges. If you want to contribute to the climate goals you should know about the Paris agreement and the Science -based targets. These regulations have been effective so far, and we will explain how companies can implement them. Here are some examples:
Paris Climate Agreement
The Paris Agreement came into effect with a combined effort to limit greenhouse gas emissions. One hundred ninety-four parties initially signed it in December 2015 at the 21st Conference of Parties in Paris. However, the treaty took full effect in November 2016. Its goal was to limit the world’s temperature; as such, countries should go through a 5-year cycle.
The agreement requires that countries should present their Nationally Determined Contributions (NDCs). They were to describe their plans for addressing climate change. In addition, it also included financial and technological assistance to aid implementation. Advanced nations can assist countries still developing to achieve their climate action goals. However, the critical aspect of this treaty was the introduction of an Enhanced Transparency Framework. Countries should develop a reporting system to show their progress and make recommendations. You can click here to find out more about the Paris agreement.
Science-Based Targets Initiative (SBTI)
In response to the climate agreement, many companies have now adopted SBTI. It is a response to climate change implemented by SBTI experts. It aligns with the Paris Agreement to provide a reasonable approach to address climate risks. In addition, the initiative plays an active role in making companies compliant. Their target is to ensure they reduce their greenhouse gas emissions. They’ll have to meet the agreement’s target of 1.5°C above pre-industrial levels.
What Can Companies Do?
Companies must set their goals within the benchmark stipulated by the Paris Agreement. With tolls like SBTI, they can quickly assess their climate action plan and commitments. The SBTI makes companies not only compliant, but also sustainable. As of the middle of 2023, up to 5,914 businesses joined the SBTI journey. You, too, can be a part of this corporate net-zero journey to promote a greener planet.